FFB Bancorp, Fresno, CA (FFBB)

A Ticket to Ride a Gravy Train

Those of you who’ve been following me for awhile may recall that a few years back I was on a tear analyzing America’s one branch banks, both here in the Timyan Bank Alert, and on Seeking Alpha.

Of the "12 Beautiful One Branch-and-Growing Community Banks" I reviewed in a 2018 Seeking Alpha Article, the institution that was Communities First Financial and Fresno First Bank back then — but is FFB Bancorp and FFB Bank now — has me reaching for my wallet.

I don't normally get excited about a bank stock that's trading at 190% of book value, but today, at 7x earnings, this stock — which was CFST then and FFBB now — is a screaming Buy in spite of having appreciated 450% over the past six years.

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Disclosure: As of this posting, I own shares of FFBB and may subsequently either dispose of them or purchase more.

Prospective Buyers	For the most part, institutions that could afford to buy FFBB would find it too dilutive to their own book value to pursue, which is fine by me, as FFB shareholders are likely better off letting the bank's Steve Miller band continue to make their music. I suspect Coastal is the only exception for which FFB would be both a strong strategic play and accretive.  Coastal Financial, Everett, WA (CCB)
Financial Snapshot †as of 06/30/2024	Total assets: $1.44B† Tangible book value per share:    $46.79† NPAs to assets: 0.17%† Price to book: 190% Market cap: $282.7M Dividend yield: 0% Trailing 12-month ROA: 2.52%† Trailing 12-month ROE: 29.6%†
Luminaries	Mark D. Saleh, Chairman Steven K. Miller, President and CEO Bhavneet Gill, Executive VP and CFO
Gold Stars	What a difference a new CEO can make! FFB's current CEO Steve Miller came on board in 2015. In the ten years before Miller's arrival on the scene — the bank had raised $22.5M and had earned a mere $2M total. In the eight years since, under Miller's skilled management: The bank has earned $125M without raising a dime of new equity capital. FFB's assets have grown from $275M to $1.4B. FFB has launched a highly profitable payment processing operation that in 2023 alone grew deposits to $228M and pulled in $14M new revenue from fees. Of all publicly traded banks in the United States, FFB has grown its tangible book value per share faster than all but two.
Sources	FFB Bank website FFB Investor Relations website Q2 2024 Investor Deck January 2018 Seeking Alpha Article "12 Beautiful One-Branch-And-Growing Community Banks" Confidential interviews with shareholders and analysts

LETTER: Pacific Enterprise Bancorp, Irvine, CA (PEBN)

There's no review of Pacific Enterprise Bancorp in Timyan Bank Alert.

But since other investors seemed to appreciate my sharing last month's letter to Peoples Financial Corp, I figured I could let you "in" on this aspect of my work more often.

Pacific Enterprise is a good bank that can sell for 50% higher than its last trade price, and I hope it does!

Below is a letter I am sending to the Chairman of Pacific Enterprise Bancorp.

See also
Pacific Enterprise Bank website
Q2 2019 Quarterly Report

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Disclosure: As of this posting, I own shares of PEBN and may subsequently either dispose of them or purchase more.

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My Letter to Pacific Enterprise Bancorp

Dennis H. Guida Jr. Chairman
Pacific Enterprise Bancorp
17748 Sky Park Circle
Suite 100
Irvine, CA 92614

Dear Mr. Guida,

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.

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.

Please share this letter with the board.

Respectfully,

Philip J. Timyan
PEBN Shareholder

Enterprise Financial Services Group, Allison Park, PA (EFSG)

A Case of an Enterprising Enterprise

Enterprise Bank is true to its name in ways that make EFSG one of the top "feel-good" stocks in my portfolio.

Unlike other banks I have seen, Enterprise is structured and staffed to be a true, full-service partner for the most enterprising members of its community — including startup businesses and businesses in distress, which most banks consider too risky to serve.

I anticipate that within three years, EFSG will have a book value of $30 per share, be earning $2.25 per share, and be paying an 80 cent dividend. To me, those numbers easily support a $22.50 stock price, more than double today's $10.30.

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Disclosure: As of this posting, I own shares of EFSG and may subsequently either dispose of them or purchase more.

