tag:blogger.com,1999:blog-84487727811370716842024-03-05T17:10:38.882-11:00Timyan® Bank AlertInsights and opportunities for community bank stock investorsPhil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.comBlogger102125tag:blogger.com,1999:blog-8448772781137071684.post-77339006203142721842024-02-28T07:04:00.000-11:002024-02-28T07:04:11.088-11:00Unionized Banking in the USA<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI57wT4iFtw5Ye79BmaYD-MfMgRBYocWb9YYAEQEV_f_U6EP4QihVzMmRNCfxkowKhOvi1gEw2AHGjeV4I2SdXSTp8OKV2vTWteH3CfmAN5LM2JeIhBwbDlQLEgtbWB3_J8Cfc8UiRmxE/s1600/Auction-PEBN.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Bank Tellers Serving Elderly Male Customer" border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmDX8zK93tU6XU1_DqkxK2jnhoCcbJU6pxCdOFt5OQ1VeMO6k0GOkoxfCcZsfogSePJo7Y-kWp2RqT09oHzUtxBS1zLDPcZ4TTpnm4r8oXx4F9x8VamAmREJe8MwqOw0BCBQPK7in1CnG2A8M8vtK8pcsJLBohErEvcyGLQ0GMprg1miZPXIx3U0aZM6A/w320-h213/Bank%20Tellers.jpg" title="Bank Tellers at Work" width="320" /></a><div>Those of you who follow Timyan Bank Alert closely, know that I'm on a tear about unionized banks in the US.</div><div><br /></div><div>Evaluating Amalgamated and AmeriServ's respective performance in the context of unionized banking has me seeing the recent Wells Fargo branch unionization in an entirely new light.</div>
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<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares in ASRV, CNAF, and WFC, and may subsequently either dispose of them or purchase more.</i><div>
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<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><div><b>A Brief History</b></div>
</td> <td width="77%"><div class="pl18"><div>There have been three waves of bank unionization in the US. Interest in organizing in the industry appears to surge every 50 years.</div><div><br /></div><div><b>1st Wave<span> (1920s)</span></b></div><div>At least 50 of our nation's oldest banks were unionized from the start. Of these, only three remain, but all can be said to be performing well.</div><div><ol><li>Amalgamated Bank of Chicago (1922)</li><li>Amalgamated Bank of New York (1923)</li><li>Bank of Labor, Kansas City (1924)</li></ol></div><div><b>2nd Wave (1970s)</b></div><div>Three banks were unionized during the second wave. None are exemplary performers.</div><div><ol><li>AmeriServ, founded in 1901, unionized in 1971</li><li>CNA Financial, founded in 1934, unionized in 1973</li><li>Union Bank and Trust, founded by unions in 1976</li></ol></div><div><b>3rd Wave (2020s)</b></div><div>Two recent labor organization successes suggest we are in the third wave of bank unionization. So far, Beneficial Bank has performed poorly since unionizing in 2020. How the Wells Fargo branch unionized in 2023 will perform remains to be seen. Is a third predictable, based on prior waves?</div><div><ol><li>Beneficial Bank and Trust</li><li>Wells Fargo Albuquerque, New Mexico branch</li></ol></div><div><br /></div></div>
</td> </tr>
<tr> <td valign="top" width="22%"><div><b>Takeaways</b></div>
</td> <td width="77%"><div class="pl18"><div><div><b>There's a case to be made for increasing Union Ownership in US banks.</b></div><div><br /></div><div>Generally speaking, unionized banks that were <i>both</i> founded by unions <i>and</i> maintained significant Union ownership have performed much better than their peers<b>.</b></div><div><br /></div><div>Four of the aforementioned unionized banks boast Union Ownership — the old-schoolers, plus 70's newcomer Union Bank and Trust:</div><div><ol><li>Amalgamated Bank of Chicago</li><li>Amalgamated Bank of New York</li><li>Bank of Labor, Kansas City</li><li>Union Bank and Trust</li></ol></div><div>The average ROA and ROE for these four banks are 1.2% and 18.3%, respectively, vs 0.4% and 6.0% for the two publicly traded peers that don't feature notable Union ownership (i.e., CNA Financial and AmeriServ).</div><div><br /></div><div><b>It's not surprising today's bank tellers are expressing interest in organized labor. </b></div><div><b><br /></b></div><div>Frankly, many tellers are being financially exploited — and at the expense of taxpayers.</div><div><br /></div><div>The US Bureau of Labor and Statistics indicates as much as 35% of America's bank tellers are making less than $15/hour.</div><div> </div><div>According to a recent <a href="https://www.axios.com/2023/09/18/wells-fargo-union-bank-employees" target="_blank">Axios article about labor organization efforts at Wells Fargo</a>, as many as one in three bank tellers relies on some form of government assistance.” </div><div><br /></div><div>Bank profits are high enough that banks can afford to pay their workers a living wage, and societally, we should be expecting, encouraging, and if needed, requiring, them to do so.</div><div><br /></div><div>There's no need and no excuse for US banking to be operating as a government-subsidized industry.</div></div><div><br /></div><div><b>There's a case to be made for encouraging Teller Ownership in our banks.</b></div><div><br /></div><div><div>Financial stewardship and fiduciary thinking are mindsets crucial to the DNA of a strong banking system. A bank that doesn't care about the financial well-being of all its stakeholders isn't a world class bank.</div><div><br /></div><div><div>There's literally no bank in the nation that can't afford to gift some shares to every employee, getting them truly vested in the bank's performance.</div></div><div></div></div><div><div><br /></div></div><div></div></div><div class="pl18"><br /></div>
</td> </tr>
<tr> <td valign="top" width="22%"><div><b>Sources</b></div>
</td> <td width="77%"><div class="pl18"><ul><li><a href="https://amalgamatedbank.com/unions" target="_blank">Amalgamated Bank website</a></li><li><a href="https://investors.ameriserv.com/overview/default.aspx" target="_blank">Ameriserv website</a></li><li><a href="https://www.bankoflabor.com/our-mission/" target="_blank">Bank of Labor website</a></li><li><a href="https://www.cnbthebankonline.com/home/home" target="_blank">CNA Financial website</a></li><li><a href="https://www.ubtmn.com/about-us/who-we-are" target="_blank">Union Bank and Trust website</a><br /><br /></li></ul><ul><li><a href="https://www.axios.com/2023/09/18/wells-fargo-union-bank-employees" target="_blank">September 2023 Axios article</a></li><li><a href="https://www.tribdem.com/news/voice-in-your-workplace-johnstown-helped-shape-united-steelworkers-now-80-years-old-and-reaching/article_1638f942-2a20-11ed-a1eb-cf229a60192e.html" target="_blank">September 2022 Tribune Democrat article</a></li><li><a href="https://www.vice.com/en/article/qjdemb/bank-workers-unionize-first-time-40-years-tom-steyer" target="_blank">March 2020 Vice article</a><br /><br /></li></ul><ul><li><a href="https://livingwage.mit.edu/articles/103-new-data-posted-2023-living-wage-calculator#:~:text=An%20analysis%20of%20the%20living,in%20the%20United%20States%20is" target="_blank">2023 Living Wage Calculator by MIT</a></li><li><a href="https://www.bls.gov/oes/current/oes433071.htm" target="_blank">US Bureau of Statistics Occupational Employment and Wage Statistics</a></li></ul></div></td></tr></tbody></table></div></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-32740152210831073082024-02-20T09:11:00.003-11:002024-02-20T10:40:25.380-11:00Amalgamated Financial Corp, New York, NY (AMAL)<h3>Unionized Banking at its Best</h3><p style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNc94YQamC2mdA5ZjkHBJmAcJI0fuu8BIDnYWOVq6k9qreuPUOJJ9tcJOkDe6R67vYsiKwVnFM2g3wLw1iNHPuN9yx4Xx_gRn1RJY1Z90PzWjWGa1d8ygXP7CR_kZR2ckw0APIQyYVUdEPbc-VST1cMGgkAt5oCF83W3ZXspgDo0Txe_oae3nGvXCBfg4/s724/AMAL%20-%20First%20Unionized%20Bank.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNc94YQamC2mdA5ZjkHBJmAcJI0fuu8BIDnYWOVq6k9qreuPUOJJ9tcJOkDe6R67vYsiKwVnFM2g3wLw1iNHPuN9yx4Xx_gRn1RJY1Z90PzWjWGa1d8ygXP7CR_kZR2ckw0APIQyYVUdEPbc-VST1cMGgkAt5oCF83W3ZXspgDo0Txe_oae3nGvXCBfg4/s724/AMAL%20-%20First%20Unionized%20Bank.jpg" width="320" /></a></p><div>Posting the <a href="https://www.timyanbankalert.com/2024/01/update-ameriserv-financial-johnstown-pa.html" target="_blank">January 2024 Timyan Bank Alert™ Review of AmeriServ Financial</a> got me looking into unionized banks as a class. </div><div><br /></div><div><b>The Big Aha for me? There's both room and reason for Unionized Banking in America, and it can be done well. </b></div><div><br /></div><div>Unionized banks are a rarity in the US –– it takes a special banker to even know what to do with them, and those bankers are even more rare than the banks in this niche. </div><div> </div><div>Although there were 50 or so before the Great Depression, only six of 4,458 community banks left in the US today are unionized. Among them, Amalgamated is the top performer, and it owes its success to the good fortune of having been led by <a href="https://riseradio.libsyn.com/10-the-progressive-bank-for-progressive-people-keith-mestrich-ceo-of-amalgamated-bank" target="_blank">a non-traditional banker — Keith Mestrich</a>.</div><div><br /></div><div>Were AmeriServ or any other of the country’s unionized banks to engage Mestrich in any capacity, I would Follow The Leader and seriously consider buying shares in that entity.</div><div><br /></div><div><div style="font-size: medium; font-weight: 400;"><hr style="background-color: #e8e8e8; border-width: 0.5px; color: #e8e8e8; height: 1px;" /><i>Disclosure: As of this posting, I do not own any shares of AMAL.</i><br /><br /><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td valign="top" width="22%"><br /><div><b>Prospective Buyers</b></div></td><td width="77%"><br /><div class="pl18">As attractive as the Amalgamated franchise is from a fundamentals standpoint, I don't see any acquisitive bankers in the area who'd be open to moving into unionized banking.</div></td></tr><tr><td valign="top" width="22%"><br /><div><b>Financial Snapshot</b><br /><small><sup>†</sup>as of 12/31/2023</small></div></td><td width="77%"><br /><div class="pl18"><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td>Total assets:</td><td valign="bottom">$8B<sup>†</sup></td></tr><tr><td valign="bottom">Tangible book value per share: </td><td valign="bottom">$18.74<sup>†</sup></td></tr><tr><td valign="bottom">NPAs to assets:</td><td valign="bottom">0.4%<sup>†</sup></td></tr><tr><td valign="bottom">Price to book:</td><td valign="bottom">125%</td></tr><tr><td valign="bottom">Market cap:</td><td valign="bottom">$730M</td></tr><tr><td valign="bottom">Dividend yield:</td><td valign="bottom">1.7%</td></tr><tr><td valign="bottom">Trailing 12-month ROA:</td><td valign="bottom">1.15%<sup>†</sup></td></tr><tr><td valign="bottom">Trailing 12-month ROE:</td><td valign="bottom">17.1%<sup>†</sup></td></tr></tbody></table></div></td></tr><tr><td valign="top" width="22%"><br /><div><b>Luminaries</b></div></td><td width="77%"><br /><div class="pl18"><div><b>Keith Mestrich</b>, Former CEO</div><div><b>Lynne P. Fox</b>, Chair</div><div><b>Priscilla Sims Brown</b>, President and CEO</div></div></td></tr><tr><td valign="top" width="22%"><br /><div><b>Gold Stars</b></div></td><td width="77%"><br /><div class="pl18">Most of the Gold Stars that apply to Amalgamated now are attributable to Keith Mestrich, whom the bank hired in 2012. (Amalgamated had lost money in 4 of the prior 5 years.)</div><div class="pl18"><br /></div><div class="pl18"><b>Despite being a </b><b>“</b><b>newbie</b><b>”</b><b> in the field, Mestrich managed the fundamentals of “normal” banking expertly, by:</b></div><div class="pl18"><ul><li>Closing most of Amalgamated's 32 unprofitable consumer branches in New York,</li><li>Hiring talented bankers,</li><li>Bringing in needed low-cost deposit customers,</li><li>Cleaning up poor credit, and </li><li>Introducing efficiencies in every corner of the bank.</li></ul><div><b>Mestrich even grew Amalgamated's value via effective acquisition by:</b></div></div><div class="pl18"><ul><li>Leading Amalgamated's purchase of the underperforming New Resource Bank in San Francisco, and turned it around, too. </li></ul></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><div class="pl18">If you bought NWBN shares when the <a href="https://www.timyanbankalert.com/2024/01/update-ameriserv-financial-johnstown-pa.html" target="_blank">February 2014 Timyan Bank Alert™ Review of New Resource Bank</a> and/or NRBC shares after our <a href="https://www.timyanbankalert.com/2017/02/update-new-resource-bank-san-francisco.html" target="_blank">February 2017 Updated Review of New Resource Bank</a> were posted, you have Mestrich to thank for the 281% and/or 194% bumps in value of those shares to what they're worth now in AMAL stock.</div></blockquote><div class="pl18"><br /></div><div class="pl18"><b>Even more impressive to me are the ways Mestrich brought unique value to the Amalgamated franchise and community by:</b></div><div class="pl18"><div class="pl18"><ul><li>Embracing unions and unionization instead of fighting them; </li><li>Building on the bank’s history serving diverse populations, including immigrants; and, </li><li>Inventing profitable products and services for the union marketplace. </li></ul></div></div><div class="pl18"><b>In my perfect world, Amalgamated would scale the Mestrich game! </b></div><div class="pl18"><br /></div><div class="pl18">Roll up some other unionized banks, bring Amalgamated's innovative products and superior service to their uniquely shared markets, and ring out their inefficiencies. </div></td></tr><tr><td valign="top" width="22%"><br /><div><b>Sources</b></div></td><td width="77%"><br /><div class="pl18"><ul><li><a href="https://amalgamatedbank.com/" target="_blank">Amalgamated Bank website</a><br /></li><li><a href="https://ir.amalgamatedbank.com/static-files/8e07257d-1538-4aab-ba80-41f51c06f980" target="_blank">Q4 2023 Earnings Presentation</a></li><li><a href="https://riseradio.libsyn.com/10-the-progressive-bank-for-progressive-people-keith-mestrich-ceo-of-amalgamated-bank" target="_blank">January 2017 Rise FinTech podcast</a></li></ul><ul><li>Confidential interviews with analysts and shareholders</li></ul></div></td></tr></tbody></table><br /></div></div><p></p><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0New York, NY, USA40.7127753 -74.005972814.384961135082357 -109.1622228 67.040589464917645 -38.849722799999995tag:blogger.com,1999:blog-8448772781137071684.post-35054283760363140522024-01-21T07:17:00.005-11:002024-02-17T08:18:55.534-11:00UPDATE: AmeriServ Financial, Johnstown, PA (ASRV)<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeqLNINhrpTbmX9KfSZ99zonXaEm_O2_OHcUR7bqt2_zHo3F_8iT1bNcLVuibqv2Vj1wuYIcB1KstuVCLhkOEhKsqn95s169PsQXtbOnsjam7BiEyxqWcBCIu_Y2KuGCK9yFKCf20vXd8/s1600/ThinkstockPhotos-470017512.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeqLNINhrpTbmX9KfSZ99zonXaEm_O2_OHcUR7bqt2_zHo3F_8iT1bNcLVuibqv2Vj1wuYIcB1KstuVCLhkOEhKsqn95s169PsQXtbOnsjam7BiEyxqWcBCIu_Y2KuGCK9yFKCf20vXd8/s1600/ThinkstockPhotos-470017512.jpg" width="320" /></a><div>On the 10-year anniversary of my <a href="https://www.timyanbankalert.com/2014/01/ameriserv-financial-johnstown-pa-asrv.html">January 2014 Timyan Bank Alert™ Review of AmeriServ Financial</a>, I'm disheartened to report that this bank is being run into the ground by a bunch of bumbling money grubbers.</div><div><br /></div><div>ASRV is still flying under the radar in terms of coverage it gets from industry analysts and reporters, and I would still very much like to see it get on the radar, albeit for different — and less friendly — reasons.</div><div><br /></div><div>My sincerest apologies to readers of my original post and/or <a href="https://www.timyanbankalert.com/2017/03/update-ameriserv-financial-johnstown-pa.html" target="_blank">2017 Updated Review of AmeriServ</a>. My only consolation is this: if you meet <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" rel="nofollow" target="_blank">SEC Rule §240.14a-8</a> criteria, you could try submitting a Shareholder Proposal to change the bank's bylaws to make it easier to nominate a more independent slate of directors. </div><div><br /></div><div>Per <a href="https://materials.proxyvote.com/Approved/03074A/20230428/NOMNP_536761.PDF" target="_blank">AmeriServ's April 2023 Proxy</a>, the window for submitting shareholder proposals is between January 27 and Feburary 26, 2024.</div><div><br /></div><div>
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of ASRV and may subsequently either dispose of them or purchase more.</i><br />
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<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
AmeriServ has a unionized workforce, which likely acts as a poison pill for potential acquirers. </div><div class="pl18"><br /></div><div class="pl18">The only acquisitive bank I can imagine might not be put off by this is Amalgamated Bank, which is also unionized.<br />
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<b>Amalgamated Financial Corp</b>, New York, NY (AMAL)</div>
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<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 09/30/2023</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$1.361B<sup>†</sup></div>
</td> </tr>
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Tangible book value per share: </div>
</td> <td valign="bottom"><div>$5.11<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>0.4%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>55%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$55.9M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>3.7%</div>
</td> </tr>
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Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>0.22%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>2.82%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Jerome Michael Adams, Jr</b>, Chairman</div>
<div>
<b>Jeffrey A. Stopko</b>, President, CEO, and Head of Investor Relations<br /><b>Allan R. Dennison</b>, Former Chairman and CEO</div>
</div>
</td> </tr>
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<div>
<b>Red Flags</b></div>
</td> <td width="77%"><br />
<div class="pl18">The red flags about AmeriServ and ASRV are too many, for too long, to enumerate succinctly, but here are a few summative and recent highlights. <br /></div><div class="pl18"><ul><li>With an efficiency ratio that's consistently running over 50% higher than the average bank (i.e., 85% vs 55%, respectively), AmeriServ is just too inefficiently managed to have a prayer of earning a competitive return on equity or assets under current leadership.</li></ul><ul><li>Note: AmeriServ can't blame its disastrous efficiency ratio on its unionized workforce — Amalgamated has a unionized workforce, too, and boasts a better-than-average 52% efficiency ratio.</li></ul><ul><li>In the first 9 months of 2023, AmeriServ blew over $2M just to keep shareholders from having the opportunity to vote on qualified candidates for the Board that a fellow shareholder with expertise in the banking sector (<a href="https://www.drivermanagementcompany.com/" target="_blank">Driver Management</a>) had recruited and recommended.</li></ul><ul><li>Had AmeriServ simply invested that $2M in a stock repurchase, they could have retired 4% of the company's shares, yielding an immediate 50% return to shareholders.</li></ul></div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://materials.proxyvote.com/Approved/03074A/20230428/NOMNP_536761.PDF" target="_blank">AmeriServ 2023 Proxy Statement</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/707605/000092189523000991/defc14a12447006_05012023.htm" target="_blank">Driver Management 2023 Proxy Statement</a></li></ul><ul><li><a href="https://www.sec.gov/Archives/edgar/data/707605/000070760520000029/bylawsvirtualmeeting8k.htm" target="_blank">April 2020 Form 8-K</a></li><li><a href="https://www.americanbanker.com/news/ameriserv-shows-signs-its-gotten-back-on-track" target="_blank">February 2006 American Banker article</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/707605/000070760520000029/bylawsvirtualmeeting8k.htm" target="_blank">June 2003 Form 10-Q</a></li></ul><ul>
<li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li>
</ul>
<ul>
<li>Confidential interviews with management and analysts</li>
</ul>
</div>
</td> </tr>
</tbody> </table>
</div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2Johnstown, PA, USA40.326740699999988 -78.921969812.016506863821142 -114.0782198 68.636974536178826 -43.7657198tag:blogger.com,1999:blog-8448772781137071684.post-27662452234530005672023-12-07T07:36:00.000-11:002023-12-07T07:36:17.709-11:00BankFinancial, Burr Ridge, IL (BFIN)<h3>
An 18-Year Old Prodigal Bank Conversion</h3><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfEy65xENeEwg0A8c1nq6WLzVQXcN8ABIFmOemD7ydmaPOvLpTyhhMYCNxtfscSpqmMqcPmqslKAIdGiz7A2H_dZb9bRQ9XbjqGwXln-thgkDegL5KqB_WFta0VAYUz9PbWMYrfo8BNzkfsgwuNuh6k-1rCq8-hjaNt0kPDlrZZ1jC9rY8N7WN67y_D2w/s724/BFIN%20Boy%20with%20Confetti.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Image of Boy Throwing Confetti" border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfEy65xENeEwg0A8c1nq6WLzVQXcN8ABIFmOemD7ydmaPOvLpTyhhMYCNxtfscSpqmMqcPmqslKAIdGiz7A2H_dZb9bRQ9XbjqGwXln-thgkDegL5KqB_WFta0VAYUz9PbWMYrfo8BNzkfsgwuNuh6k-1rCq8-hjaNt0kPDlrZZ1jC9rY8N7WN67y_D2w/w320-h213/BFIN%20Boy%20with%20Confetti.jpg" title="BFIN Confetti Boy" width="320" /></a>
<div>Under the leadership of Chairman and CEO Morgan Gasior, BankFinancial has been squandering assets with the arrogance of inherited affluence for nearly two decades.</div>
<br />Despite his repeated promises, in no year has Gasior produced "peer-like" returns, and this prodigal son shows no signs of changing his ways. <div><br /></div>Clearly, BankFinancial's Board of Directors needs a serious kick in the pants, which any shareholder who meets the <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §240.14a-8 criteria</a> can deliver by submitting a proposal recommending the bank be sold to a more mature operator. <div><br /></div><div>Per BankFinancial's April 2023 Proxy, the deadline to submit a shareholder proposal is December 13, 2023.<br />
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of BFIN and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">Any of these neighboring banks would have no trouble putting BankFinancial's assets to better use if they could acquire the franchise at a small premium to book value.<br />
<br />
<div>
<b>Byline Bancorp</b>, Chicago, IL (BY)</div>
<div><b>Old Second Bancorp</b>, Aurora, IL (OSBC)</div>
<div><b>Wintrust Financial</b>, Rosemont, IL (WTFC)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 09/30/2023</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$1.5B<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$12.25<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>1.6%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>74%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$113M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>4.4%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>0.69%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>7%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>F. Morgan Gasior</b>, Chairman, President, and CEO</div>
<div>
<b>John M. Hausmann</b>, Director since 1990<br />
<b>Terry R. Wells</b>, Director since 1994</div><div><b>Glen R. Wherfel, </b>Director since 2001</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flags</b></div>
</td> <td width="77%"><br />
<div class="pl18">
In preparation for publishing this review, I re-read all <a href="https://seekingalpha.com/symbol/BFIN/earnings/transcripts" target="_blank">18 years of transcripts from BankFinancial’s quarterly conference calls</a>. </div><div class="pl18"> </div><div class="pl18">In those transcripts, Gasior tosses glowing projections for future performance like a kid with confetti. </div><div class="pl18"><br /></div><div class="pl18">Over the past 18 years, Gasior took nearly $13M in total compensation from BankFinancial. That money was real. The projections — mostly fairy dust. </div><div class="pl18"><br /></div><div class="pl18">Since BankFinancial’s conversion in 2005, both its stock price and book value have declined. Share price is down 34%. Book value per share is down 5%.
During that same period, the NASDAQ Bank Index has climbed by 15%. Under Gasior, BankFinancial has flagrantly underperformed its peers, year after year after year. </div><div class="pl18"><br /></div><div class="pl18">All of this surprises me so much less now that I know Gasior was just 19 years old when his father, CEO Frank Gasior, made him a Bank Director, and just 24 years old when Dad appointed him COO. It's also no mystery now why Gasior has kept BankFinancial's Board of Directors so small.</div><div class="pl18"><i><br /></i></div><div class="pl18">Perhaps Gasior can't be expected to treat this publicly traded institution responsibly, but that's why banks have Boards of Directors. </div><div class="pl18"><br /></div><div class="pl18">BankFinancial is publicly traded. Its board has a legally binding fiduciary responsibility to its shareholders. BankFinancial directors are accountable for hiring and firing the bank's CEO. Given BankFinancial's dreadful performance, its directors are obligated to either replace the CEO or sell the bank.</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.bankfinancial.com/" target="_blank">BankFinancial website</a></li><li><a href="https://seekingalpha.com/symbol/BFIN/earnings/transcripts" target="_blank">BFIN Earnings Call Transcripts</a></li></ul><ul>
<li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li>
</ul>
<ul>
<li>Confidential interviews with shareholders and analysts</li>
</ul>
</div>
</td> </tr>
</tbody> </table>
</div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2Burr Ridge, IL, USA41.748920299999988 -87.91839189999998913.438686463821142 -123.07464189999999 70.059154136178833 -52.762141899999989tag:blogger.com,1999:blog-8448772781137071684.post-11148719068655368072023-11-21T09:10:00.000-11:002023-11-21T09:10:13.782-11:00Ponce Financial Group, Bronx, NY (PDLB)<h3>
A New York Case of Self-Serving Bank Conversion</h3><br /><div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp294L8kA_ZEEF4QHQVJEKKLbbGVsOguMTP7KSQFNYfpY_5vi6uKkqwuyCQ1tDPBgjJlZmjgVAVhsDgIJyQmlFu2K92j3fCBq6PL-qbvTtkQ370Sy3f-a__KMDlioTkcmYHNGGYpxgD9DxfhmyjFm4MPhf9uFidvsd8HHGQKL4pzTmarq4gyUP9X-qtLA/s320/PDLB%20Bronx%20NY.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Photo of Subway Station in Bronx, NY" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp294L8kA_ZEEF4QHQVJEKKLbbGVsOguMTP7KSQFNYfpY_5vi6uKkqwuyCQ1tDPBgjJlZmjgVAVhsDgIJyQmlFu2K92j3fCBq6PL-qbvTtkQ370Sy3f-a__KMDlioTkcmYHNGGYpxgD9DxfhmyjFm4MPhf9uFidvsd8HHGQKL4pzTmarq4gyUP9X-qtLA/s320/PDLB%20Bronx%20NY.png" title="Ponce Financial (PDLB)" width="320" /></a>
<div>Ponce Financial Group stands out amongst its peers in the northeastern US, but not in a good way.</div><div><br /></div><div>Despite receiving $225M of preferred funding (i.e., no interest for two years) in June 2022 from the <a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program" target="_blank">U.S. Emergency Capital Investment Program (ECIP)</a>, PDLB remains unprofitable. Meanwhile, Management's deployment of capital has been as unusual as it is self-serving.</div>
<br />PDLB is a walking invitation for shareholders who meet the <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §240.14a-8 criteria</a> to submit proposals recommending that Management put Ponce Bank up for sale first chance it can (i.e., January 2025). <div><br /></div><div>Per Ponce Financial's April 2023 Proxy, the deadline to submit a shareholder proposal is December 29, 2023.<div>
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I don't own any shares of PDLB.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Any of these area banks should be able to cut costs and better utilize Ponce Bank's assets by acquiring Ponce near book value:<br />
<br />
<div>
<b>Apple Bank</b>, New York, NY (private)</div>
<div><b>Dime Community Bank</b>, Bronx, NY (DCOM)</div>
<div><b>Emigrant Savings</b>, New York, NY (private)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 09/30/2023</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$2.62B<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$10.99<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>0.6%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>84%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$220M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>0%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>0%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Steven A. Tsavaris</b>, Chairman</div>
<div>
<b>Carlos P. Naudon</b>, President and CEO<br />
<b>Sergio Vaccaro</b>, CFO</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flags</b></div>
</td> <td width="77%"><br />
<div class="pl18">It's easy to see how Ponce Bank has lost $37M since its January 2022 second step stock offering. It's less easy to understand Management's unusual capital investments and self-serving compensation strategies.</div><div class="pl18"><ul><li>Just months after raising $122M in the stock offering, Ponce reported an $8M quarterly loss due to a fraudulent microlending program called Grain.</li></ul><ul><li>Not to be deterred, Ponce then partnered with unproven fintech startups SaveBetter LLC and LendingFront Technologies. </li></ul><ul><li>Last October, Ponce spent $3M to purchase an interest in Latin American (!) payment processor Bamboo Payment</li></ul><ul><li>In spite of their poor performance and creative capital destruction, Tsvaris and Naudon paid themselves $4.9M over the past two years. </li></ul></div><div class="pl18"><br />
<table border="1" cellpadding="5" cellspacing="0">
<tbody><tr>
<th><br /></th>
<th>PDLB</th>
<th>WMPN</th>
<th>MGYR</th>
<th>NECB</th>
</tr>
<tr>
<td valign="top" width="139">Assets</td>
<td style="text-align: center;" valign="top" width="98">$2.6B</td>
<td style="text-align: center;" valign="top" width="98">$830M</td>
<td style="text-align: center;" valign="top" width="98">$907M</td>
<td style="text-align: center;" valign="top" width="98">$1.7B</td>
</tr>
<tr>
<td>Stock +/–</td>
<td style="text-align: center;">– 10%</td>
<td style="text-align: center;">+ 25%</td>
<td style="text-align: center;">- 2%</td><td style="text-align: center;">+ 70%</td>
</tr>
<tr>
<td>Earnings*</td>
<td style="text-align: center;">-$27.1M</td>
<td style="text-align: center;">+$7.2M</td>
<td style="text-align: center;">+$14.2M</td>
<td style="text-align: center;">+$58.9M</td>
</tr>
</tbody></table>
<p>
* <i>Since PDLB's January 2022 conversion</i></p></div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.poncebank.com/" rel="nofollow" target="_blank">Ponce Bank website</a></li><li><a href="https://poncebank.gcs-web.com/node/7986/html" target="_blank">2022 Form 10-K</a></li>
<li><a href="https://poncebank.gcs-web.com/news-releases/news-release-details/ponce-financial-group-inc-reports-fourth-quarter-2022-results" target="_blank">Q4 2022 Quarterly Report</a></li>
<li><a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/ponce-financial-posts-q1-net-loss-citing-fraudulent-loans-linked-to-microlender-70196916" target="_blank">May 2022 S&P Global Article</a></li></ul><div><ul><li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li><li><a href="https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital-investment-program" target="_blank">U.S. Emergency Capital Investment Program (ECIP)</a></li></ul></div>
<ul>
<li>Confidential interviews with shareholders and analysts</li></ul><br /><div><br /></div>
</div>
</td> </tr>
</tbody> </table></div></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2New York, NY, USA40.7127753 -74.005972814.430193356447923 -109.1622228 66.995357243552064 -38.849722799999995tag:blogger.com,1999:blog-8448772781137071684.post-37170362282115044152023-11-14T12:50:00.001-11:002023-11-14T12:50:22.571-11:001895 Bancorp of Wisconsin, Greenfield, WI (BCOW)<h3>
A Wisconsin Case of Self-Serving Bank Conversion</h3><br /><div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifBirZj86QV5boLRlYt5Ba6LWAL-qva0_JwQNWYHvOR4gRPkCN_xFUmlkPrClhIXULef1fqx2pLHGVyR1s8j6rnkQkN7L-uQfRqLn3sQ2XadkzKbpkT9Bs9ILxQ7NNSsJkcu1EUuru_o8XVP5ozpVEEKN9NW1sJDGQbsOtwID90M3YEBu5777JmZ4XIa8/s724/BCOW%20Waukesha.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifBirZj86QV5boLRlYt5Ba6LWAL-qva0_JwQNWYHvOR4gRPkCN_xFUmlkPrClhIXULef1fqx2pLHGVyR1s8j6rnkQkN7L-uQfRqLn3sQ2XadkzKbpkT9Bs9ILxQ7NNSsJkcu1EUuru_o8XVP5ozpVEEKN9NW1sJDGQbsOtwID90M3YEBu5777JmZ4XIa8/s724/BCOW%20Waukesha.jpg" width="320" /></a>
<div>My nomination for The Most Self-Serving Recent Bank Conversion? PyraMax Bank's conversion into 1895 Bancorp of Wisconsin (BCOW). </div>
<br />Every BCOW shareholder who meets the <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §240.14a-8</a> criteria for <a href="https://www.timyanbankalert.com/2023/10/24-underperforming-bank-stocks.html">Who Can Submit a Shareholder Proposal</a> should seriously consider doing so. It's a simple step toward protecting one's own investment while helping to strengthen America's banking system.<div><br /></div><div>Per 1895 Bancorp's April 2023 Proxy, shareholder proposals are due by January 15, 2024. <br />
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of BCOW and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
At the right price (a slight discount to book value), PyraMax Bank would boost earnings for any of these three Southeastern Wisconsin franchises:<br />
<br />
<div>
<b>FFBW, Inc</b>, Brookfield, WI (FFBW)</div>
<div><b>Waterstone Financial</b>, Wauwatosa, WI (WSBF)</div>
<div><b>Westbury Bancorp</b>, Pewaukee, WI (WBBW)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 06/30/2023</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$553M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share:</div>
</td> <td valign="bottom"><div>
$12.04<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>0.2%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>51%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$34.9M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>-0.13%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>-0.96%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div><b>Darrel A. Francis</b>, Chairman</div>
<div>
<b>David Ball, </b>President and CEO</div><div><b>Richard Hurd</b>, Executive VP Strategic Planning (Former President and CEO) <br />
<b>Monica Baker</b>, COO</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flags</b></div>
</td> <td width="77%"><br />
<div class="pl18">1895 Bancorp of Wisconsin is the biggest Money Grabber and Money Loser, not only among recent bank conversions, but compared to its peers in Wisconsin.</div><div class="pl18"><br /></div><div class="pl18">Last year, 1895 Bancorp paid its directors over 5x what its peers paid theirs. Its executives received $500K more over a two-year period than even the next highest compensated of their peers. </div><div class="pl18"><br /></div><div class="pl18">Don't let Management kid you. They're not paying themselves for performance. This is pure grift: BCOW's PyraMax is the only bank in the list to have lost money since January 2019 when it began its conversion.</div><div class="pl18"><br />
<table border="1" cellpadding="5" cellspacing="0">
<tbody><tr>
<th><br /></th>
<th>BCOW</th>
<th>NSTS</th>
<th>MBBC</th>
<th>FFBW</th>
</tr>
<tr>
<td valign="top" width="139">Assets</td>
<td style="text-align: center;" valign="top" width="98">$553M</td>
<td style="text-align: center;" valign="top" width="98">$251M</td>
<td style="text-align: center;" valign="top" width="98">$238M</td>
<td style="text-align: center;" valign="top" width="98">$327M</td>
</tr>
<tr>
<td>Stock +/–</td>
<td style="text-align: center;">– 39%</td>
<td style="text-align: center;">- 12%</td>
<td style="text-align: center;">- 24%</td><td style="text-align: center;">+ 10%</td>
</tr>
<tr>
<td>Board Members</td>
<td style="text-align: center;"><span> 5</span><span> </span><br /></td>
<td style="text-align: center;">6</td>
<td style="text-align: center;">8</td>
<td style="text-align: center;">8</td>
</tr>
<tr>
<td><div>Average Comp Directors (2022)</div></td>
<td style="text-align: center;"><br />$175K</td>
<td style="text-align: center;"><br />$32K</td>
<td style="text-align: center;"><br />$21K</td>
<td style="text-align: center;"><br />$34K</td>
</tr>
<tr>
<td><div>Average Comp Top 2 Executives</div><div>(2021 & 2022)</div></td>
<td style="text-align: center;" valign="top"><span>$1.2M</span><br /></td>
<td style="text-align: center;" valign="top">$550K</td>
<td style="text-align: center;" valign="top">$736K</td>
<td style="text-align: center;" valign="top">$633K</td>
</tr>
<tr>
<td>Earnings*</td>
<td style="text-align: center;">- $8.1M</td>
<td style="text-align: center;">+ $500K</td>
<td style="text-align: center;">+ $4.8M</td>
<td style="text-align: center;">+ $8.1M</td>
</tr>
</tbody></table>
<p>
* <i>Since 1895 Bancorp's January 2019 Mutual Holding Company conversion</i></p></div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.1895bancorpofwisconsin.com/overview/corporate-profile/default.aspx" target="_blank">1895 Bancorp website</a></li><li><a href="https://www.otcmarkets.com/filing/html?id=16853857&guid=lf5-kqzm3kLuB3h" target="_blank">June 2023 Form 10-Q</a></li></ul><ul><li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li></ul><div><ul><li><a href="https://www.otcmarkets.com/filing/html?id=16564733&guid=lf5-kqzm3kLuB3h" target="_blank">BCOW April 2023 Proxy</a></li><div><ul></ul></div><li><a href="https://www.firstfederalwisconsin.com/wp-content/uploads/2023/08/ffbw-proxy-statement-2023-final.pdf" target="_blank">FBBW June 2023 Proxy</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1835385/000155837023016478/tmb-20231121xdef14a.htm" target="_blank">MBBC October 2023 Proxy</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1881592/000143774923010324/nsts20230331_def14a.htm" target="_blank">NSTS April 2023 Proxy</a></li></ul></div>
<ul>
<li>Confidential interviews with other shareholders</li>
</ul>
</div>
</td> </tr>
</tbody> </table></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0Milwaukee, WI, USA43.0389025 -87.906473614.728668663821153 -123.0627236 71.349136336178844 -52.7502236tag:blogger.com,1999:blog-8448772781137071684.post-55396808694827092832023-10-31T11:20:00.006-11:002023-10-31T11:25:32.459-11:00NSTS Bancorp, Waukegan, IL (NSTS)<h3>
An Illinois Case of Self-Serving Bank Conversion</h3><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdEpUQW46QRUxHk50yo3p8KokZOOB3n-4Pl7YHRn3OCRaZX8rpWoWPF7IgFe8UHpGgEWwIiqpS_3re_CZSjBzup-xCOgQV1BqpxlR_mU-MpqzczwIeep3e2IR266pT64CYiHkpPb6-QsOuqXMP6I4PP-3glyt_b_ySuco0JRxbol4lj2umr7AS0WqYew4/s724/NSTS%20Waukegan.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdEpUQW46QRUxHk50yo3p8KokZOOB3n-4Pl7YHRn3OCRaZX8rpWoWPF7IgFe8UHpGgEWwIiqpS_3re_CZSjBzup-xCOgQV1BqpxlR_mU-MpqzczwIeep3e2IR266pT64CYiHkpPb6-QsOuqXMP6I4PP-3glyt_b_ySuco0JRxbol4lj2umr7AS0WqYew4/s724/NSTS%20Waukegan.jpg" width="320" /></a>
<div>In my opinion, Illinois’ NSTS Bancorp is one of the Top 3 worst recent bank conversions along with 1895 Bancorp of Wisconsin (BCOW) and Ponce Financial Group of New York (PBLB).</div>
<br />Is there an NSTS shareholder who meets <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" rel="nofollow" target="_blank">SEC Rule §240.14a-8</a> criteria for <a href="https://www.timyanbankalert.com/2023/10/24-underperforming-bank-stocks.html">Who Can Submit a Shareholder Proposal</a> willing to deliver the kick in the pants North Shore Trust and Savings apparently needs to do the right thing and sell the bank? <div><br /></div><div>North Shore can't legally sell before the three anniversary of their conversion comes up in January 2025, but its upcoming May 2024 annual meeting would be the perfect time to put your proposal up for a shareholder vote as needed to get Management in line sooner vs later. </div><div><br /></div><div>Per North Shore's latest Proxy, the deadline to submit a proposal is December 16, 2023.<br />
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of NSTS and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
I suspect any or all of these Illinois banks would be interested in submitting a bid to buy North Shore Trust and Savings when its three-year moratorium on a sale expires in 2025:<br />
<br />
<div>
<b>First Mid Bancshares</b>, Matoon, IL (FMBH)</div>
<div><b>HBT Financial</b>, Bloomington, IL (HBT)</div>
<div><b>Tri-County Financial</b>, Mendota, IL (TYFG)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 06/30/2023</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$257M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$14.53<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>0.3%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>59%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$48M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>-0.06%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>-0.27%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Stephen G. Lear</b>, Chairman, President, and CEO</div>
<div>
<b>Nathan E. Walker</b>, CEO North Shore Trust<br />
<b>Thomas Ivantic</b>, Director (longest serving)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flags</b></div>
</td> <td width="77%"><br />
<div class="pl18">
North Shore Trust and Savings is run by weak operators with a flawed operating model delivering a negative return on equity.<br />
<br />
Two years after taking NSTS public, Management has failed to successfully deploy the money they raised. They're buying back stock, but not anywhere near as aggressively as they should.</div><div class="pl18"><br /></div><div class="pl18">Instead of cutting costs, NSTS hired a team of seven mortgage lenders, raised Management salaries by 14%, and paid CEO Stephen Lear average compensation of $340K per year.</div><div class="pl18"><br /></div><div class="pl18">In contrast, the annual salary for the average bank CEO in the US is $184K,* and the average bank has been earning a 12.9% ROE.**</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://ir.northshoretrust.com/" rel="nofollow" target="_blank">North Shore Trust and Savings website</a></li><li><a href="https://ir.northshoretrust.com/sec-filings/all-sec-filings/content/0001437749-23-010324/0001437749-23-010324.pdf" rel="nofollow" target="_blank">2023 Proxy Statement</a></li><li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" rel="nofollow" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li></ul><ul><li>Confidential interviews with other shareholders</li></ul><div><div class="pl18"> * <a href="https://www.comparably.com/salaries/salaries-for-bank-ceo" rel="nofollow" target="_blank"><i>How much does a bank CEO make? (by Comparably)</i></a></div><div class="pl18">** <a href="https://www.statista.com/statistics/1110550/roe-us-banking-industry-per-quarter/" rel="nofollow" target="_blank"><i>Return on Equity (ROE) of US Commercial Banking Industry (by Statista)</i></a></div></div>
</div>
</td> </tr>
</tbody> </table>
</div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2Waukegan, IL, USA42.3636331 -87.84479379999999114.053399263821156 -123.00104379999999 70.673866936178854 -52.688543799999991tag:blogger.com,1999:blog-8448772781137071684.post-1053665773269181062023-10-17T13:12:00.006-11:002023-10-25T07:42:07.710-11:0024 Underperforming Bank Stocks<h3>
Stuck Owning Stock in a Bank that Should be Sold?</h3><br /><div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZbI6Zt3wZBUghAv2Diu4S5NhNhVs8aepYQToqG6PHbtJb8oCOKgZLly07OjBl0qD3g_1g91VOaGSNT_8dW6VIUr6Hwy1TQsfTewGXcPnLfiLqgj47K5dBPDHm_DO7Fh3_QorLukeDTpKJwpgBwx6rOUOJfU1PS9oNQ7BGvRzbwVKuWofRpjEc1M3LsA0/s683/Stuck%20in%20Mud.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Image of a person's legs with boots stuck in mud" border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZbI6Zt3wZBUghAv2Diu4S5NhNhVs8aepYQToqG6PHbtJb8oCOKgZLly07OjBl0qD3g_1g91VOaGSNT_8dW6VIUr6Hwy1TQsfTewGXcPnLfiLqgj47K5dBPDHm_DO7Fh3_QorLukeDTpKJwpgBwx6rOUOJfU1PS9oNQ7BGvRzbwVKuWofRpjEc1M3LsA0/w320-h240/Stuck%20in%20Mud.jpg" title="Stuck Owning Stock in a Bank that Should be Sold?" width="320" /></a>
<div><b>Happily, if you’ve owned some of the bank’s stock for awhile,* there’s a legal process whereby you can strongly encourage management to sell the bank. </b></div><div><br /></div><div>Specifically, according to <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §240.14a-8</a>, you can write a shareholder proposal that the bank’s board of directors must include in the next proxy statement they send to all shareholders.</div>
<br />Submitting individual shareholder proposals to bank management has gotten easier since 2010, but it appears that interest in supporting such proposals is just starting to be “a thing.” Personally, I’d like to see it become an even bigger thing, because there are a couple dozen community banks in the country that could use a public kick in the pants, ideally dealt from a shareholder in their own back yard.<br />
<hr style="background-color: #e8e8e8; border-width: 0px; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares in all but one of the 25 banks mentioned in this post and may subsequently either dispose of them or purchase more.</i><div>
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><div><b>How It Works</b></div>
</td> <td width="77%"><div class="pl18"><b>*WHO Can Submit a Proposal</b></div><div class="pl18">According to SEC rules, if you’ve owned the following dollar values of a given bank stock for the following durations, then you can submit a proposal to management that the bank must both include in its next proxy statement, and present to your fellow shareholders for a vote.</div><div class="pl18"><ul><li>$2K for three years</li><li>$15K for two years</li><li>$25K for one year</li></ul><div><br /></div><div><b>HOW To Submit a Proposal </b></div></div><div class="pl18">Basically, to deliver this sort of kick, you write a proposal outlining your reasons for believing it’s high time management sell the bank, submit your proposal to the bank with a letter that conforms both to SEC rules and the bank’s previous proxy statement, and follow up with bank management as needed to see it through to a proxy vote. </div><div class="pl18"><br /></div><div class="pl18">See <a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf " target="_blank">https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf </a></div><div class="pl18"><br /></div><div class="pl18"><b>WHAT to Expect</b></div><div class="pl18">Management may ignore you (if you let them) in an attempt to run out the proxy deadline clock. They may try to talk you out of it, challenge your right to make the proposal, or claim your proposal is deficient in some way. </div><div class="pl18"><br />Note that even if your proposal is deficient, there’s a deadline for the bank to make this claim, <i>and</i> the bank is required by SEC rules to afford you time to cure the deficiency, for example, by amending your proposal or submitting documentation supporting your claims.</div><div class="pl18"><br /></div>
</td> </tr>
<tr> <td valign="top" width="22%"><div><b>Good Example</b></div>
</td> <td width="77%"><div class="pl18"><b><i>Mid-Southern Bank Management Gets a Kick in the Pants</i></b></div><div class="pl18">Since the day it went public in July 2018, Indiana’s Mid-Southern Bancorp (MSVB) has been mismanaged and underperforming. Unsurprisingly, Mid-Southern’s performance invited pressure from shareholders losing money on the stock. </div><div class="pl18"><br /></div><div class="pl18">On August 3, 2021, Mid-Southern silenced its loudest shareholder critic by buying him out at a premium not afforded to other MSVB shareholders. </div><div class="pl18"><br /></div><div class="pl18">On December 22, 2023, another shareholder of Mid-Southern Bancorp submitted a formal proposal recommending the bank be sold. Apparently, Mid-Southern deemed this shareholder too small to be worthy of a premium buy-out offer, but as required by law, the bank did publish the shareholder’s proposal in the proxy for its annual meeting. The proposal won 56% of the shareholder vote, in spite of self-serving opposition by bank Management and proxy advisors. </div><div class="pl18"><br /></div><div class="pl18">Was the kick enough to make Mid-Southern respect shareholders' demands to sell the bank? Time will tell. But it was a well-deserved and well-delivered kick that should inspire confidence in shareholders seeking to protect their investments from being squandered.</div><div class="pl18"><br /></div>