Prospective Buyers	Enterprise Financial Services Group has designed a truly unique, niche business outside of the focus of the average bank, so it's hard to imagine it being very attractive to acquisitive neighbors. I don't think bigger banks would appreciate what's most valuable about it.
Financial Snapshot †Estimates based on 06/30/2017 Call Report and 9/2016 Annual Report	Total assets: $268M† Tangible book value per share:    $25.92† NPAs to assets: 6.7% Price to book: 39%† Market cap: $9.1M Dividend yield: 0% Trailing 12-month ROA: 0.65%† Trailing 12-month ROE: 7.43%† TARP: $0M* *Redeemed $4M 08/25/2011 into $5M SBLF
The Crew	Charles H. Leyh, Chairman, President and CEO Bradley J. Ryniawec, Senior VP, Assistant Treasurer and CFO Douglas W. Lockard,  Vice Chairman
The Skinny	The main reason EFSG is at the top of my "feel good" list is this: Where other banks have wealth management groups to help those who already have a surplus of money to make even more, Enterprise has a business consulting practice, insurance services group, and even a real estate subsidiary to help small and struggling business customers with everything from bookkeeping and website design to property management. I'm more bullish on Enterprise than my friend Nate Tobik, who has also written about Enterprise. (See "Is this bank a quadruple or a zero?" for example.) My logic for having faith in EFSG as an investment is pretty well expressed by these excerpts from the bank's recently released 2016 Annual Report: "This last fiscal year has seen pretax earnings improve approximately 40% over the prior year." "Growth continues to occur." "Legal collection and OREO holding costs continue to drop." "[Our] plan will include resuming dividend payments"
Sources	Enterprise Bank website 2016 Annual Report SNL Financial Confidential interviews with shareholders and analysts

UPDATE: New Resource Bank, San Francisco, CA (NWBN)

In the three years since my February 2014 Timyan™ Bank Alert review of New Resource Bank, the bank has inarguably "blossomed" — just not in quite the fashion I had hoped. This one-branch San Francisco institution is a much bigger tree now, having grown footings by 52% and built a fancy new headquarters, but it is nowhere near bearing fruit for its shareholders.

Personally, I think it's fine if Management and some shareholders would like to run this bank as a non-profit. (I can even get excited about their focus on "impact lending" to promote clean energy, green building, and sustainable commerce!) But if that's what they are up to, they should be honest, and offer outside shareholders a way off the farm at a fair price.

Given the looks of things today, I'd be happy to take $10/share for NWBN, even though the stock could garner $12/share were the bank to be acquired.

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Disclosure: As of this posting, I own shares of NWBN and may subsequently either dispose of them or purchase more.

Prospective Buyers	New Resource Bank's CEO Vince Siciliano has been clear that he has zero intentions of ever selling the bank. Bank of Marin, Novato, CA (BMRC) First Republic Bank, San Francisco, CA (FRC) SVB Financial, Santa Clara, CA (SIVB)
Financial Snapshot †as of 12/31/2016	Total assets: $331M† Tangible book value per share: $6.95† NPAs to assets: 0.2%† Price to book: 74.7% Market cap: $30.2M Dividend yield: 0% Trailing 12-month return on assets: 0.4%† Trailing 12-month return on equity: 3.8%† TARP: $0M
The Crew	Mark Finser, Chairman Vince Siciliano, President and CEO Stephen Rossi, CFO
The Skinny	For me, New Resource Bank's May 2016 Investor Presentation really says it all...
Sources	New Resource Bank website SNL Financial Confidential interviews with shareholders and analysts

Solera National Bancorp, Lakewood, CO (SLRK)

A Case of Almost out of the Woods

Solera National has sure traveled a bumpy road since its de novo formation in 2007. Solera's shares have lost ground en route, too, dropping over half their value since the bank's initial capital raise at $10 per share.

Thankfully, new leaders in the driver's seat appear to be steering this one-branch bank along a more auspicious path, suggesting SLRK's current trading price of 71.5% of book value is wonderfully cheap. If I am correct, book value will soon exceed $7 and investors will pick up at least 60% as Solera makes the rest of its way out of the woods.

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Disclosure: As of this posting, I own shares of SLRK and may subsequently either dispose of them or purchase more.