</td> </tr>
<tr> <td valign="top" width="22%"><div><b>24 Invitations</b></div>
</td> <td width="77%"><div class="pl18"><b><i>Banks Deserving a Kick in the Pants</i></b></div><div class="pl18">Here’s a shortlist of community banks I believe are worth far more in a sale than the market will accord them under current Management. </div><div class="pl18"><br /></div><div class="pl18">Managers of these banks are a walking invitation for a good kick in the pants. Were I to see a shareholder proposal recommending the sale of any of these banks in a proxy statement, I would very likely vote for it. </div><div class="pl18"><ol><li>1895 Bancorp of WIS (BCOW)</li><li>Ameriserv Financial (ASRV)</li><li>BankFinancial (BFIN)</li><li>Broadway Financial (BYFC)</li><li>California Bancorp (CALB)</li><li>Citizens Community Bancorp (CZWI)</li><li>Community Bank of Santa Maria (CYSM)</li><li>Community First Bancorporation (CFOK)</li><li>First Commerce Bancorporation (CMRB)</li><li>First US Bancshares (FUSB)</li><li>FVCBankcorp (FVCB)</li><li>Horizon Bancorp (HBNC)</li><li>LCNB Corp (LCNB)</li><li>Lewis & Clark Bancorp (LWCL)</li><li>MainStreet Bancshares (MNSB)</li><li>North Dallas Bank & Trust (NODB)</li><li>NSTS Bancorp (NSTS)</li><li>Oregon Pacific Bancorp (ORPB)</li><li>Pathfinder Bancorp (PBHC)</li><li>Ponce Financial (PDLB)</li><li>Provident Financial Holdings (PROV) </li><li>Third Century Bancorp (TDCB) </li><li>Touchstone Bankshares (TSBA)</li><li>Town Center Bank (TCNB)</li></ol></div>
</td> </tr>
<tr> <td valign="top" width="22%"><div><b>Sources</b></div>
</td> <td width="77%"><div class="pl18"><ul><li><a href="https://www.sec.gov/divisions/corpfin/rule-14a-8.pdf" target="_blank">SEC Rule §14a-8</a></li><li><a href="https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=1099&context=dlrforum" target="_blank">Denver Law Review of SEC Rule §14a-8</a></li></ul><ul>
<li><a href="https://www.sec.gov/Archives/edgar/data/1734875/000173487523000010/tmb-20230524xdef14a.htm" target="_blank">Mid-Southern Bancorp April 2023 Proxy Statement</a></li>
<li><a href="https://www.globenewswire.com/news-release/2023/05/16/2670257/0/en/Mid-Southern-Bancorp-Inc-Announces-Proxy-Advisory-Firms-ISS-and-Glass-Lewis-Recommend-Stockholders-Vote-AGAINST-Stockholder-Proposal-Recommending-the-Engagement-of-an-Investment-Ba.html" target="_blank">Mid-Southern Bancorp Statement in Opposition to Shareholder Proposal</a></li><li><a href="https://www.sec.gov/Archives/edgar/data/1734875/000173487523000023/tmb-20230524x8k.htm" target="_blank">May 2023 Mid-Southern Bancorp Form 8-K</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
</div></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com13tag:blogger.com,1999:blog-8448772781137071684.post-32056473863798232512022-01-08T12:05:00.001-11:002022-01-08T14:53:20.922-11:00Timyan's 2022 Top Stock Picks<h3>
Timyan's 2022 Top Stock Picks</h3>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s1600/Timyan-Stock-Picks-Map.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="482" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s320/Timyan-Stock-Picks-Map.jpg" width="320" /></a><b>2022 is a year for recovery. </b><div><br /></div><div>After what we’ve all been through, I’m more grateful than ever for America’s community banks. They’re unique on the planet, critical to their communities, and creating value for investors. They’re what I invest in for my parents and kids, and I’d really like to see more “everyday people” take advantage of these opportunities in their own back yard.<br />
<br />
The bank stock picks below fall into the following — not mutually exclusive — categories: <div><ul style="text-align: left;"><li>You can buy the stock today for less than it is worth, </li><li>You could profit when valuations catch up, </li><li>You could earn a windfall if the bank sells, and/or </li><li>The dividends provide a nice return. </li></ul> Differences you might notice between this and my 2019 list: </div><div><ul style="text-align: left;"><li>I now have a clear favorite in Pennsylvania. </li><li>Three California banks made the list. </li><li>Virginia – more than once named <a href="https://www.cnbc.com/2021/07/13/virginia-is-back-as-americas-top-state-for-business.html" target="_blank">Top State for Business by CNBC</a> – presents six bargain bank stocks</li><li>This year’s list features banks in a few US territories and one British territory.</li></ul>
<hr />
<i>Disclosure: As of this posting, I own shares of all the bank stocks reviewed in the Timyan Bank Alert except $BKGM, $DBIN, $EQBK, $WASH and $WSFS, and I may subsequently either dispose of them or purchase more. For full disclosure, please note, I personally own many other bank stocks that are not represented in the Timyan Bank Alert portfolio or record.</i><br />
<br />
<b>Timyan's Top Community Bank Stock Picks as of January 2022</b><br />
<br />
Stocks I have reviewed previously include links to their most recent Timyan Bank Alert review.</div><div><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse;"><thead><tr><td style="border: 1pt dotted gray; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>State</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>Stock</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>Why It’s My Favorite in The State</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>Yield</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>P/B</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>P/E</b></p></td></tr></thead><tbody><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">DENI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Denali Bancorporation — Stock is still cheap and directors still own over 20%.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">100%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AUBN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Auburn National BanCorp – In a great market, and an acquirer could put the bank’s deposits to much better use.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3.3</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">107%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WRIV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">White River Bancshares – Solid bank in a growing market with strong operators, so it’s reasonable to expect the stock to catch up with its peers.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">99%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">11x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AZ</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">HRRB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Horizon Bancorp – Fingers crossed that they’ve learned from declining previous chances to sell for far more than today’s trading price.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">105%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2015/06/exchange-bank-santa-rosa-ca-exsr.html" style="color: blue;">EXSR</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Exchange Bank – Stock price has lagged in spite of the bank’s outperforming peers on every return metric. Time will correct this.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">82%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SMAL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Summit Bancshares – <a href="https://www.businesswire.com/news/home/20181128005865/en/Summit-Bancshares-Inc-Announces-Definitive-Agreement-to-Be-Acquired-by-Faciam-Holdings-Inc" style="color: blue;">We know since 2018 they’re open to a sale</a> and the stock is worth even more today, so I’m banking on a return.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">111%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">17x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">UBFO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">United Security Bancshares – Founder and Chairman Dennis Woods is in his 70s and owns over a million shares. I hope he’ll cash his check and enjoy retirement.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">5.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">115%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">15x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2015/04/solera-national-bancorp-lakewood-co-slrk.html">SLRK</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Solera National – CEO Marty May has left since our 2019 pick list, Chairman Quagliano bought a plane and put his daughter on the board. So, hmmm —but — the stock is cheap and still performing, so far.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">5x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BWFG</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bankwell Financial Group — The bank’s largest investor, Larry Seidman, is now on the board, and operations are rapidly improving.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">128%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">13x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">DE</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WSFS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WSFS Financial – Great bank, but like its only peer in the state (TBBK), too expensive to get excited about from an investment perspective.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">176%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PBKC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Pioneer Bankorp – Cheapest bank in the state, and the <a href="https://ajot.com/news/airglades-international-airport-breaks-ground-on-new-u.s-customs-and-border-protection-facility" style="color: blue;">airport expansion in Clewiston</a> will drive growth.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.9%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">95%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2018/03/exchange-bank-of-milledgeville.html" style="color: blue;">EXCH</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Exchange Bankshares – Trading for 30% of what it can sell for, and timely bank buybacks are driving growth in book value.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">69%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">HI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CPF</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Central Pacific Financial – If you’re into fintech, this is cheap way to get it, with the added plus of a nice dividend.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3.6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">140%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">11x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MOFG</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MidWestOne Financial — As hoped, the bank has gotten returns in line with peers. It also acquired an underperforming bank at great price, so stock price is likely to rise. </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.7%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">96%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ID</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IDFB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Peak Bancorp – Currently the cheapest community bank stock in the state.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">104%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">QCRH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">QCR Holdings – The bank has consistently beat its earnings estimates.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.4%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">133%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SVBT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SVB & T Corp – This family-founded bank stock is high-performing, cheap, and in good hands with CEO Jamie Shinabarger.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">97%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">EQBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Equity Bancshares – Priced comparable to its peers in the state, but has the lowest P/E.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">115%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">10x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">LMST</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Limestone Bancorp – Stock is cheap, and key players collectively own over 40%. In other words, the team here is highly incented to keep creating value.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">112%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">10x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">LA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CTUY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Century Next Financial Corp — Still undervalued and still the perfect acquisition candidate for First Guaranty Bancshares.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.8%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">101%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WNEB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Western New England Bancorp – The bank is repurchasing stock, operations are improving, and there’s still a gap between its 2006 and current price.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MD</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CMHF</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Community Heritage Financial – Good performance at a discount compared to its peers in the state.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.7%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ME</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KTHN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Katahdin Bankshares — Still cheap with a branch network that should be appealing to acquirers.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">99%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">STBI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Sturgis Bancorp – Far cheaper than its peers, in spite of stronger performance and a unique trust business.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">80%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">6x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/04/update-merchants-financial-group-winona.html">MFGI</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Merchants Financial Group of Winona — Still my favorite in the state, still trading for a fraction of its true value, (although no longer big enough for the Russell Index). </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">HWBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Hawthorn Bancshares – Another cheap stock I anticipate will catch up, since the bank is performing far better than average and industry investor Jon Holtaway is on the board.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.4%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">120%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BFCC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BankFirst Capital – The bank is making shrewd acquisitions and adding value along the way so this stock likely won’t stay this cheap for long.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">100%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">EBMT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Eagle Bancorp Montana — Pickings are still slim for cheap bank stocks in Montana. EBMT is still it.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">100%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BKOR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Oak Ridge Financial Services — Hard to misfire at this price for a very decent bank.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">97%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ND</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BNCC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BNCCORP — Still cheap and the board has shareholders in mind.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">110%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">5x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NE</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FINN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">First National of Nebraska — Still reasonably priced for a solid, 150 year old family run bank.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">125%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2013/07/northway-financial-inc-north-conway-nh.html">NWYF</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Northway Financial – Performance has slipped since 2019, but it’s the envy of would-be acquirers and investors like me want to see it sold.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">91%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">11x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NJ</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2019/04/first-commerce-bank-lakewood-nj-cmrb.html" style="color: blue;">CMRB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">First Commerce Bank — Three years past their own declared target sell-by date, but performing well and I have no reason to believe their plans have changed.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">82%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NM</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BCTF</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bancorp 34 Inc – The only game in town and not bad.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">85%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GBFH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GBank Financial – Happily, there is now a publicly traded community bank headquartered in Nevada! It’s expensive, but rapidly growing a unique business.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">170%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PCSB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PCSB Financial — Valuable underutilized franchise in a great market. Now that the three year conversion moratorium has passed, I’m hoping to see it sell.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">107%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">20x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CFBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CF Bankshares — A high performing bank, with fully invested management, that investors suspect will sell.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.75%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">115%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BSVN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bank7 Corp — A very high performing stock that was overly punished by the Chairman’s large sale a few weeks ago.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">160%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">LWCL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Lewis & Clark Bancorp — Rumor has it the bank came close to selling pre-pandemic, and I think it will sooner or later.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.9%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">102%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FRBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Republic First Bancorp – CEO Vernon Hill wants investors to fund new branches. Investors want to see the bank sold. Given the stock’s current price, investors are right.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">80%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">12x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">RI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WASH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Washington Trust Bancorp — Still pricey, still the only community bank headquartered in Rhode Island. To boot, it’s a great bank that pays a nice dividend.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3.8%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">176%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">13x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SFDL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Security Federal Corp — When a Director named Spooky Weeks owns 10% and Chairman Timothy Simmons still owns 22%, I can’t say no.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.4%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">89%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SD</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">DBIN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Dakota Banks — Not a bad bank in a state with few choices.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.8%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">107%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">12x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IBTN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">InsCorp — Still the cheapest bank stock in a great market, and they are improving their deposit mix as I’d hoped.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">102%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">10x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TX</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NODB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">North Dallas Bank & Trust – The underperformance here is so great, I can’t advise buying unless you have reason to believe they’ll sell. I’m betting on it.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.3%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">119%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">25x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">UT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">None</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">There are no publicly traded community bank stocks in Utah on my current buy list.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">–</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">–</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">–</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BOTJ</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bank of the James Financial – Stock price lags franchise value. The wealth management acquisition alone should add 20% to earnings.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.8%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">110%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">10x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FDVA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Freedom Financial Holdings – Prior to this gig, CEO Joe Thomas built and sold Bay Bank for a premium. That’s all I need to know.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">120%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MSNB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MainStreet Bancshares — I expect they’ll likely fulfill on their stated mission to sell the bank, in spite of their dinking around the past few years.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">120%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/07/parkway-acquisition-corp-floyd-va-pkkw.html" style="color: blue;">PKKW</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Parkway Acquisition – More than decent operators taking advantage of low valuations to repurchase stock. I will be with them when the market corrects.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">88%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TSBA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Touchstone Bankshares – Decent operators taking advantage of low valuations to repurchase stock. I will be them when the market corrects.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.46%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">78%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">10x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VBFC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Village Bank & Trust – Likely to sell at some point, but it’s building value so fast I’m enjoying the wait.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">139%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MDVT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Middlebury National Corp – I love this little, woman-run bank more every time I look at it. (CEO Linda Harmon has run it since 1995). I’d buy more, but it’s very thinly traded.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SFBC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Sound Financial – An affordable stock in a solid woman-run bank. Laurie Stewart is in her 70s, has been CEO since 1989, and has earned a break.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">127%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">11x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2012/07/psb-holdings-wausau-wi-psbq.html" style="color: blue;">PSBQ</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PSB Holding – An undervalued high performer that is highly attractive to prospective acquirers.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.8%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">105%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">JFWV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Jefferson Security Bank – Stock price currently lags how the bank’s performance suggests it should be priced.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.1%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt solid windowtext; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WY</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CRZY</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Crazy Woman Creek Bancorp – Call me crazy — it’s been a slow climber — but it’s still cheap, the only community bank in Wyoming, and accretively buying back stock. Someday, it’ll reach book.</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">1.3%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">90%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">8x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GU</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BKGM</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BankGuam Holding – The only game in the territory, and it is cheap.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">3.6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">0.7%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">6x</p></td></tr><tr><td style="border-bottom: 1pt solid windowtext; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PR</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BPOP</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Popular, Inc – Not a community bank stock, per se, but it’s the cheapest bank stock in Puerto Rico’s red hot market.</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">2.2%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">108%</p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">7x</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 49pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BM</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NTB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bank of NT Butterfield & Son – Expensive to book, but cheap on earnings. Pays a great dividend, has superior returns, and benefits from location in a tax haven.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">4.6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">200%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">12x</p></td></tr></tbody></table><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"> </p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0in;"><br /></p></div><div><br /><br /></div><div><br /><br /></div><div><br /></div><div><br /></div></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com4tag:blogger.com,1999:blog-8448772781137071684.post-61705467274457422342022-01-03T11:36:00.008-11:002024-02-20T09:45:35.123-11:00UPDATE: 2019 Stock Picks for (Almost) Every State<h3>UPDATE: 2019 Stock Picks for (Almost) Every State</h3>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s1600/Timyan-Stock-Picks-Map.jpg" style="clear: right; float: right; font-size: medium; font-weight: 400; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="482" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s320/Timyan-Stock-Picks-Map.jpg" width="320" /></a>
<b>After a pandemic hiatus, Timyan Bank Alert is back to life.</b>
<br /><p style="text-align: left;">Thank you to loyal readers and Twitter followers for the encouragement to resume! We hope 2022 marks a positive turn in your health, wealth, and happiness. </p><p style="text-align: left;">A few highlights from our New Year’s update on <a href="https://www.timyanbankalert.com/2019/01/a-stock-pick-for-almost-every-state.html">Timyan’s 2019 Stock Pick For (Almost) Every State</a>: </p><div><ul style="text-align: left;"><li>Of our 50 picks, 15 sold — one to a bank that also sold. </li><li>Many 2019 picks are up by 50% or more. </li><li>Only two of our picks declined over the three year period — CIZN and PPBB. </li><li>Our best performer by far was BNCC, up 290% on top of two special dividend payouts. </li><li>Our second best performer was TBBK, up 162%. </li><li>Three of our picks roughly doubled, and two of those sold — <a href="https://www.timyanbankalert.com/2016/07/update-northern-california-national.html" target="_blank">NCNB</a>, MPHX, UWHR. </li></ul></div><p style="text-align: left;">Stay tuned for Timyan's new favorite buys in every state.
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<i>Disclosure: As of this posting, I own shares of all the bank stocks reviewed in the Timyan Bank Alert except $TBBK, $CDAB, $MELR, $CESO and $PUB, and I may subsequently either dispose of them or purchase more. For full disclosure, please note, I personally own many other bank stocks that are not represented in the Timyan Bank Alert portfolio or record.</i><br />
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<h3 style="text-align: left;"><b>Status of 2019 Community Bank Stock Pick(s) Per State</b></h3>
Where applicable, click the stock symbol to access its most recent Timyan Bank Alert review.<div><br /><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -0.5pt;"><tbody><tr><td style="border: 1pt dotted gray; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>State</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>Stock</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>How Timyan’s 2019 Picks Performed Against the NASDAQ Bank Index</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b>3-Year Price Change</b></p></td><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: none; border-right: 1pt dotted gray; border-top: 1pt dotted gray; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><b> </b></p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">DENI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Denali Bancorporation — Vastly underperformed, but I still have faith and have been trying to increase my holdings in this thinly-traded little gem.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2018/06/united-bancorporation-of-alabama-atmore.html" style="color: blue;">UBAB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">United Bancorporation of Alabama – Outperformed. I’m holding and still love the bank’s mission.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">42%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OZK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bank of the Ozarks — Outperformed by a factor of two. Its construction portfolio has held up well. I’ve been selling to buy cheaper banks, perhaps misguidedly.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">78%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">AZ</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MPHX</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MetroPhoenix Bank — An old <a href="https://www.fig-partners.com/" style="color: blue;">FIG</a> recap that outperformed and sold to <a href="https://www.timyanbankalert.com/2013/01/first-internet-bank-indianapolis-in-fibp.html" style="color: blue;">INBK</a>. Big thanks to investor and Director Eric Grubelich for excellent leadership.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">91%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.blogger.com/blog/post/edit/8448772781137071684/1024751138737187152" style="color: blue;">NCNB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Northern California National — Outperformed and sold to the founders of Plaid. Bittersweet to see the subject of my all-time favorite Bank Alert review sell, but I’m grateful that Management honored John Luchessi’s vision and principles.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">97%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2015/04/solera-national-bancorp-lakewood-co-slrk.html" style="color: blue;">SLRK</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Solera National – Performed with Index. Posting good results, stock too cheap to sell, governance is questionable. I’m holding on, but miss former CEOs Marty May and Bob Fenton.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">33%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BWFG</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bankwell Financial Group — Underperformed, but I love the fast-improving fundamentals and am encouraged now that activist investor Larry Seidman is on the board.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">23%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">DE</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TBBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Bancorp, Inc — Outperformed four-fold. New CEO Damian Kozlowski and institutional investor Castle Creek’s John Eggemeyer are doing a great job here.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">162%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FCIT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">First Citrus Bank — Vastly underperformed, but I expect that to change. CEO Jack Barrett is building a wonderful franchise.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">17%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2016/08/ccf-holding-co-jonesboro-ga-ccfh.html" style="color: blue;">CCFH</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CCF Holding Co — Performed with Index, made two acquisitions, became HSBI, and sold to VyStar Credit Union.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">37%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">HI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2019/05/ohana-pacific-bank-honolulu-hi-ohpb.html" style="color: blue;">OHPB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Ohana Pacific Bank in Honolulu — Slightly outperformed, and sold to CBB Bancorp. Turned out to be less of a mess than I had thought.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">40%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MOFG</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MidWestOne Financial — Underperformed. Since it is still cheap and fundamentals are improving, I’m holding on.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">28%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ID</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CDAB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Couer d’Alene Bancorp — Performed with Index, but isn’t the bargain buy it was in 2019.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">35%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">RYFL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Royal Financial — Outperformed, and sold to Peoples Bank (FNWD). Many thanks to Chairman Jim Fitch for outstanding leadership.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">50%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MFSF</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MutualFirst Financial —Outperformed, and sold to Northwest Bancshares (NWBI).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">54%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BVBC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Blue Valley BanCorp — Underperformed, and sold to Heartland Financial (HTLF).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">27%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KFFB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Kentucky First Federal — Grossly underperformed. This may continue, but I’ll hold as long as the dividend checks keep rolling in.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">5%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">LA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CTUY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Century Next Financial Corp — Vastly underperformed. The bank is in a good market, CEO Bill Hogan is its largest shareholder, and the stock is cheap, so I’m all for it.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">17%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MELR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Melrose Bancorp — Outperformed, and sold to Cambridge Savings Bank.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">47%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MD</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/05/delmar-bancorp-salisbury-md-dbcp.html" style="color: blue;">DBCP</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Delmar Bancorp — Outperformed, bought Virginia Partners Bank, became PTRS, and then sold to OceanFirst Financial (OCFC).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">42%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ME</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">KTHN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Katahdin Bankshares — Outperformed. This bank is in attractive markets and run by a strong team. Still a buy in my book.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">53%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">EFIN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Eastern Michigan Financial — Outperformed. Still a stock I can stand behind.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">55%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/04/update-merchants-financial-group-winona.html" style="color: blue;">MFGI</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Merchants Financial Group of Winona — Vastly underperformed. The bank is operationally strong, so I anticipate its share price will catch up.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">17%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">LBCP</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Kansas City’s Liberty Bancorp — Outperformed, and sold to Central Bancompany. CEO Brent Giles should be commended for the value he created since the bank’s 2006 conversion from a mutual thrift.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">75%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CIZN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Citizens Holding Company — Dramatically declined, proving this bank should be sold to stronger operators. Not a wise stock buy, unless you think they’ll sell. </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">- 14%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">EBMT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Eagle Bancorp — Performed with Index.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">39%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">UWHR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Uwharrie Capital — Outperformed by nearly double the Index, and still not expensive. Kudos to CEO Roger Lee Dick for improving this franchise.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">94%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">ND</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BNCC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">BNCCORP — Outperformed by a factor of eight, and still not expensive. I’m grateful to Chairman Vekich and activist investor John Palmer for taking charge, and much enjoyed the $14 in special dividends.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">290%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NE</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">FINN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">First National of Nebraska — Outperformed, a great old bank, and still not too expensive in spite of the increased stock price.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">75%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2013/07/northway-financial-inc-north-conway-nh.html" style="color: blue;">NWYF</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Northway Financial — Vastly underperformed, and desperately needs more transparent and effective operators. I hope this valuable franchise sells to one of the many banks that would love to acquire it. </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NJ</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PKBK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Parke Bancorp — Underperformed, but CEO Vito Pantilione is building value faster than share prices reflect, so I’m anticipating a nice little windfall sooner or later.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">23%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NM</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">None</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">I didn’t have any top picks for this state in 2019.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">N/A</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">None</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">I didn’t have any top picks for this state in 2019.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">N/A</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">NY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GLDT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Gold Coast Bancorp — Outperformed, and sold to Investors Savings Bank (<a href="https://www.timyanbankalert.com/2018/10/investors-bancorp-short-hills-nj-isbc.html" style="color: blue;">ISBC</a>), which in turn, sold to Citizens Financial Group (CFG). Gold Coast Management’s 22% stake was a great omen for investors.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">50%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD x2</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CBKM</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Consumers Bancorp — Performed with Index. Not bad — just an average bank in every regard, and still cheap relative to franchise value.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">32%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OK</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CESO</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Central Service Corp — The bank is great, but shares and share price info are still proving impossible to find.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">N/A</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">OR</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CLAT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Clatsop Community Bank — Outperformed, and sold to Louis and Clark Bancorp (LWCL).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">47%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/11/first-resource-bank-exton-pa-frsb.html" style="color: blue;">FRSB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">First Resource Bank — Performed with Index. Still rated the best bank in the wealthiest county in Pennsylvania. <span style="font-size: 12pt;">(See </span><a href="https://www.mychesco.com/a/news/business/first-resource-bank-named-best-bank-in-chester-county-for-the-fourth-consecutive-year/" style="color: blue; font-size: 12pt;">MyChesCo 11/02/2020</a><span style="font-size: 12pt;">)</span></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">38%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2017/06/update-embassy-bancorp-bethlehem-pa-emyb.html" style="color: blue;">EMYB</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Embassy Bank — Outperformed. Still strong, still cheap, still a buy in my book.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">50%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2012/08/franklin-financial-services.html" style="color: blue;">FRAF</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Franklin Financial Services — Grossly underperformed, but so cheap, there’s likely nowhere for it to go but up.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">RI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WASH</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Washington Trust Bancorp — Underperformed, but still a very nice, well-run bank. </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">22%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SC</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SFDL</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Security Federal — Vastly underperformed, but still way too cheap, and insiders are certainly well-incented to capitalize on its potential.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">14%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SD</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">GWB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Great Western Bancorp — Grossly underperformed, and sold to First Interstate BancSystem (FIBK).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">9%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">IBTN</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">InsCorp — Vastly underperformed, but the fundamentals are improving. The stock is still cheap and I have high hopes.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">12%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">TX</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CADE</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Cadence — Vastly underperformed, and sold to Bancorp South (<a href="https://www.timyanbankalert.com/2012/09/bancorpsouth-tupelo-ms-bxs.html" style="color: blue;">BXS</a>).</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">11%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">UT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PUB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Peoples Utah Bancorp —Outperformed, and sold to Glacier Bancorp (GBCI) after changing its name to ALTA.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">52%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">SOLD</p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MNSB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MainStreet Bancshares — Outperformed. I expect they’ll likely fulfill on their stated mission to sell the bank, in spite of their dinking around the past few years.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">43%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">VT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">MDVT</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Middlebury National Corp — Underperformed, but this little gem of a bank is still a good buy.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">28%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WA</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PPBB</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Peoples Bancorp — Slightly declined. One of just two losers from the 2019 bank stock pick list. Personal opinion: CEO Charles LeCocq is dishonest, nepotistic, and acting like the bank is his personal property. I’m sad I own this stock.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">- 6%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WI</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"><a href="https://www.timyanbankalert.com/2016/02/sbcp-bancorp-cross-plains-wi-sbbi.html" style="color: blue;">SBBI</a></p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">S.B.C.P Bancorp — Performed with Index. CEO Jim Tubbs has doubled the bank’s equity since 2016.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">30%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WV</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">PTBS</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Potomac Bancshares — Underperformed, but the bank’s fundamentals have vastly improved. </p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">28%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr><tr><td style="border-bottom: 1pt dotted gray; border-image: initial; border-left: 1pt dotted gray; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 48.6pt;" valign="top" width="65"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">WY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 58.2pt;" valign="top" width="78"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">CRZY</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 199.05pt;" valign="top" width="265"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">Crazy Woman Creek Bancorp — Outperformed. Bank management is doing the right things (like issuing sub debt and repurchasing stock), and shares are still cheap.</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.15pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;">56%</p></td><td style="border-bottom: 1pt dotted gray; border-left: none; border-right: 1pt dotted gray; border-top: none; padding: 0in 5.4pt; width: 54.35pt;" valign="top" width="72"><p class="MsoNormal" style="font-family: Calibri, sans-serif; font-size: 12pt; margin: 0in;"> </p></td></tr></tbody></table></div><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-41479125963377139142020-03-01T17:59:00.000-11:002020-03-01T17:59:06.837-11:00Town Center Bank, New Lenox, IL (TCNB)<h3>