Prospective Buyers	Although much larger than Solera, each of these regional players has a minor presence in Jefferson County, CO compared to Solera's #6 place in this neck of the woods. BOK Financial, Tulsa, OK (BOKF) CoBiz Financial, Denver, CO (COBZ) Zions Bancorp, Salt Lake City, UT (ZION)
Financial Snapshot †as of 03/31/2015	Total assets: $144M† Tangible book value per share: $6.86† NPAs to assets: 0.1%† Price to book: 71.5% Market cap: $13.2M Dividend yield: 0% Trailing 12-month return on assets: 0.27%† Trailing 12-month return on equity: 2.25%† TARP: $0
The Crew	Michael D. Quagliano, Chairman Robert Jay Fenton, President and CEO Melissa Larkin, Senior VP, Secretary and CFO
The Skinny	As a shareholder, I'm excited to be on the Solera wagon right now, because: The scoundrels are gone. After a bitter 2014 proxy fight exposed how their inflated salaries and poor performance were keeping Solera stuck in the woods, all of Solera's then incumbent directors resigned. Solera's new leaders are motivated to get out of the woods, too. Unlike the prior CEO, who didn't buy a single share of SLRK, Solera's new CEO Robert Fenton owns a respectable 75,000 shares. Chairman Quagliano owns 23% of all shares outstanding — 623,970 shares I'm sure he's hoping will bear fruit. Profits will naturally drive book value. No longer weighed down by excessive salaries and spending, the Solera National wagon is already picking up speed. SLRK's last quarter annualizes to 68 cents per share in earnings.  Banks as clean as Solera are selling at a premium. Were Solera National to obtain the 10% deposit premium being paid today for comparable banks, Solera's shareholders would net $10.25 per share, a breezy 113% above today's price.
Sources	Solera National Bank website 2013 Annual Report 2014 Proxy Statement SNL Financial Confidential interviews with shareholders

California Bank of Commerce, Lafayette, CA (CABC)

The Case of an All Star Team in a Hot Market

How's this for a steamy bank stock pick? California Bank of Commerce may have opened its doors at the most inopportune of times in the Fall of 2007 at the onset of the Great Recession, but under the skilled leadership of founding CEO John E Rossell III it didn't even get singed. CABC's book value has grown 48% since 2010. Another four-year surge like this and it will reach $15.45. If CABC sells for twice book like the inferior Virginia Heritage (VGBK) just did, the stock could fetch a toasty $31. Tssss!

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Disclosure: As of this posting, I own shares of CABC and may subsequently either dispose of them or purchase more.

Prospective Buyers	Personally, I'd prefer to see this all star team keep stoking it up on their own, but were I one of these area banks, I'd sure be coveting CABC's deposits. Bank of Marin, Novato, CA (BMRC) Opus Bank, Irvine, CA (OPB) Westamerica, San Rafael, CA (WABC)
Financial Snapshot (as of 03/31/2014)	Total assets: $373M Tangible book value per share: $10.44 NPAs to assets: 1.22% Price to book: 104% Market cap: $46M Dividend yield: 0% Trailing 12-month return on assets: .77% Trailing 12-month return on equity: 9.6% TARP: $0M* *Redeemed $4M 9/15/2011
Luminaries	Stephen A Cortese, Chairman Terry A Peterson, President and CEO Virginia M Robbins, Executive VP and COO
Gold Stars	An all-star team! Clearly with folks like these in charge, the California Bank of Commerce has the steam it needs to power and support growth: CEO Terry Peterson founded Charter Bank in Bellevue, WA in 1998, grew it to $322M in assets and sold it nine years later for 3.2x book value Commercial Lender Rick Harbaugh brings long-standing business relationships from his 15 years experience as a mid-market lender at San Francisco's City National Bank and US Bank  Business Development Manager Colleen Atkinson managed a $250M deposit portfolio at Comerica Bank $281M in deposits! That's higher than deposits in any other bank branch in Lafayette, CA — more than the... $275M in Wells Fargo's single largest area branch $133M in Westamerica's FOUR local branches, combined $62M in Opus Bank's TWO local branches, combined In a hot market! California Bank of Commerce is geographically situated in what analysts have argued is America's hottest banking market. In Lafayette's Contra Costa County... Real estate values have rebounded 9% over the past 12 months alone The I-680 Corridor boasts more square feet of office space than the City of San Francisco Available deposits exceed $34B, not counting the $168B in neighboring San Francisco County Enviable loan growth! Contrast the trendlines of Loans Outstanding at California Bank of Commerce and Westamerica — one of our nation's best-managed and most pristine banks: Volume of Loans Outstanding *Adjusted for $1.2B acquired in County Bank FDIC Acquisition
Sources	California Bank of Commerce website FDIC Filings SNL Financial SeattlePI.com article California Bank of Commerce Newsletter Confidential interviews with shareholders

Bank of Utica, Utica, NY (BKUT, BKUTK)

The Case of an Odd Duck on the Erie Canal

Here's a scenario that would really get this duck swimming: Imagine if the Sinnott family were to use $67M of the Bank of Utica's excess capital to tender for 123,000 shares of BKUTK at $545 per share, and then channel the $15M it already earns each year into buying back stock.