Illinois Clan Throws Founding Shareholders Under the Bus</h3>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjODkXsDivNAZ8lOdNyzm3joF31O3N-9UOkHSAdh4sr_03GWVROXkpWyCAaYAX08ERF5zYsLg8OH_Im2LzGzCVsnAaUQaCvfyTnY1jE6wcFyvT10hyphenhyphenAz6Oft0znffbQJEvYfd3EEDf1cAk/s1600/TCNB+New+Lenox.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="487" data-original-width="718" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjODkXsDivNAZ8lOdNyzm3joF31O3N-9UOkHSAdh4sr_03GWVROXkpWyCAaYAX08ERF5zYsLg8OH_Im2LzGzCVsnAaUQaCvfyTnY1jE6wcFyvT10hyphenhyphenAz6Oft0znffbQJEvYfd3EEDf1cAk/s320/TCNB+New+Lenox.jpg" width="320" /></a></div>
If you're ever tempted to invest in a de novo bank, I really hope you'll consider the case of Town Center Bank, which sold founding shares of TCNB for $10 in 2006 only to dilute trusting shareholders by 19% six years later, mismanage the bank for another eight years, and leave its patient founders holding a stock that's down 62%. Cumulative losses are half of all the money raised in the IPO. Splat!<br />
<br />
Based on the recent sale of Ben Franklin Financial (BFFI), a similarly situated Chicagoland bank, also run for the benefit of its management, Town Center Bank could probably sell today for $7. If the bank doesn't sell, I can't see TCNB trading above current $6 DTA-enhanced book value any time soon.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of TCNB and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
I don’t even know if any of the following banks in the area of New Lenox, Illinois would care to buy TCNB and pull shareholders out from under the bus, but I know I would be better off and would gladly swap my TCNB shares for theirs.<br />
<b><br />
</b> <b>Bank Financial</b>, Burr Ridge, IL (BFIN)<br />
<div>
<b>Marquette National Corporation</b>, Chicago, IL (MNAT)</div>
<div>
<b>Old Second Bancorp</b>, Aurora, IL (OSBC)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 12/31/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$106.8M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$6.09<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
0.2%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
60.7%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$8.6M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.2%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
2.4%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Michael D. Perry</b>, Chairman and CEO, former bus company owner</div>
<div>
<b>Daniel Regan</b>, President and Chief Lending Officer</div>
<div>
All 8 "Independent" Bank Directors* currently on the bus<br />
<br />
*In a first for Timyan Bank Alert, I’m calling the entire clan of directors at Town Center Bank scoundrels. They loaded this bus up with absurd loss levels, parked it over their shareholders, and picked their hostages pockets. Since the bank's founding, these scoundrels have granted and re-granted themselves options to buy over 18% of TCNB at a fraction of the price they charged shareholders. </div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flag</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Besides being a good reminder to think twice before investing in a de novo bank, Town Center Bank presents a textbook case of poor corporate governance.<br />
<br />
I have serious issues with the drivers of this bus and how the bus is being driven.<br />
<br />
<span style="color: #cc0000;">✔</span> <b>This isn't the only bus Perry and his clan are driving</b><br />
<br />
The CEO of Town Center Bank is also CEO of 21CFS Innovative Banking, which has provided data processing technology to at least a couple of banks since he took the driver's seat there.<br />
<br />
Coincidentally, Perry became CEO of 21CFS in 2006, the same year he participated in the founding of TCNB. Reported revenues insofar as anything can be gleaned about them seem mysteriously close to the amounts billed to Town Center Bank — $278K in 2017 and $251K in 2018.<br />
<br />
Only in an auditor's note in Town Center Bank's annual report can you discover that some of the bank's directors are also shareholders and directors of 21CFS, but nowhere does the bank or 21CFS disclose which ones or for how much.<br />
<br />
<span style="color: #cc0000;">✔</span> <b>Michael Perry is a reckless and self-serving driver</b><br />
<br />
Town Center Bank CEO Michael Perry owned a bus company in Minnesota named Positive Connections at the time he was helping to organize TCNB. He had no other banking experience as far as shareholders could discern, but we now know he happened to be acquiring a banking tech services company at the time.<br />
<br />
Perry proceeded to install himself as Chairman of Town Center Bank's Executive Committee, Nominating Committee, Capital Planning Committee, and Loan Committee. He also "sits on" the bank's Asset / Liability Committee.<br />
<br />
Then, according to plan, apparently, Perry converted Town Center Bank into a profit center for his bank technology business, and cut other directors in on the action.<br />
<br />
Town Center Bank's board can exercise no oversight of this CEO under these circumstances.<br />
<br />
<span style="color: #cc0000;">✔</span> <b>Current and prior drivers exaggerated on their resumes </b><br />
<br />
Former Town Center Bank President Andrew Bernhardt still claims on his LinkedIn page to be not "an," but "the" Owner of Town Center Bank, which in actual reality is publicly traded.<br />
<br />
Former Director Lino Canaria is listed in the 2006 offering prospectus as owner of Brian Keith Advertising, "the largest specialty advertising firm in the Midwest." BKA has no website and looks like a very small business to me.<br />
<br />
In 21CFS marketing material, Perry makes a delusional claim about Town Center Bank's performance under his leadership: “through economic storms and regulatory pressures," he says, "Town Center Bank remains strong and responsive to the community needs.” Truth is, half the money the bank raised in its IPO has been squandered.<br />
<br />
In spite of their carefully crafted resumes, this entire clan of Frankfort, Illinois bankers has only been able to attract 3% of their own town's deposits for Town Center Bank.<br />
<br />
<span style="color: #cc0000;">✔</span> <b>They took TCNB on a joyride with total disregard for passengers</b><br />
<br />
Right out of the gate, de novo Town Center Bank was leaking oil. Losses grew to over $4M a year by the end of four years.<br />
<br />
Six years into the ride, NPAs exceeded 10%, even after the bank recorded large chargeoffs.<br />
<br />
That's when this clan got the bright idea to cut the strike price of their options on 432,000 shares from the $10 they charged their founding investors to $3, thereby stuffing 19% of shares outstanding into their own lunch boxes.<br />
<br />
Ten years into the ride, the clan's ill-gotten options were supposed to expire, so they extended the maturity on them another 10 years out.<br />
<br />
Today, even in these best of times for the US economy, in a “good” quarter, Town Center Bank earns barely 0.2 % on assets and 2% on equity.</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.towncenterbank.com/">Town Center Bank website</a></li>
<li><a href="https://www.towncenterbank.com/sites/www.towncenterbank.com/files/files/2019%20l%20TCB%20Proxy%20Stmnt%20website.pdf">April 2019 Proxy Statement</a></li>
<li><a href="https://www.towncenterbank.com/sites/www.towncenterbank.com/files/files/Financial%20Statement%20website.pdf">2018 Annual Report</a></li>
<li><a href="https://www.dandb.com/businessdirectory/21stcenturyfinancialservicesllc-austin-tx-35571566.html">Dun & Bradstreet</a> for 21CFS</li>
<li><a href="http://tcauweb.21cfs.com/?p=6911">Undated Article in 21CSF Innovative Banking</a> (a publication owned by Town Center Bank Chairman and CEO Michael Perry)</li>
<li><a href="https://www.chicagotribune.com/suburbs/daily-southtown/ct-sta-district-135-busing-mess-st-0830-20150828-story.html">August 28, 2015 Article in Chicago Tribune</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
<ul>
<li style="box-sizing: border-box; margin: 0px 0px 0.25em; padding: 0px;">Confidential interviews with shareholders and analysts</li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2tag:blogger.com,1999:blog-8448772781137071684.post-44104109369360607592019-12-29T15:33:00.000-11:002019-12-29T15:33:47.173-11:00Consumers Bancorp, Minerva, OH (CBKM)<h3>
A Third Case of Book-ish and 10x</h3>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZgxAQ2r-4SAtg9RuSfIaTuvIEOVBYzm5fNgxBLj8z_ZJdudMlQVfOL2Shf0AieEendLoBt7fFohLBK-HnqBvF2jJUfIXXZJ-AM4YoZ612GJJf9pWmbxp1MyzTl2ET6uin-LCHMMfF9lU/s1600/Bookish-CBKM.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZgxAQ2r-4SAtg9RuSfIaTuvIEOVBYzm5fNgxBLj8z_ZJdudMlQVfOL2Shf0AieEendLoBt7fFohLBK-HnqBvF2jJUfIXXZJ-AM4YoZ612GJJf9pWmbxp1MyzTl2ET6uin-LCHMMfF9lU/s320/Bookish-CBKM.jpg" width="320" /></a></div>
If you follow Timyan Bank Alert closely, you know I'm on a roll with my last few community bank stock reviews.<br />
<br />
Consumers National Bank is another well-run bank where you can buy shares at book value, 10x earnings, or both, and reasonably anticipate doubling your money in three or four years.<br />
<br />
By 2024, CBKM should have a book value near $28, be earning $2.50 per share, and supporting a stock price in the low $30s.<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of CBKM and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Consumers National Bank has booked dominant share of the deposit market in eleven towns largely uncovered by these three neighboring banks.<br />
<br />
<div>
<b>Farmers National Banc</b>, Canfield, OH (FMNB)</div>
<div>
<b>F.N.B Corp</b>, Pittsburgh, PA (FNB)<br />
<b>Northwest Bancshares</b>, Warren, PA (NWBI)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 09/30/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$565M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$19.30<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td><td valign="bottom"><div>
0.16%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
97.9%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$51.9M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
2.86%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
1.01%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
11.1%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Laurie L. McClellan</b>, Chairman</div>
<div>
<b>Ralph Lober II</b>, President and CEO</div>
<div>
<b>James V. Hanna</b>, Former Director, largest shareholder</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
I love America's community banks — old and new, big and small, urban and rural. I love the stories of their foundings and failings, the scoundrels and the luminaries, the communities they serve. And I love the opportunity community banks continue to spell for all of their stakeholders.<br />
<br />
Consumers National Bank was founded in Minerva, Ohio in 1965 by the fathers of two of today's leading characters, Laurie McClellan and James Hanna. Minerva is on the edge of the Utica Shale drilling area where manufacturers Willard and Isaac Pennock patented the United States’ first steel railroad car in the nineteenth century.<br />
<br />
From a bank stocks investment standpoint, however, I see only four particularly noteworthy characteristics of Consumers Bancorp:<br />
<ol>
<li>Credit underwriting at Consumers National Bank is so good that NPAs never even got to 2% during the Great Recession. This bank has good operators.</li>
<li>Consumers has a low 85 bps cost of deposits — 42% of its deposits are transaction accounts.</li>
<li>The bank holds dominant marketshare in a larger than typical number of towns. Eleven of Consumers Bancorp's soon-to-be 18 branches are the leading bank in town. </li>
<li>CBKM is cheap. The average bank of this size trades at 125% of book and 12x earnings, where Consumers Bancorp is trading at less than book and just 10x earnings.</li>
</ol>
</div>
One recent episode in the CBKM story gives me pause:<br />
<br />
Consumers Bancorp has agreed to pay 129% of book value to acquire Peoples National Bank of Mount Pleasant. Peoples is the only bank in three tiny towns, but why pay a premium for someone else’s bank when you can buy back shares in your own at a discount? Especially, when your shareholders who paid $15.25 for new shares in 2013 have seen very little return.<br />
<br />
I'm hoping the next chapter reveals that Consumers Bancorp's acquisition of Peoples National Bank was part of a strategic plan to build the bank to a level more attractive to acquisitive suitors.</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.consumersbank.com/">Consumers National Bank website</a></li>
<li><a href="http://www.snl.com/Cache/1001256749.PDF?O=PDF&T=&Y=&D=&FID=1001256749&iid=1024545">2019 Annual Report</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
<ul>
<li style="box-sizing: border-box; margin: 0px 0px 0.25em; padding: 0px;">Confidential interviews with shareholders and analysts</li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2tag:blogger.com,1999:blog-8448772781137071684.post-38782463662365919492019-11-09T09:32:00.000-11:002019-11-09T09:32:13.319-11:00Oxford Bank Corp, Oxford, MI (OXBC)<h3>
Another Case of Book-ish and 10x</h3>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1FIbi-kLGYyFn1FFIQevqzFhxiTiYP6CMOdmmfrpyohFIyFgdHLBbf_pewOSAXdUtALGn2lIfbu5svbZjD4JFCwF51-zTdX9zyff20iEBt1ter8S2kytks7PwFjf6LZ0spePfBEiGjJU/s1600/Bookish-OXBC.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="512" data-original-width="683" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1FIbi-kLGYyFn1FFIQevqzFhxiTiYP6CMOdmmfrpyohFIyFgdHLBbf_pewOSAXdUtALGn2lIfbu5svbZjD4JFCwF51-zTdX9zyff20iEBt1ter8S2kytks7PwFjf6LZ0spePfBEiGjJU/s320/Bookish-OXBC.jpg" width="320" /></a>If you read my <a href="http://www.timyanbankalert.com/2019/10/central-federal-corp-worthington-oh-cfbk.html">October review of Central Federal Corp</a>, you heard that I've been seeing a number of well-run banks where investors can buy shares at book value, 10x earnings, or both, and reasonably anticipate doubling their money in three or four years.<br />
<br />
Oxford Bank Corp is just one of these. It hasn't been particularly well-run historically, but the side story of its top shareholders has me excited for the next chapter.<br />
<br />
In three years, I see OXBC's book value approaching $30 per share, earnings $3.50, and trading price $40.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of OXBC and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
I can name eight banks that would find Oxford Bank's leading market share in several Michigan cities appealing. Here are the three I believe can most afford to book a deal.<br />
<br />
<div>
<b>Independent Bank Corp</b>, Grand Rapids, MI (IBCP)</div>
<div>
<b>Horizon Bancorp</b>, Michigan City, IN (HBNC)<br />
<b>Waterford Bancorp</b>, Toledo, OH (private)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 06/30/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$461M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$18.91<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
0.50%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
1.08%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$47.2M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.96%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
10.69%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Karen Mersino</b>, Chairman</div>
<div>
<b>David P. Lamb</b>, President and CEO</div>
<div>
<b>Richard K. Thompson</b>, Director, largest shareholder</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
There are a few scoundrels in the Oxford Bank Corp story, but Director Richard Thompson's history in bank stocks investing and governance gives me hope for a happy ending.<br />
<b><br />
</b> <b>The Oxford Bank Corp Story</b><br />
<br />
In recent chapters, OXBC insiders have crossed some lines.<br />
<br />
<i>December 2014</i> - Oxford Bank Corp is accused of self-dealing after selling shares mostly to its own directors at a depressed price of $8 per share when OXBC book value per share was $18. Chairman Mersino alone bought a quarter of the shares sold.<br />
<br />
<i>December 2015</i> - The bank expanded its self-dealing sale of OXBC stock to include friends, again at the depressed price of $8 per share, again excluding other shareholders.<br />
<br />
<i>March 2018</i> - Oxford entered into a Cease and Desist Order for BSA violations. The Order stated that Oxford Bank Corp was to immediately notify OXBC shareholders. The bank did not. Clearly, its board has little regard for the law.<br />
<br />
<i>June 2019 </i>- The bank entered a Consent Order for violation of Consumer Protection and Compliance, which again required OXBC to notify shareholders. In the bank's August quarterly earnings press release, which typically includes management's commentary and would have been the right and expected place and time for this notification, there is an oddly blank page.<br />
<br />
To date, Oxford Bank Corp Management has ignored all inquiries from me and other OXBC shareholders about these matters.<br />
<br />
In the next chapter, OXBC shareholders should put the heat on Oxford's Board. Technically, Oxford Bank Corp has another chance to notify shareholders of its Consumer Protection and Compliance violations. Let's see if they tell us in their "notice or proxy statement preceding the Bank's next shareholder meeting" (scheduled for May 2020), as the Consent Order requires.<br />
<br />
<b>The Thompson - Clemente Side Story</b><br />
<br />
The tale of OXBC's two largest shareholders of gives me hope for the future of the stock.<br />
<br />
In 2015, Richard Thompson was one of the lucky friends invited to buy OXBC. He bought 201,000 shares in that $8/share deal, took a board seat, and picked up another another 118,000 shares in the open market. Today, Thompson has a 14% stake in OXBC and is the bank's largest shareholder. At current OXBC trading levels, his stake is worth $6.5M.<br />
<br />
Thompson and OXBC's second largest shareholder, Robert Clemente, have been governing businesses together for over 25 years. In 1993, 26-year old Thompson served on the board of Secom, where Clemente was Chairman and Thompson's father was the largest shareholder. Together, Thompson and Clemente own 25% of OXBC. (The next largest insider, Chairman Mersino, owns a mere 2%).<br />
<br />
Thankfully, OXBC is neither the first nor only bank stock in the pair's portfolio. Thompson and Clemente also own 18% of First National Bank in nearby Howell (FNHM), where Clemente has a board seat. The two also have a combined 39% stake in nearby Clarkston Financial Corporation (CKFC), on whose board Thompson serves. The pair's involvement with Clarkston pre-dates their relationship with OXBC by at least three years.<br />
<br />
This past June, Thompson and his fellow Directors at Clarkston, agreed to sell their bank to Waterford Bancorp for 189% of book value. That merger is in progress. Applying the same 189% valuation to Oxford Bank Corp would yield a sale price of $35.70 per share, increasing the value of Thompson’s stake in OXBC to $11.4M.<br />
<br />
Clearly, OXBC's largest shareholders are professional businessmen, directors, and investors with a thorough understanding of their area banking marketplace. I believe it safe to assume they are profit motivated advocates of good governance. In the final chapter, they will be the heroes of the Oxford Bank Story.<br />
<br /></div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.oxfordbank.com/">Oxford Bank website</a></li>
<li><a href="https://www.oxfordbank.com/_/kcms-doc/1422/51193/Consolidated-Financials-Q2-2019.pdf">August 2019 Quarterly Press Release</a></li>
<li>June 2019 Consent Order</li>
<li><a href="https://www.oxfordbank.com/_/kcms-doc/1422/49930/2018-Annual-Report.pdf">2018 Annual Report</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/790375/0000950009-96-000050.txt">1996 Secom Proxy Statement</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com3tag:blogger.com,1999:blog-8448772781137071684.post-16027007954638565692019-10-16T14:06:00.000-11:002019-10-16T14:10:46.933-11:00Central Federal Corp, Worthington, OH (CFBK)<h3>
A Case of Book-ish and 10x</h3>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcx6riGDvv3VmdUF9jEjAx0O5n275N9dq07UGQ2EM5HrD8pO8GWndJp2V4B-MovrL8xl5hRppo-qUoUwu5RPIqBcTGLkFKOG56KNabIZa3uvHBZg9riQBagzwgAlW6_qOPsRvNkjn3oV8/s1600/CFBK-Bookish.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcx6riGDvv3VmdUF9jEjAx0O5n275N9dq07UGQ2EM5HrD8pO8GWndJp2V4B-MovrL8xl5hRppo-qUoUwu5RPIqBcTGLkFKOG56KNabIZa3uvHBZg9riQBagzwgAlW6_qOPsRvNkjn3oV8/s320/CFBK-Bookish.jpg" width="320" /></a>This is a fun time to be a bank stock investor! So many really nice banks are trading at compelling values that it’s hard to choose which one to feature first.<br />
<br />
For example, I'm seeing a number of well-run banks where you can buy shares at book value, 10x earnings, or both, and reasonably anticipate doubling your money in three or four years.<br />
<br />
CFBank is just one of these. CFBK is trading cheaply at 7.8x rapidly-growing earnings. In three years, earnings could be $2.50, book value could be $16, and CFBK could trade at $24.<br />
<br />
It's smart to hold a few low-stress stocks like this that just compound earnings and don't require babysitting, no?<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of CFBK and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
CFBank's leading market share in four towns would be especially attractive for these acquisitive neighbors.<br />
<br />
<div>
<b>Farmers National Banc Corp</b>, Canfield, OH (FMNB)</div>
<div>
<b>LCNB Corp</b>, Lebanon, OH (LCNB)</div>
<div>
<b>Peoples Bancorp</b>, Marietta, OH (PEBO)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 06/30/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$721M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$11.39<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
0.75%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
1.07%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$54.7M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
1.0%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
13.9%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Robert E. Hoeweler</b>, Chairman</div>
<div>
<b>Timothy T. O'Dell</b>, President and CEO</div>
<div>
<b>Edward W. Cochran</b>, Director, largest shareholder</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
These four characteristics inform my assessment that Central Federal Corp is well run and in a good position to grow:<br />
<br />
1. <b>Location, location! </b>CFBank's branches are located in Ohio's top four metropolitan areas: Akron, Cincinnati, Cleveland, and Columbus.<br />
<br />
2. <b>Sizable branches.</b> Between them, CFBank's Fairlawn and Worthington branches hold over $500 million in deposits. On average, deposits in the bank's other four branches exceed $37 million. (It takes about $15 million in deposits for a bank branch to break even.)<br />
<br />
3. <b>Effective CEO.</b> Before Tim O'Dell arrived on the scene, CFBank was a sh*tty little thrift. O'Dell attracted good lenders, reduced problem loans, and exponentially increased both the size and profitability of the bank.<br />
<br />
4. <b>Invested Board.</b> Collectively, the Central Federal Corp board owns 19% of CFBK stock, and every director is invested (which isn't always the case).</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.cfbankonline.com/">CFBank website</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1070680/000107068019000030/0001070680-19-000030-index.htm">Q2 2019 Quarterly Report</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1070680/000107068019000006/0001070680-19-000006-index.htm">2018 Annual Report</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2tag:blogger.com,1999:blog-8448772781137071684.post-90844825005656142682019-08-31T13:47:00.002-11:002019-08-31T13:47:40.498-11:00LETTER: Pacific Enterprise Bancorp, Irvine, CA (PEBN)<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI57wT4iFtw5Ye79BmaYD-MfMgRBYocWb9YYAEQEV_f_U6EP4QihVzMmRNCfxkowKhOvi1gEw2AHGjeV4I2SdXSTp8OKV2vTWteH3CfmAN5LM2JeIhBwbDlQLEgtbWB3_J8Cfc8UiRmxE/s1600/Auction-PEBN.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI57wT4iFtw5Ye79BmaYD-MfMgRBYocWb9YYAEQEV_f_U6EP4QihVzMmRNCfxkowKhOvi1gEw2AHGjeV4I2SdXSTp8OKV2vTWteH3CfmAN5LM2JeIhBwbDlQLEgtbWB3_J8Cfc8UiRmxE/s320/Auction-PEBN.jpg" width="320" /></a><b>There's no review of Pacific Enterprise Bancorp in Timyan Bank Alert</b>.<br />
<br />
But since other investors seemed to appreciate my sharing <a href="http://www.timyanbankalert.com/2019/07/letter-to-peoples-financial-corp-biloxi.html">last month's letter to Peoples Financial Corp</a>, I figured I could let you "in" on this aspect of my work more often.<br />
<br />
Pacific Enterprise is a good bank that can sell for 50% higher than its last trade price, and I hope it does!<br />
<br />
Below is a letter I am sending to the Chairman of Pacific Enterprise Bancorp.<br />
<br />
<i>See also</i><br />
<a href="https://www.pacificenterprisebank.com/">Pacific Enterprise Bank website</a><br />
<a href="https://www.pacificenterprisebank.com/home/fiFiles/static/documents/2019_Q2_Financials.pdf">Q2 2019 Quarterly Report</a><br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of PEBN and may subsequently either dispose of them or purchase more.</i><br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<br />
<b>My Letter to Pacific Enterprise Bancorp</b><br />
<br />
Dennis H. Guida Jr. Chairman<br />
Pacific Enterprise Bancorp<br />
17748 Sky Park Circle<br />
Suite 100<br />
Irvine, CA 92614<br />
<br />
Dear Mr. Guida,<br />
<br />
I own 2% of Pacific Enterprise Bancorp. Thank you for your fine stewardship of the bank. Thanks to your team, too, for their fine execution of the business plan. Since its founding in 2007, Pacific Enterprise has had a fine run.<br />
<br />
I was happy to hear you tried to sell the bank last year, but found your unrealistic expectations for what you'd get in a sale disappointing. Your board should know that you have shareholders, including me, who would prefer you sell Pacific Enterprise to the highest bidder, instead of holding out for a magical number.<br />
<br />
Please share this letter with the board.<br />
<br />
Respectfully,<br />
<br />
Philip J. Timyan<br />
PEBN Shareholder<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com6tag:blogger.com,1999:blog-8448772781137071684.post-65379831615948390772019-07-27T16:19:00.001-11:002019-07-27T16:19:25.810-11:00LETTER: To Peoples Financial Corp, Biloxi, MS (PFBX)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjodSnnct6CRZrDYWwxN4wJ5GRdAStNy62v3XsqLQrAShQvhEsUHDDdVzQkS9lmOTPNdAyU3FcRgBli_j_PQl5bF9Xw90RP0cBZ9HPUdqctiJC5o9xXOMUsGEWZ77BeOn9zLMRGUcc6n4/s1600/ThinkstockPhotos-490687634.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjodSnnct6CRZrDYWwxN4wJ5GRdAStNy62v3XsqLQrAShQvhEsUHDDdVzQkS9lmOTPNdAyU3FcRgBli_j_PQl5bF9Xw90RP0cBZ9HPUdqctiJC5o9xXOMUsGEWZ77BeOn9zLMRGUcc6n4/s320/ThinkstockPhotos-490687634.jpg" width="320" /></a></div>
<b>Time step up the heat on Swetman.</b><br />
<br />
It's not just the July weather that has me hot and bothered. Since my <a href="http://www.timyanbankalert.com/2019/02/update-peoples-financial-corp-biloxi-ms.html">February 28, 2019 update on Peoples Financial Corp</a>, new information has come to light revealing a serious lapse at the Board level and an urgent need to clean house at The People’s Bank.<br />
<br />
Hence, I have decided to take a more proactive approach on behalf of all shareholders invested in PFBX.<br />
<br />
Below is a letter I am sending to the Independent Directors of The People's Bank. If you are a shareholder who agrees with my assessment, I encourage you to send your own letter, too.<br />
<br />
Letters may be emailed to <a href="mailto:gbatia@thepeoples.com">gbatia@thepeoples.com</a> <br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of PFBX and may subsequently either dispose of them or purchase more.</i><br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<br />
<b>My Letter to Peoples Financial Corp</b><br />
<br />
To the “Independent” Directors of Peoples Financial Corp<br />
<br />
<ul>
<li>T. Dan Magruder, Vice Chairman</li>
<li>E. A. "Drew" Allen</li>
<li>Rex E. Kelly</li>
<li>Jeffrey H. O'Keefe Sr.</li>
<li>George J. Sliman III</li>
</ul>
<br />
Howard and Lameuse Avenues<br />
Biloxi, MS 39533<br />
<br />
<br />
Dear Directors,<br />
<br />
I am a long-term shareholder in Peoples Financial. I own more shares than any director not named Swetman.<br />
<br />
It has been painful to witness the abysmal performance of the bank. <br />
<br />
You owe shareholders the fiduciary duty to explore a merger. Your results will not justify a stock price anywhere near what you could obtain in a sale in any of our lifetimes. If you want Peoples to remain independent, you should pass the hat in the community, pay the outside shareholders a fair price, and go private.<br />
<br />
Given recent prices paid for your neighbors, Charter Bank and First Florida Bank, and in spite of your lousy 0.06% ROA and 0.4% ROE, I believe you could garner as much as $30 per share in a sale, due to the cost savings an acquirer could achieve.<br />
<br />
The <a href="https://www.sunherald.com/news/local/counties/harrison-county/article228427269.html">recent SunHerald article</a> highlighting loans The Peoples Bank made to crooked lawyers demonstrates the Board’s complete lack of control and failure to oversee inept management. And this is only what the reporter was able to find out. What other improper loans are there that we don’t know about? Further, what malfeasance did you commit to incur the June settlement payout of $200,000?<br />
<br />
Since April 3, 1996 (the first date for which I can find a trade in PFBX stock), the value of PFBX — including dividends reinvested — has DECLINED by 8%. In contrast, the S&P has advanced by almost 600%. All on your and Chevis Swetman’s watch. In my opinion, the Board should fire Swetman for cause. What other publicly held bank CEO has made nefarious loans like this, spent 40 years destroying shareholder value, and still has a job? As “Independent" Directors, you are personally liable for your failure to properly govern Peoples Financial.<br />
<br />
In conclusion, you have not earned the right to maintain control of this bank, and you are not abiding by your own corporate Code of Conduct. Please exercise your fiduciary duties to shareholders and sell The Peoples Bank to the highest bidder before any more value is dissipated.<br />
<br />
Respectfully,<br />
<br />
Philip J. Timyan<br />
PFBX Shareholder<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2tag:blogger.com,1999:blog-8448772781137071684.post-62662834053189828642019-06-30T16:02:00.001-11:002019-06-30T16:02:15.582-11:00Merchants & Marine Bancorp, Inc, Pascagoula, MS (MNMB)<h3>
A Case of an Undervalued Vessel</h3>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9I2hImhMtHIPMG_94Ml6xOhVel-jBpHNb6hmHr41bM8NQAjsJOFei3Y9vH0SgJjVBONt14XdWMVFWULRh1ftg1AFZulCclQf_IE3j-LyhJyLy5xNoS7S5pKZdDQstzRmmIpbU4v1gCzY/s1600/MNMB-Timyan-Bank-Alert.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9I2hImhMtHIPMG_94Ml6xOhVel-jBpHNb6hmHr41bM8NQAjsJOFei3Y9vH0SgJjVBONt14XdWMVFWULRh1ftg1AFZulCclQf_IE3j-LyhJyLy5xNoS7S5pKZdDQstzRmmIpbU4v1gCzY/s320/MNMB-Timyan-Bank-Alert.jpg" width="320" /></a><b>Merchants & Marine Bank has been sailing way under the radar and is way undervalued.</b><br />
<br />
MNMB wasn't even listed until January 2015. It doesn’t look like the bank has any institutional shareholders. Its largest reported shareholder — Director Paul Moore — owns a mere 2.8%. <br />
<br />
If M&M Bank would use its earnings and excess capital to buy back shares, the stock could easily reach book value of $80, earnings of $7, and trading value of $100 by 2022. <br />
<br />
Alternatively, given neighboring Charter Bank’s recent sale for 140% of book value, Merchants & Marine Bancorp could and probably should sell the ship now for $80 per share.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of MNMB and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
M&M Bank’s 33% marketshare in Pascagoula presents an attractive acquisition opportunity for these better performing peers. <br />
<br />
<div>
<b>First Bancshares</b>, Hattisburg, MS (FBMS)</div>
<div>
<b>Home BancShares</b>, Conway, AR (HOMB)</div>
<div>
<b>Bancorp South Bank</b>, Tupelo, MS (BSX)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 03/31/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$593M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$51.27<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
1.3%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
74%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$52.5M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
3.0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.7%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
5.5%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>L. Royce Cumbest</b>, Chairman and CEO</div>
<div>
<b>Clayton Legear</b>, President and COO</div>
<div>
<b>Paul Moore</b>, Director, largest inside shareholder</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<b>As far as marine vessels go, M&M’s ship has proven to be sturdy. </b><br />
<br />
The bank has stayed afloat, held its deposit cargo intact, weathered some storms, and carried a fair share of passenger-customers since it was founded almost 90 years ago.<br />
<br />
<b>As far as mercantilism goes, however, M&M Bank hasn’t produced profit levels consistent with its name or industry for at least the past ten years.</b><br />
<br />
Back in 2011, Merchants & Marine Bancorp tried to grow by expanding its fleet. They spent $3M to acquire $55M in assets held by Heritage First Bank. Sounded great! Except eight years later, the combined entity is only $8M in assets larger.<br />
<br />
That’s some hole in the deck to let $47M leak out, don’t you think? I’ll never understand why companies like M&M Bank go pay full price for a ship that’s in no way needed to deliver their goods, when spending the same amount to increase ownership of their own ship would produce far greater returns and plug holes like this.<br />
<br />
Stranger still, Merchants & Marine insiders seem to be missing the opportunity right before their eyes. Of the top seven of the bank’s officers, five own zero shares. Eight directors out of eleven own less than 1%. Two own zero shares. One owns just 50 shares ($1950 worth).<br />
<br />
<b>Attention on deck: MNMB is undervalued. You're sailing under the radar. Look at the horizon! We need you to adjust course now.</b></div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.mandmbank.com/">Merchants & Marine Bank website</a></li>
<li><a href="https://www.otcmarkets.com/stock/MNMB/financials">Quarterly Financials via OTC Markets</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-4844618583867021822019-06-15T11:14:00.000-11:002019-06-15T11:22:14.628-11:00INFOGRAPHIC: Home Bancorp Wisconsin Inc (HWIS)<span style="font-size: xx-small;"><br />
</span> Click upper-right corner of infographic for download and print options.<br />
<br />
<iframe height="1250" src="https://drive.google.com/file/d/1llNhmmtzT0rZ-q99vkayEtBS69S7fYrf/preview" width="580"></iframe><br />
<br />
<div>
<b>Sources</b> <br />
<hr />
<ul>
<li><a href="https://www.home-savings.com/">Home Savings Bank website</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
<hr />
Infographic made with <a href="https://adioma.com/">Adioma by Anna Vital</a></div>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-19787399178605881252019-05-30T09:52:00.003-11:002019-05-30T09:52:43.993-11:00Ohana Pacific Bank, Honolulu, HI (OHPB)<h3>
A Case of Asian-American Assets</h3>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivuLA51adB7pMY8aVpaYSyN27ZWYSRn4Il2rARjENIyqIZoqz0BmYjsNJfF1k8I1PLXv7js1gsf1WNaClojZ3gn0BrmIaA6UMPSdtvluuwpv1MEX47-vUXY7YfOS7aGeE7qAUSmYrT5Ns/s1600/Honolulu-Chinatown.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="454" data-original-width="769" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivuLA51adB7pMY8aVpaYSyN27ZWYSRn4Il2rARjENIyqIZoqz0BmYjsNJfF1k8I1PLXv7js1gsf1WNaClojZ3gn0BrmIaA6UMPSdtvluuwpv1MEX47-vUXY7YfOS7aGeE7qAUSmYrT5Ns/s320/Honolulu-Chinatown.jpg" width="320" /></a>Immigrants have been getting a particularly bad rap lately, so I feel compelled to highlight cases like Ohana Pacific Bank, where immigrant ingenuity, effort, capital and investment lend value to our communities— in this case, quite literally, in the form of a lending institution.<br />
<br />
Ohana's stock is also valuable. Happily, it's undervalued by the market. Investors paid $10 per share when the bank was founded thirteen years ago. Today, you can buy it for $7.65.<br />
<br />
Give Ohana Pacific three years and we could see book value approaching $12, earnings over $1 per share, and OHPB trading at $15.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of OHPB and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Although Ohana Pacific is not for sale and earns enough to remain independent, acquiring it would help one of these banks compete better against First Hawaii (FHB) and Bank of Hawaii (BOH), which combined, control 67% of the Honolulu market. <br />
<br />
<div>
<b>First Foundation, Inc</b>, Irvine, CA (FFWM)</div>
<div>
<b>Orient Bancorporation</b>, San Francisco, CA (private)</div>
<div>
<b>Territorial Bancorp</b>, Honolulu, HI (TBNK)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 03/31/2019</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$162M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$8.78<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
0.1%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
86.8%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$15.8M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.95%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
8.22%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Donald Kang</b>, Chairman</div>
<div>
<b>James Chungwoo Hong</b>, President and CEO</div>
<div>
<b>Nicole Byun</b>, Executive VP, Chief Credit Officer</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<b>Honolulu's Asian Americans, especially Korean Americans, have been putting serious money and talent to work in this bank</b>.<br />
<br />
Ohana Pacific was founded by Korean Americans who invested $15M to capitalize the bank in 2006.<br />
<br />
Korean-American immigrant business owner Donald Kim remained the bank's largest shareholder until his death in 2018.<br />
<br />
In 2006, Kim invested $500,000 of his own capital to help launch the bank.<br />
<br />
When Ohana Pacific needed additional capital in 2010, Kim and his company (Amkor A&E, Inc) invested an additional $1.6M.<br />
<br />
The majority of Honolulu's 400,000 some residents are Asian Americans (54%), and given Ohana Pacific's focus on serving the Korean American market, it's safe to say a majority of the bank's assets are from our Asian American compatriots.<br />
<br />
Ohana Pacific has $136M in loans outstanding today—money Asian Americans have put to work in the Honolulu economy.<br />
<br />
As you can imagine, I've seen a lot of bank boards. Every director on the board of Ohana Pacific Bank has impressive business credentials, and the high standards to which they apparently hold each other are really remarkable.*<br />
<br />
*As evidenced by their recent removal of Ronald Moon. He may have been a State Supreme Court Judge, but that didn't prevent the board from holding him to account as a bank director.</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.ohanapacificbank.com/">Ohana Pacific Bank website</a></li>
<li><a href="https://www.ohanapacificbank.com/default_kr.asp">Ohana Pacific Bank website (Korean)</a></li>
<li>Q1 2019 Quarterly Report</li>
<li><a href="https://www.hawaii.edu/news/2018/04/24/in-memoriam-donald-kim/">Obituary of Founder, Donald C. W. Kim</a></li>
<li><a href="https://www.kafoundationhi.org/awardees">Bio of Founder Donald C. W. Kim</a> (2016 Light of the Orient Awardee)</li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com3tag:blogger.com,1999:blog-8448772781137071684.post-13303503121634824022019-04-28T16:50:00.000-11:002019-04-28T16:50:25.651-11:00First Commerce Bank, Lakewood, NJ (CMRB)<h3>
A Case of Growing Too Fast</h3>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXxOYR_BK-vX4iOik6aUGnFw383Lbnl9wV90BhaREat-tgb3nh3UTeQV4ssrq2HoPxpJ1R0se3lhPj99XPcfAyc46E4sYbpQudBqeHqK56KCreUcheh9NEP14alMDXGszOhro0kmgRVI/s1600/CMRB-Grew-Too-Fast.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXxOYR_BK-vX4iOik6aUGnFw383Lbnl9wV90BhaREat-tgb3nh3UTeQV4ssrq2HoPxpJ1R0se3lhPj99XPcfAyc46E4sYbpQudBqeHqK56KCreUcheh9NEP14alMDXGszOhro0kmgRVI/s320/CMRB-Grew-Too-Fast.jpg" width="320" /></a>Rapid growth, rising NPAs, and deposit quality have had me wincing about First Commerce Bank for a few years now.<br />
<br />
Fortunately, management has let up on the gas and begun tending to the bank's wounds. I’m swayed by CMRB's cheap price, the level to which its board is vested, and its prospects for sale given the competitive landscape in New Jersey.<br />
<br />
If First Commerce Bank addresses asset quality, it could sell for $8.50 within a year and deliver a 50% return over today's price.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of CMRB and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Any of these larger, area banks could easily pick up First Commerce Bank and proceed to grow safely. <br />
<br />
<div>
<b>ConnectOne Bank</b>, Englewood Cliffs, NJ (CNOB)</div>
<div>
<b>Columbia Financial</b>, Fairlawn, NJ (CLBK)</div>
<div>
<b>Lakeland Bancorp</b>, Oak Ridge, NJ (LBAI)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 12/31/2018</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$962M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$5.81<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
3.96%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
97%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$126M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
1.31%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
10.25%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Abraham S Opatut</b>, Chairman</div>
<div>
<b>Donald Mindiak</b>, President and CEO</div>
<div>
<b>Abraham M Penzer</b>, Director, largest shareholder</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<b>First Commerce Bank pursued a course of dramatic growth after it was recapitalized in 2010.</b><br />
<ul>
<li>Branches grew from one to 10. (1000%)</li>
<li>Assets grew from $67 million to $962 million. (1436%)</li>
<li>Deposits grew from $60.9 million to $824 million. (1353%)</li>
<li>Loans outstanding grew from $50.4 million to $753 million. (1491%)</li>
</ul>
<span style="font-size: xx-small;"><br />
</span> <b>Not surprisingly, pursuing growth at this speed resulted in a few scrapes.</b><br />
<ul>
<li>Over the past decade, NPAs at First Commerce Bank have grown ten-fold, from a very low 0.7% ($3.8 million) in 2010 to 3.95% ($38.2 million) today.</li>
</ul>
<ul>
<li>The steady increase in the bank's profitability hit a wall in 2016, and has been declining since then.</li>
</ul>
<ul>
<li>The value of CMRB stock has dropped by 28% from a high of $7.75 in 2018 to today's price of $5.61.</li>
</ul>
<ul>
<li>It's arguable the bank sacrificed deposit quality for quantity in its haste to grow — 35% of First Commerce Bank deposits are jumbo CDs, and only 12% non-interest bearing.</li>
</ul>
<span style="font-size: xx-small;"><br />
</span> <b>Still, I have confidence in both First Commerce Bank and CMRB stock.</b><br />
<ul>
<li>The clock is running out, but the bank is still on track with the ten-year plan Chairman Abe Opatut and former CEO Herb Schneider laid out when they invested their own millions and took the helm back in 2010. </li>
</ul>
<ul>
<li>Of all the banks I have reviewed here, First Commerce Bank has my favorite board of directors. As a group, the 15 directors own 25% of the bank — a stake that's worth nearly $32 million today. They take no pay, and no outside director owns less than $1,000,000 of CMRB shares.</li>
</ul>
<ul>
<li>In short, I believe the board remains wholly aligned and behind the plan to grow First Commerce Bank for sale. I anticipate they will do so as soon as the scrapes heal up. </li>
</ul>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.firstcommercebk.com/">First Commerce Bank website</a></li>
<li>March 2019 Proxy Statement (snail mail)</li>
<li><a href="https://www.firstcommercebk.com/Portals/FirstCommerceBank/PDFs/2018-First-Commerce-Bank-Annual-Report.pdf">2018 Annual Report</a></li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-13648807032770784292019-03-30T10:49:00.000-11:002019-03-30T10:49:21.524-11:00UPDATE: Parkway Acquisition Corp, Floyd, VA (PKKW)<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi70QT_7hCRw-cveCxnZdmaC5-AY7xVGwVlMZqM0iMGZq8roX6QMCKbBhnnARf9Le3iRdTtiPcuVCsc2uMCdlX5T3Zas5YeiAh3PBdf_8hg2WbJ_MbPLBr5bZL16Lrkb06OCnVSLvttLbE/s1600/Cardinal+Bank+CDBK.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="337" data-original-width="507" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi70QT_7hCRw-cveCxnZdmaC5-AY7xVGwVlMZqM0iMGZq8roX6QMCKbBhnnARf9Le3iRdTtiPcuVCsc2uMCdlX5T3Zas5YeiAh3PBdf_8hg2WbJ_MbPLBr5bZL16Lrkb06OCnVSLvttLbE/s320/Cardinal+Bank+CDBK.jpg" width="320" /></a></div>
When <a href="http://www.timyanbankalert.com/2017/07/parkway-acquisition-corp-floyd-va-pkkw.html">I first reviewed Parkway Acquisition Corp in July 2017</a>, I was hoping they'd reach their own projected earnings of $1.01 per share and get the stock trading at $14 by year end 2018.<br />
<br />
Instead, Parkway paid $14.1 million in stock to incorporate the assets of Great State Bank of Wilkesboro, NC into Skyline National Bank. They missed their projections, and CEO Alan Funk retired shortly after the acquisition.<br />
<br />