Book value would soar from $667 per share to $745. Earnings would fly from $65 to $111 per share. The stock could plump up to $1,500 in the next few years. And the bank would still have over 10% capital to secure the nest. Wouldn't that be just ducky?

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Disclosure: As of this posting, I own shares of both BKUT and BKUTK and may subsequently either dispose of them or purchase more.

Prospective Buyers	The one-branch Bank of Utica may be an odd duck, but I'd bet any of these area banks would jump at the chance to line their own nests with its dominant market share — an impressive 24% in Oneida County and 55% in the City of Utica. Berkshire Hills Bancorp, Pittsfield, MA (BHLB) Community Bank System, Dewitt, NY (CBU) M&T Bank, Buffalo, NY (MTB)
Financial Snapshot (as of 12/31/2013)	Total assets: $951.5M Tangible book value per share: $667.65 NPAs to assets: 0.57% Price to book: 67% Market cap: $112M Dividend yield: 2.65% Trailing 12-month return on assets: 1.62% Trailing 12-month return on equity: 10.98% TARP: $0M
The Crew	Roger Sinnott, Chairman (deceased) Tom Sinnott, President and CEO Brian Laughlin, Executive VP
The Skinny	Let me count the ways that the Bank of Utica is a bit of an odd duck in banking that calls all investors hunting for a value stock to pick it up: It's oddly sized. Deposits at the Bank of Utica top $757M — more than 10x the average one-branch bank's holdings, more than 8x the $90M in deposits at the $88B M&T Bank's huge building across the street, and more than 6x the $119M in deposits at Berkshire Hills Bancorp's 8th largest branch (out of 96) just two blocks away. Its stock is oddly structured. There are only 250,000 shares of stock in this publicly traded bank, of which 200,000 are non-voting (BKUTK). The founding Sinnott family controls most of the 50,000 voting shares (BKUT). It has been family-held for an oddly long time. The Bank of Utica was founded by John Sinnott in 1927, and has been controlled by the Sinnott family without interruption to the present day. It pursues an odd strategy for making money. As Dave Waters pointed out in his own review last October, the Bank of Utica doesn't rely upon lending to make its money like most banks, but upon investing in liquid debt securities. Its 7% loan/deposits is the lowest I've ever seen, and its 25% efficiency ratio is among the best in banking. It is oddly undervalued. If you know of any other bank averaging over 10% ROE and 1.5% ROA for the past three years that trades at a discount to book value and 71% of book value, let me know! I'd sure love to hear about it.
Sources	Bank of Utica website FDIC Filings SNL Financial OTC Adventures article

Birmingham Bloomfield Bancshares, Birmingham, MI (BBBI)

A Case of Pure Michigan Surviving and Thriving

I so love these one-branch banks! And it’s particularly nice to find one that I can confidently bank on in the state of Michigan where I grew up.

It looks to me like BBBI will be a $15 stock, more than double today’s market price. If management continues to grow profits at the current rate in this environment where bank stocks in general are recovering, Bank of Birmingham could easily grow book value to $10 per share and trade at 150% of book in the next few years. If an acquirer enters the picture and pays the trending 10% deposit premium, investors can expect a similar return.

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Disclosure: As of this posting, I own shares of BBBI and may subsequently either dispose of them or purchase more.