Happily, Parkway is still A Case of Better Than Before. PKKW has outperformed the BKX Index by 10% over the past two years. If Parkway's progress pattern holds through 2020, PKKW should earn over $1.30, have a book value over $14, and trade over $15.</div>
<div>
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of PKKW and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="8" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
Skyline National Bank has the same prospects for sale as it did in 2017.<br />
<br />
<div>
<b>First Citizens BancShares</b>, Raleigh, NC (FCNCA)<br />
<b>National Bankshares,</b> Blacksburg, VA (NKSH)<br />
<b>Union Bankshares</b>, Richmond, VA (UBSH)</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b></div>
<small><sup>†</sup>as of 12/31/2018</small></td> <td width="77%"><br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr height="36"> <td valign="bottom"><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$680M<sup>†</sup></div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$11.03<sup>†</sup></div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
1.7%<sup>†</sup></div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
90%</div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$68.3M</div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
2.2%</div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td><td valign="bottom"><div>
0.8%<sup>†</sup></div>
</td> </tr>
<tr height="36"> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
7.0%<sup>†</sup></div>
</td></tr>
</tbody></table>
</td></tr>
<tr><td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<b>Thomas M. Jackson, Jr.</b>, Chairman<br />
<b>Blake M. Edwards Jr.</b>, President and CEO<br />
<b>Laurie J. Vaught</b>,<b> </b>Executive VP and CFO</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
It's too soon to say whether Parkway's acquisition of Great State Bancorp has added to the value of the combined franchise, but I'm still bullish on this stock.<br />
<br />
<div>
<b>I see two new reasons to have high hopes for PKKW:</b><br />
<ul>
<li>The bank recently authorized a buyback which should make book value and earnings accrete even faster. </li>
</ul>
<ul>
<li>Skyline National Bank could attract some strong talent and customers disrupted by the upcoming BB&T/SunTrust merger.</li>
</ul>
<b>As in 2017, I don't expect miracles from this latest acquisition.</b><br />
<ul>
<li>Floyd County is a low-growth market that has struggled to attract business, which is why 8 out of the 20 branches Parkway now owns are smaller today than they were in 2013.</li>
</ul>
<ul>
<li>With 206 employees, Skyline National Bank now has $3.3M in assets per employee, but neighboring National Bankshares — which has $5.4M in assets per employee — is still doing more with less.</li>
</ul>
<ul>
<li>Five Directors from Cardinal's board are still on Parkway's board, including third generation Director Dr. Condruff, under whose watch Cardinal's Bank of Floyd was grossly mismanaged.</li>
<ul></ul>
</ul>
<div>
<b>Why I'm not worried the sky's going to fall for investors:</b></div>
<div>
<ul>
<li>At 90% of book value, PKKW is cheap, and there aren't many $700M banks with relatively clean asset quality left that are trading this low.</li>
</ul>
<ul>
<li>Skyline National Bank is the only bank in four towns and enjoys over 50% market share in two other towns.</li>
</ul>
<ul>
<li>If the bank underperforms, I believe shareholders will hold management to its 2016 Investor Presentation promise that it would either perform or sell.</li>
</ul>
</div>
<ol></ol>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td valign="top" width="77%"><br />
<ul>
<li><a href="https://www.skylinenationalbank.com/">Skyline National Bank website</a></li>
<li><a href="http://www.snl.com/Cache/c397202900.html">March 2019 Earnings Release</a></li>
<li><a href="http://www.snl.com/Cache/397202900.pdf">March 2019 Amendment to Earnings Release</a></li>
<li><a href="http://www.snl.com/IRW/file/4686138//Index?KeyFile=397297708&Output=2&OSID=9">2018 Form 10-K</a></li>
<li><a href="http://www.snl.com/Cache/393843382.PDF?O=PDF&T=&Y=&D=&FID=393843382&iid=4686138">2017 Annual Report</a></li>
<li><a href="https://www.snl.com/">S&P Global Market Intelligence</a></li>
</ul>
<ul>
<li>Confidential interviews with shareholders and analysts</li>
</ul>
</td> </tr>
</tbody> </table>
</div>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-69489604419677027062019-02-28T18:05:00.000-11:002019-02-28T18:08:49.754-11:00UPDATE: Peoples Financial Corp, Biloxi, MS (PFBX)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjodSnnct6CRZrDYWwxN4wJ5GRdAStNy62v3XsqLQrAShQvhEsUHDDdVzQkS9lmOTPNdAyU3FcRgBli_j_PQl5bF9Xw90RP0cBZ9HPUdqctiJC5o9xXOMUsGEWZ77BeOn9zLMRGUcc6n4/s1600/ThinkstockPhotos-490687634.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjodSnnct6CRZrDYWwxN4wJ5GRdAStNy62v3XsqLQrAShQvhEsUHDDdVzQkS9lmOTPNdAyU3FcRgBli_j_PQl5bF9Xw90RP0cBZ9HPUdqctiJC5o9xXOMUsGEWZ77BeOn9zLMRGUcc6n4/s320/ThinkstockPhotos-490687634.jpg" width="320" /></a></div>
<b>I no longer have reservations about calling management of The Peoples Bank "scoundrels." </b><br />
<br />
When <a href="http://www.timyanbankalert.com/2015/09/peoples-financial-corp-biloxi-ms-pfbx.html">I reviewed Peoples Financial Corp back in 2015</a>, Chairman and CEO Chevis Swetman had some handy excuses — Hurricane Katrina, the BP oil spill. But what's the excuse for being a bloated, non-performing bank to this day?<br />
<br />
Clearly, Swetman's not going to do the work it takes to turn The Peoples Bank around. The only folks sweating in this scenario are shareholders. And the only way out of this hot mess is for Swetman to do the right thing and sell this bank.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of PFBX and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Peoples Financial Corp has the same prospects for selling The Peoples Bank that it had when I reviewed it three years ago.<br />
<br />
<div>
<b>Bancorp South</b>, Tupelo, MS (BXS)</div>
<div>
<b>First Bancshares</b>, Hattisburg, MS (FBMS)</div>
<div>
<b>Iberiabank</b>, Lafayette, LA (IBKC)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 12/31/2018</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$617M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$17.59<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
3.0%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
66%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$57.6M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0.17%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.1%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
0.7%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Scoundrels</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Chevis B Swetman</b>, Chairman, President, and CEO</div>
<div>
<b>A Wes Fulmer</b>, Executive VP and Chief Credit Officer<br />
<b>Laurie A Wood</b>, Senior VP and CFO</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Red Flags</b></div>
</td><td width="77%"><div class="pl18">
<br />
Want me to explain how bad this bank is? No sweat!<br />
<ul>
<li>Swetman's 92% efficiency ratio is in the bottom 5% of all US banks</li>
<li>His 3% NPAs to assets ratio is in the bottom 5%, too</li>
<li>Loans at The Peoples Bank are down 24% in the last five years</li>
<li>Book value per share has declined by $1 in spite of stock buybacks at 70%</li>
<li>PFBX shareholders have seen the value of their holdings drop by $110M since 2000</li>
</ul>
Meanwhile...<br />
<ul>
<li>Among the people who suffered this 70% decline in the value of their holdings since 2000 are the clients of Peoples' Trust Department, who collectively own 5% of PFBX</li>
</ul>
<div>
</div>
Enough already. In three years, Swetman has barely budged. He's now 69. The bank's not working and neither is he. Every stakeholder in PFBX and the bank's geographic area will be better served by new operators who will put some muscle into The Peoples Bank.</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.thepeoples.com/">The Peoples Bank website</a></li>
<li><a href="https://www.otcmarkets.com/stock/PFBX/news/Peoples-Financial-Corporation-Reports-Fourth-Quarter-And-Year-End-Results?id=216858">Q4 2018 Earnings Release</a></li>
<li><a href="https://www.otcmarkets.com/filing/html?id=13056758&guid=8aftUHvTXmJC5yh">Q3 2018 Quarterly Report</a></li>
<li><a href="https://www.otcmarkets.com/filing/html?id=12624547&guid=8aftUHvTXmJC5yh">2018 Proxy Statement</a> </li>
<li><a href="http://www.sourcemediaconferences.com/BOTY06/BESTINBANKING2005.pdf">2005 American Banker Article</a></li>
<li><a href="https://platform.mi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
<ul>
<li>Confidential interviews with management and analysts</li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2tag:blogger.com,1999:blog-8448772781137071684.post-11756083680074308482019-02-25T05:38:00.000-11:002019-02-25T05:38:42.744-11:00Highlands Bankshares, Abingdon, VA (HLND)<h3>
A Case of Time's Up</h3>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoIXUgkY9Yj1dCZVjmaq9olXRij22f3aD_AUWIt7IDQwrc7Ek43q8GLjVrxG7513VWRE3k7_xvC6_L5zIH44julnD2wU8DeK_yc3-m8Eqta1m27H3PjjcgBJeDA-NLQVILDJCKRf4i6qU/s1600/HLND-Timyan-Bank-Alert.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoIXUgkY9Yj1dCZVjmaq9olXRij22f3aD_AUWIt7IDQwrc7Ek43q8GLjVrxG7513VWRE3k7_xvC6_L5zIH44julnD2wU8DeK_yc3-m8Eqta1m27H3PjjcgBJeDA-NLQVILDJCKRf4i6qU/s320/HLND-Timyan-Bank-Alert.jpg" width="320" /></a><b>My shot clock expired for Highlands Bankshares</b>.<br />
<br />
This team has failed to perform under the auspicious conditions of the most recent banking cycle, so I don't see them improving enough to justify remaining independent.<br />
<br />
If Highlands Union Bank steps up its game, HLND could earn 60 cents per share, have a book value of $7, and trade at $10 in three years. If the team sells sooner, they should be able to get close to that now and spare us the wasted time.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of HLND and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
Three banks have a small presence in HLND’s markets that would grow to a meaningful size with the acquisition of Highlands Union Bank. <br />
<br />
<div>
<b>Carter Bank & Trust</b>, Martinsville, VA (CARE)</div>
<div>
<b>First Citizens BancShares</b>, Raleigh, NC (FCNCA)</div>
<div>
<b>United Community Banks</b>, Blairsville, GA (UCBI)<br />
<br />
Since mergers of equals are sporty now, I should add: an MOE between Highlands Bankshares and New Peoples Bankshares (NWPP) could cut costs and produce an even more attractive $1.3 billion bank earning a decent return.</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 12/31/2018</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$592M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$6.02<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
2.9%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
95.5%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$47.4M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.6%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
6.6%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Crew</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<div>
<b>Robert W Moser Jr</b>, Chairman</div>
<div>
<b>Timothy K Schools</b>, President and CEO</div>
<div>
<b>Samuel L Neese Jr</b>, Director, Consultant, and Former CEO</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Skinny</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<b>Highlands Union Bank has had ample time to perform</b>.<br />
<br />
It's been nearly five years since Highlands Bankshares raised capital to shore up its balance sheet and grow.<br />
<br />
TNH Financial Fund alone put up $8.7M for that purpose, and holds a 24.4% stake. Their representative serves on the bank's board and waives his board fees.<br />
<br />
As of today, the bank's assets are down, loans and deposits have barely moved, and profitability remains inadequate.<br />
<br />
In fact, deposits in Highlands' home town of Abingdon are $30M lower than before the recap, while neighboring First Bank & Trust's have grown by $40M.<br />
<br />
Highlands Bankshares' ROE in the 6% range and ROA in the 0.6% range are simply not enough to justify giving this team a new shot clock.<br />
<br />
Typically, funds like TNH Financial are looking for a liquidity event within five years, so I have to presume I'm not alone in thinking along these lines.</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Sources</b></div>
</td> <td width="77%"><br />
<div class="pl18">
<ul>
<li><a href="https://www.hubank.com/">Highlands Union Bank website</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1008579/000100857918000022/a2018q310-q.htm">Q3 2018 Quarterly Report</a></li>
<li><a href="https://www.hubank.com/pdf/2018AnnualShareholdersMeeting.pdf">May 2018 Annual Shareholders Meeting</a></li>
<li>April 2018 Proxy Statement</li>
<li><a href="https://platform.spgi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
</div>
</td> </tr>
</tbody> </table>
<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com0tag:blogger.com,1999:blog-8448772781137071684.post-10247511387371871522019-01-19T14:43:00.001-11:002019-01-20T05:43:43.389-11:00A Stock Pick for (Almost) Every State<h3>
A Stock Pick for (Almost) Every State</h3>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s1600/Timyan-Stock-Picks-Map.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="482" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIjGKLIPuuDguf8WPSTe2DIIcQ6RaIvpdNvz_Er9elSLjmMu9rbxm5xsAL9eb3DkiTATbm5AelI4LpS0UEeSLb1IvAettr5lIr2j70IDJP1Rix7HIkw9NJ4gjVRhvfzXgZmau6_wajUi8/s320/Timyan-Stock-Picks-Map.jpg" width="320" /></a><b>2019 is a year to break the mold.</b> Deliver and obtain more value per effort and minute. So I'm giving myself "literary license" to step out of my review-one-bank-stock-at-a-time format.<br />
<br />
This month, I took inventory of my current community bank stock holdings "by State" to let others "in" on my portfolio and research a bit more.<br />
<br />
If you've been following me, you know I believe America and Americans would be well served to invest in our community banks. Hopefully this exercise will help everyday investors across the country to see opportunities close to home.<br />
<br />
<hr />
<i>Disclosure: As of this posting, I own shares of all the bank stocks reviewed in the Timyan Bank Alert except $TBBK, $CDAB, $MELR, $CESO and $PUB, and I may subsequently either dispose of them or purchase more. For full disclosure, please note, I personally own many other bank stocks that are not represented in the Timyan Bank Alert portfolio or record.</i><br />
<br />
<b>Timyan's Top Community Bank Stock Pick(s) Per State as of January 2019</b><br />
<br />
Some of these I have reviewed previously. Just click the stock symbol to access its most recent Timyan Bank Alert review.<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184;"><thead>
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<b style="mso-bidi-font-weight: normal;">State<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;">Stock<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;">Why It’s My Favorite in The State<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;">Yield<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;">P/B<o:p></o:p></b></div>
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<b style="mso-bidi-font-weight: normal;">P/E<o:p></o:p></b></div>
</td> </tr>
</thead> <tbody>
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AK<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
DENI<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Denali Bancorporation — stock is cheap and directors own over 20%.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
5.7%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
104%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 2;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
AL<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2018/06/">UBAB</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
United Bancorporation of Alabama – has high returns, low price and does good in local Opportunity Zones.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0.7%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
117%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
6x<o:p></o:p></div>
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<tr style="mso-yfti-irow: 3;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
AR<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
OZK<o:p></o:p></div>
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Bank of the Ozarks — stock is cheap from being overly punished by the market for two bad loans.<o:p></o:p></div>
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3.3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
93%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
8x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 4;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
AZ<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
MPHX<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
MetroPhoenix Bank — not great, but the only one I own since State Bank $SBAZ got too expensive.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
128%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
15x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 5;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
CA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2016/07/update-northern-california-national.html">NCNB</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Northern California National — stock in Chico's hometown bank is undervalued, earns good money, and has high takeover appeal.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
125%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 6;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
CO<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2015/04/solera-national-bancorp-lakewood-co-slrk.html">SLRK</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Solera National – Marty May expertly runs this one-branch bank and it’s fair to assume Chairman Michael Quagliano will want a return on his investment in 22% of the stock.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
110%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
15x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 7;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
CT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
BWFG<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Bankwell Financial Group — Larry Seidman is the largest investor and he makes things happen for shareholders.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.7%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
129%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 8;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
DE<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
TBBK<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Bancorp, Inc — I don’t own this or any other Delaware-based bank, but board members Shiv Govinden and John Eggemeyer are savvy bank directors.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
121%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
8x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 9;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
FL<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
FCIT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
First Citrus Bank — I love the team Jack Barrett has put together in Tampa and especially love recent results:1.3% ROA and 15% ROE.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
132%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 10;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
GA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2016/08/ccf-holding-co-jonesboro-ga-ccfh.html">CCFH</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
CCF Holding Co — my largest holding. I love Leonard Moreland’s turnaround, have high hopes for the amalgamation of the two Heritage Banks and Providence Bank, and trust largest shareholder and Chairman, Ken Lehman.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
110%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
15x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 11;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
HI<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
OHPB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Ohana Pacific Bank in Honolulu — it’s ugly, but cheap. I’m hoping they sell to someone who knows what they’re doing.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
87%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 12;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
IA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
MOFG<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
MidWestOne Financial — it’s selling nearly 30% below their last stock offering. I hope they’ll either get their returns in line with peers or sell the bank.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
89%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 13;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
ID<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CDAB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Couer d’Alene Bancorp — earnings like these plus a slight discount to book make it hard to resist this tiny gem.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.7%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
98%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 14;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
IL<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
RYFL<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Royal Financial — DISCLOSURE: I own 9.99% and have been a director since 2011, but I like Royal’s footprint in the backyards of serial acquirers FMBI and WTFC.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
105%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 15;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
IN<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
MFSF<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
MutualFirst Financial — attractive takeover target owned by two activist investors, PL Capital and Ancora Advisors.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.93%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
121%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 16;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
KS<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
BVBC<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Blue Valley Ban Corp — a tad pricey, but very valuable branch network near Kansas City, with an ace director, Tony Scavuzzo of Castle Creek.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
SOLD 01/16/2019<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
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142%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 17;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
KY<o:p></o:p></div>
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KFFB<o:p></o:p></div>
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Kentucky First Federal — returns are inadequate, so I hope they one day do a full conversion and sell three years later.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
*Price to book would be 60% under full conversion scenario<o:p></o:p></div>
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5.8%<o:p></o:p></div>
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111%*<o:p></o:p></div>
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20x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 18;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
LA<o:p></o:p></div>
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CTUY<o:p></o:p></div>
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Century Next Financial Corp — it’s undervalued and the perfect acquisition candidate for First Guaranty Bancshares.<o:p></o:p></div>
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3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
107%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 19;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MA<o:p></o:p></div>
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MELR<o:p></o:p></div>
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Melrose Bancorp — only buy this if you believe activist investors Seidman and Maltese will be successful in pressing for a sale.<o:p></o:p></div>
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3%<o:p></o:p></div>
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105%<o:p></o:p></div>
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28x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 20;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MD<o:p></o:p></div>
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<a href="http://www.timyanbankalert.com/2017/05/delmar-bancorp-salisbury-md-dbcp.html">DBCP</a><o:p></o:p></div>
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Delmar Bancorp — earnings are improving rapidly and Chairman Ken Lehman is heavily invested in turning a profit on his 41% ownership.<o:p></o:p></div>
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1.4%<o:p></o:p></div>
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112%<o:p></o:p></div>
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9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 21;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
ME<o:p></o:p></div>
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KTHN<o:p></o:p></div>
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Katahdin Bankshares — it’s cheap and has a branch network that should be appealing to acquirers.<o:p></o:p></div>
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2.6%<o:p></o:p></div>
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96%<o:p></o:p></div>
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9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 22;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MI<o:p></o:p></div>
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EFIN<o:p></o:p></div>
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Eastern Michigan Financial of Crosswell — Michigan has many great publicly traded community banks, but this 127 year old has the cheapest stock.<o:p></o:p></div>
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2.94%<o:p></o:p></div>
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82%<o:p></o:p></div>
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9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 23;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MN<o:p></o:p></div>
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<a href="http://www.timyanbankalert.com/2017/04/update-merchants-financial-group-winona.html">MFGI</a><o:p></o:p></div>
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Merchants Financial Group of Winona — my hands down favorite for the State, big enough for the Russell Index and trades for a fraction of its true value.<o:p></o:p></div>
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2.1%<o:p></o:p></div>
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107%<o:p></o:p></div>
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10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 24;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MO<o:p></o:p></div>
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LBCP<o:p></o:p></div>
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Kansas City’s Liberty Bancorp — I’ve owned it since its conversion in 2005, because it has stayed too cheap to sell.<o:p></o:p></div>
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1.1%<o:p></o:p></div>
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115%<o:p></o:p></div>
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9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 25;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MS<o:p></o:p></div>
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CIZN<o:p></o:p></div>
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Citizens of Arkadelphia — nice dividend, but Citizens never earns enough to justify its independence. <o:p></o:p></div>
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4.7%<o:p></o:p></div>
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125%<o:p></o:p></div>
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14x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 26;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
MT<o:p></o:p></div>
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EBMT<o:p></o:p></div>
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Eagle Bancorp — pickings are slim for cheap bank stocks in Montana. This is it. <o:p></o:p></div>
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2%<o:p></o:p></div>
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107%<o:p></o:p></div>
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13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 27;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NC<o:p></o:p></div>
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UWHR<o:p></o:p></div>
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Uwharrie Capital — if this one sells, it’ll pay off. If not, I’ll be stuck holding a cheap bank stock with crummy returns.<o:p></o:p></div>
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0%<o:p></o:p></div>
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103%<o:p></o:p></div>
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20x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 28;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
ND<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
BNCC<o:p></o:p></div>
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BNCCORP — could more than double if sold, and many activists and unhappy shareholders are pushing for just that.<o:p></o:p></div>
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0%<o:p></o:p></div>
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101%<o:p></o:p></div>
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13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 29;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NE<o:p></o:p></div>
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FINN<o:p></o:p></div>
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First National of Nebraska — an undervalued, high performing, 150 year old family run bank.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
109%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 30;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NH<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2013/07/northway-financial-inc-north-conway-nh.html">NWYF</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Northway Financial — expertly run by the energetic Bill Woodward for the past 43 years.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.4%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
102%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 31;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NJ<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
PKBK<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Parke Bancorp — started in a trailer by one of my favorite bankers, Vito Pantilione. Now it has $1.3B in assets in seven branches making it the envy of acquisitive banks in the area.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
135%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 32;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NM<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
None<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Unfortunately, there are no community bank stocks in New Mexico that I want to own.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
-<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
-<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
-<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 33;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NV<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
None<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Sadly, there are no publicly traded community banks headquartered in Nevada.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
-<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
-<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
-<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 34;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
NY<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
GLDT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Gold Coast Bancorp in Islandia — a valuable franchise, 22% management owned, but it doesn’t earn enough to remain independent. I’m hoping it sells.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
93%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
25x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 35;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
OH<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CBKM<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Consumers Bancorp in Minerva — steady insider purchases at higher prices are a clue that this stock will soon be worth more.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
108%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 36;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
OK<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CESO<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Central Service Corp — a nice 100-year old institution to own a stake in, if you can find shares near a $30 bid price.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
46%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
8x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 37;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
OR<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CLAT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Clatsop Community Bank — cheap for a reason. It’s ten years old and still doesn’t make enough money to be independent. Original shareholders are still under water. Needs to sell!<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.1%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
94%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
19x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 38;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
PA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2017/11/first-resource-bank-exton-pa-frsb.html">FRSB</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
First Resource Bank, Chester County PA — I'm not alone in rating it the best bank in the wealthiest county in the state (<a href="https://www.prnewswire.com/news-releases/first-resource-bank-named-2018-best-bank-of-chester-county-300740160.html">PRN Newswire 10/30/2018</a>)<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
100%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 39;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
PA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2017/06/update-embassy-bancorp-bethlehem-pa-emyb.html">EMYB</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Embassy Bank — David Lobach built it from scratch, it's been a wonderful stock for ten years, and I expect it to keep performing.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.2%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
130%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 40;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
PA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2017/07/update-franklin-financial-services.html">FRAF</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Franklin Financial Services — instituted a share buyback and is listing on NASDAQ. I anticipate the stock will be added to the Russell Index in June.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3.4%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
123%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 41;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
RI<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
WASH<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Washington Trust Bancorp — a bit pricey, but the only community bank headquartered in Rhode Island. <o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3.6%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
212%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 42;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
SC<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
SFDL<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Security Federal — Chairman Timothy Simmons' 22% ownership stake gives me confidence this bank's value will keep growing.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
107%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 43;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
SD<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
GWB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Great Western — has done a great job building this bank organically and via acquisition.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.9%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
109%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 44;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
TN<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
IBTN<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Nashville’s Inscorp — it’s the cheapest thing in a great market, but I wish they would improve their deposit mix.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.2%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
117%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 45;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
TX<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CADE<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Cadence — the stock has been punished too much for its purchase of State Bank of Georgia.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
3.3%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
107%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
9x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 46;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
UT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
PUB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Peoples Utah Bancorp — Utah's one and only publicly traded community bank, but it is a beauty! I just wish it were cheaper...<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.5%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
204%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
14x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 47;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
VA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
MNSB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
MainStreet Bancshares — this bank is in a great market, growing, and likely to sell sooner or later.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
126%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 48;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
VT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
MDVT<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Middlebury National Corp — going strong for 188 years and holds 60% of the deposits in its home town.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2.7%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
96%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
11x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 49;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
WA<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
PPBB<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Peoples Bancorp — a valuable franchise with superior returns and good prospects for selling.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
0%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
145%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
10x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 50;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
WI<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
<a href="http://www.timyanbankalert.com/2016/02/sbcp-bancorp-cross-plains-wi-sbbi.html">SBBI</a><o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
S.B.C.P Bancorp — it's in a great market and run by a great banker, Jim Tubbs.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
103%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
8x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 51;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
WV<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
PTBS<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
Potomac Bancshares — good things usually happen for shareholders in Mike Voinovich's deals and he just raised capital here. <o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
2%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
121%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
13x<o:p></o:p></div>
</td> </tr>
<tr style="mso-yfti-irow: 52; mso-yfti-lastrow: yes;"> <td style="border-top: none; border: dotted gray 1.0pt; mso-border-top-alt: dotted gray 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.0pt;" valign="top" width="65"><div class="MsoNormal">
WY<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="78"><div class="MsoNormal">
CRZY<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" valign="top" width="270"><div class="MsoNormal">
How could I not pick Crazy Woman Creek Bancorp? Especially with Joe Helmer on their board.<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: .75in;" valign="top" width="72"><div class="MsoNormal">
1.9%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 54.75pt;" valign="top" width="73"><div class="MsoNormal">
85%<o:p></o:p></div>
</td> <td style="border-bottom: dotted gray 1.0pt; border-left: none; border-right: dotted gray 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 48.25pt;" valign="top" width="64"><div class="MsoNormal">
12x<o:p></o:p></div>
</td> </tr>
</tbody></table>
<br /><div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com14tag:blogger.com,1999:blog-8448772781137071684.post-29453252389373779992018-12-15T04:07:00.001-11:002018-12-15T04:07:27.142-11:00CBM Bancorp, Baltimore, MD (CBMB)<h3>
A Case of a Safe Harbor</h3>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFwBjDL1E4zFcKoEFH7ytV7loN0ejDAur8wDq5t24XP1WnHqJkhtimjPJ9fWwKmZfXFr39MlqT1PBAeYDpMVqHPbUnNIfHwLjSOtamLKw9aVJ5vARu5aw8jiN5SFKAq8G_9U0iT1T6NFw/s1600/Chesapeake+Bank+CBMB.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="483" data-original-width="724" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFwBjDL1E4zFcKoEFH7ytV7loN0ejDAur8wDq5t24XP1WnHqJkhtimjPJ9fWwKmZfXFr39MlqT1PBAeYDpMVqHPbUnNIfHwLjSOtamLKw9aVJ5vARu5aw8jiN5SFKAq8G_9U0iT1T6NFw/s320/Chesapeake+Bank+CBMB.jpg" width="320" /></a></div>
<b>Stormy market conditions always get me scanning the horizon for safer investment opportunities</b>. CBM Bancorp looks like one to me.<br />
<br />
Chesapeake Bank of Maryland may be just a small, newly converted thrift, but the banker steering it has successfully converted and sold two others like it over the past 20 years.<br />
<br />
When the bank's three-year moratorium on selling expires in 2021, I expect Captain Solomon will sell CBM for over $17 per share, landing a not-spectacular but low-risk-and-fairly-certain 35% return on today's price for shareholders.<br />
<br />
<hr style="background-color: #e8e8e8; border-width: 0; color: #e8e8e8; height: 1px;" />
<i>Disclosure: As of this posting, I own shares of CBMB and may subsequently either dispose of them or purchase more.</i><br />
<br />
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Prospective Buyers</b></div>
</td> <td width="77%"><br />
<div class="pl18">
It's hard to predict the landscape in three years when CBM likely will come up for sale, but it makes sense for these three banks today.<br />
<br />
<div>
<b>Arundel Federal Savings Bank</b>, Glen Burnie, MD (private)</div>
<div>
<b>BV Financial</b>, Baltimore, MD (BVFL)</div>
<div>
<b>First Citizens BancShares</b>, Raleigh, NC (FCNCA)</div>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>Financial Snapshot</b><br />
<small><sup>†</sup>as of 09/30/2018</small></div>
</td> <td width="77%"><br />
<div class="pl18">
<table border="0" cellpadding="0" cellspacing="0"><tbody>
<tr> <td><div>
Total assets:</div>
</td> <td valign="bottom"><div>
$217M<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Tangible book value per share: </div>
</td> <td valign="bottom"><div>
$14.23<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
NPAs to assets:</div>
</td> <td valign="bottom"><div>
0.9%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Price to book:</div>
</td> <td valign="bottom"><div>
89%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Market cap:</div>
</td> <td valign="bottom"><div>
$53.4M</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Dividend yield:</div>
</td> <td valign="bottom"><div>
0%</div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROA:</div>
</td> <td valign="bottom"><div>
0.4%<sup>†</sup></div>
</td> </tr>
<tr> <td valign="bottom"><div>
Trailing 12-month ROE:</div>
</td> <td valign="bottom"><div>
3.0%<sup>†</sup></div>
</td> </tr>
</tbody> </table>
</div>
</td> </tr>
<tr> <td valign="top" width="22%"><br />
<div>
<b>The Team</b></div>
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<div>
<b>William J Bocek Jr</b>, Chairman</div>
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<b>Joseph M Solomon Jr</b>, President and "Managing Officer"</div>
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<b>Philip E Logan</b>, COO</div>
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<b>The Skinny</b></div>
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<b>Eight Reasons I Believe Chesapeake is a Safe Harbor</b><br />
<ol>
<li>Chesapeake Bank's CEO has done this before! (Solomon successfully grew and sold two banks already)</li>
<li>Chesapeake's officers and directors are vested in getting this ship to shore. Seven of them purchased the maximum 17,500 shares in the conversion.</li>
<li>Solomon runs a tight ship — Cost of Funds at Chesapeake Bank is only 0.6%.</li>
<li>CBM Bancorp can grow book value simply by buying back stock, and it has the "excess capital" available to do it.</li>
<li>Risk of loans "going bad" on this ship is low wherever the economy may toss us. (Soloman’s banks have always had strong credit profiles, and half of CBM's loans are in the 1-4 Family Mortgage category deemed to be less risky)</li>
<li>Chesapeake Bank commands enough market share to garner a good price in a sale. In fact, it's the only community bank in Halethorpe and Parkville.</li>
<li>Two bank stock investors I admire have significant holdings in CBM Bancorp — Seidman Associates and Stilwell Group.</li>
<li>The bank's leaders don't have time to dilly dally if they plan to retire "on time." When the moratorium on selling CBM expires, CEO Solomon will be 71, COO Logan will be 67, and Chairman Bocek will be 65.</li>
</ol>
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<b>Sources</b></div>
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<ul>
<li><a href="https://www.chesapeakebank.com/">Chesapeake Bank website</a></li>
<li><a href="https://www.sec.gov/Archives/edgar/data/1742089/000119312518326495/d638700d10q.htm">September 2018 Form 10-Q</a></li>
<li><a href="https://www.bizjournals.com/baltimore/news/2015/04/16/hamilton-bank-is-buying-fairmount-bank-for-15-4.html">April 2015 Baltimore Business Journal article</a></li>
<li><a href="https://platform.mi.spglobal.com/">S&P Global Market Intelligence</a></li>
</ul>
<ul>
<li>Confidential interviews with shareholders and analysts</li>
</ul>
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<div class="blogger-post-footer">©Copyright Timyan Ventures LLC. All rights reserved.</div>Phil Timyanhttp://www.blogger.com/profile/10406944702623010051noreply@blogger.com2