Prospective Buyers	With the third highest share of deposits in town, Bank of Birmingham is no doubt attractive to acquirers, although clearly it's thriving well enough under current management to remain a pure, standalone, one-branch bank. Chemical Financial, Midland, MI (CHFC) - has an obvious hole to fill in southeastern Michigan Old National Bancorp, Evansville, IN (ONB) - has been bulking up in MI and BBBI would expand the reach of ONB's pending United Bancorp acquisition in Ann Arbor Talmer Bancorp, Troy, MI (TLMR) - has just one branch nearby with a mere 30% of the deposits held in the one-branch Bank of Birmingham
Financial Snapshot (as of 03/31/2014)	Total assets: $194M Tangible book value per share: $7.60 NPAs to assets: 0.1% Price to book: 84% Market cap: $11.8M Dividend yield: 0.0% Trailing 12-month return on assets: 0.74% Trailing 12-month return on equity: 7.5% TARP: $3.4M* *Redeemed 7/29/2011
The Crew	Thomas Wagner, Chairman Robert E. Farr, President and CEO Thomas Dorr, CFO
The Skinny	In my experience, a bank like this in a place like this is more than likely to trade at a premium sooner or later. There just aren't that many community banks left in the United States, like this: Trading at a double discount. BBBI stock suffers not only from something akin to what AAII calls the Shadow Stock Discount, but from what bank analysts are calling the Michigan Discount. The stock is little known, little followed, and subject to an arguably temporary trend of undervaluing Pure Michigan performance. Performing in top tier. Bank of Birmingham's ROE is approaching 10%, a mere 0.15% away from the average for the nation's top 200 community banks. NPAs are a miniscule 0.1%, and the bank has more than doubled both loans and deposits in the last four years. There also aren't that many communities left in the United States quite like this: Unemployment just 3.9%! Birmingham, Michigan boasts an unemployment rate that is half the 7.9% national average and a fraction of the rate in Detroit. Naturally, more people hiring and more people working adds up to more people looking to bank in Birmingham. High median income of $63K. Residents of Birmingham enjoy a median income that is 21% higher than the national average. For obvious reasons, in general, banks in affluent regions like this tend to be more profitable.
Sources	Bank of Birmingham website 2013 Annual Report The Michigan Discount (Keefe, Bruyette & Woods report) SNL Financial Confidential interviews with shareholders

Capital Pacific Bank, Portland, OR (CPBO)

A Case of Earning One's Keep in Portland

This bank stock has me wanting to wage a "Bank on (not just in) Portland" campaign, just to see how much wealth we could help Portlandians create for themselves. Imagine:

Within one mile, Portland's Bank of America, U.S. Bancorp, and Wells Fargo have branches holding $10.6 billion in deposits. If even a small fraction of Portlandians were to move their deposits from these corporate banks — (don't worry, they won't even notice) — next door to Capital Pacific Bank, this fine community bank would grow exponentially.

Meanwhile, if Portlandians were to trade in any U.S. Bancorp stock they may own — (expensively trading as high as 293% of tangible book value) — for CPBO stock (cheap at 101.3% of book value) — they could grow their own wealth exponentially right along with Capital Pacific. Wouldn't that be cool?

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Disclosure: As of this posting, I own shares of CPBO and may subsequently either dispose of them or purchase more.

Prospective Buyers	In my opinion, Capital Pacific Bank has earned the right to remain independent and to control its own destiny. That being said, I am sure CPBO is pretty darn attractive to these local competitors: Pacific Continental, Eugene, OR (PCBK). Deposits in PCBK's two branches combined fall short of those held in CPBO's one branch by 50%.  Umpqua Holdings, Portland, OR (UMPQ). CPBO's one branch bank has more deposits than 21 of UMPQ's 22 Portland area branches! Washington Federal, Seattle, WA (WAFD). CPBO has twice as many deposits in its one-branch bank as WAFD has in two.
Financial Snapshot (as of 12/31/2013)	Total assets: $239M Tangible book value per share: $8.36 NPAs to assets: 1.6% Price to book: 101.3% Market cap: $21.7M Dividend yield: 0% Trailing 12-month return on assets: 0.86% Trailing 12-month return on equity: 8.8% TARP: $4M* *Redeemed 11/09/2012
Luminaries	Karen Whitman, Chairman Mark C. Stevenson, President and CEO Felice I. Belifiore, Executive VP and CFO
Gold Stars	Capital Pacific Bank has PURPOSE With a strong niche in lending to sustainable businesses and non-profit organizations underserved by America's corporate banks, CPBO is filling a real need and making a real difference specifically for Portland. For doing this work, CPBO's Mark Stevenson receives less than 2% of the annual compensation a typical corporate bank CEO draws every year. Would you rather have your deposits support Mark, or contribute to the $14M in compensation Bank of America's CEO Brian Moynihan gets (for doing things like damage control for the company's illegal activities). Bottom line? Portlandians can feel great about moving their deposits and investments over to CPBO. Capital Pacific Bank has PERFORMED Since peaking at nearly 6% at the end of 2010 (when CPBO had a small yearly loss), NPAs have been in steady decline to the current 1.6%.  CPBO can boast three years straight of quarterly profits, profits are growing, and in Q4 2013, ROE surpassed 11%.  Bottom line? Portlandians can reasonably expect CPBO stock will eventually trade at substantial premiums to book value.
Sources	Capital Pacific Bank website 2013 Annual Report SNL Financial Interviews with management Confidential interviews with shareholders

Northern California National Bank, Chico, CA (NCNB)

A Case of a Skillfully Cultivated One Branch Bank

"A society grows great when old men plant trees whose shade they know they shall never sit in." 

- Greek Proverb

"Someone's sitting in the shade today, because someone planted a tree a long time ago." 

- Warren Buffet

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Disclosure: As of this posting, I own shares of NCNB and may subsequently either dispose of them or purchase more.

Prospective Buyers	SKBHC Holdings, Seattle, WA (private) TriCo Bancshares, Chico, CA (TCBK) Umpqua Holdings, Portland, OR (UMPQ)
Financial Snapshot (as of 09/30/2013)	Total assets: $137M Tangible book value per share: $10.88 NPAs to assets: 0.4% Price to book: 81.8% Market cap: $12.1M Dividend yield: 0% Trailing 12-month return on assets: 0.61% Trailing 12-month return on equity: 5.3%
Luminaries	John Lucchesi, Chairman, President, and CEO Todd Lewis, Executive VP and CFO
Gold Stars	Once upon a time, there was a unique sort of arborist, named John Lucchesi, who cultivated community bank branches with great care in the land of Chico, California. Lucchesi is the man who picked up two little sappling branches once known as North State Bank, and spent 11 years nurturing them until they grew strong and proud. In 2003, Lucchesi helped to graft each of his branches onto the great big TriCo tree. Over ten years later, one of those branches is the 3rd strongest of the 65 on that tree. On any given day today, you can still find Lucchesi, carefully cultivating an even sturdier branch at the corner of 7th and Mangrove in Chico, which he named Northern California National Bank when he founded it in March of 2006. This one-branch bank of Lucchesi's has sprouted 50% more deposits than the two neighboring branches of the giant Umpqua tree combined, and more deposits than all but one of the seven TriCo tree branches in the area.   Thanks to Lucchesi's artful care, NCNB has never been plagued by the diseases that have struck so many of our nation's bank branches. NPAs there never even reached 1%, and the bank had no need for injections of TARP that others needed just to stay alive. By my calculations, Lucchesi's branch today is worth even more than the 190% of book value that TriCo recently paid for North Valley Bank (NOVB). I hope it gives Lucchesi satisfaction to know that when he chooses to step aside from his art, the one-branch NCNB will have its choices of trees to join.
Sources	Northern California National Bank website SNL Financial Confidential interviews with shareholders

New Resource Bank, San Francisco, CA (NWBN)

A Case of One Green Branch about to Blossom

There's something I've always found appealing about successful one-branch banks. They're so easy to buy, so much easier to manage — they've got to make friendlier acquisition targets than more complex organizations.

With $186M in deposits in just one branch, for example, New Resource Bank has got to be one of the most attractive franchises for any competitor wanting to play bigger in Silicon Valley. An acquirer willing to pay a 10% deposit premium for NWBN would generate $8.40 per share in value, more than double today's share price.

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Disclosure: As of this posting, I own shares of NWBN and may subsequently either dispose of them or purchase more.

Prospective Buyers	Each of the first three of these banks already has branches in San Francisco and should find appealing the $186M in deposits it could get by acquiring the one-branch NWBN. And SVB Financial would both fill a hole in its branch network with this San Francisco bank, and get a big Green business boost for its Cleantech Group.  Bank of Marin, Novato, CA (BMRC) City National Corp, Los Angeles, CA (CYN) First Republic Bank, San Francisco, CA (FRC) SVB Financial, Santa Clara, CA (SIVB)
Financial Snapshot (as of 12/31/2013)	Total assets: $216M Tangible book value per share: $5.09 NPAs to assets: 0.1% Price to book: 79% Market cap: $22.6M Dividend yield: 0% Trailing 12-month return on assets: 0.6% Trailing 12-month return on equity: 4% TARP: $0M
The Crew	Mark Finser, Chairman Vince Siciliano, President and CEO Stephen Rossi, CFO
The Skinny	One green branch, Not only is New Resource a healthy bank — with 13% equity to assets, no TARP, and six consecutive quarters of solid profits — but it has a fertile green niche in lending to environmentally sustainable businesses No longer drooping, Small losses reported from 2009 to 2012 due to bad assets — which peaked over 8% in 2008 — weighed down the book value of this one-branch bank But about to blossom! With NPAs now all but gone, profits are already budding— exceeding $1M in 2013. Factor in NWBN's yet unrecognized deferred tax asset (DTA) of $1.75 per share, and book value looks ready to burst open in full bloom
Sources	New Resource Bank website Financial Reports and Releases (now under SNL) SNL Financial