The Last Savings and Loan in Montana
A textbook thrift conversion that management has no intention of selling, and why that may be the opportunity
Dirt Cheap Banks
Community banks are the last bastion of cheap value in the public markets. I find dirt cheap banks and invest in size.
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Bank of Utica: Buying $218 Million of Stocks for $156 Million, and Getting a Bank for Free
A private owner’s appraisal of BKUTK
GBank Financial: 50% Downside on a Motel Book
An economy-motel monoline priced as a payments platform. $11–14 fair value
Lake Ridge Bancorp: Up 16% Since February, and We Can Tell You What Q2 Earned Before They Do
On February 1st we published a write-up on Lake Ridge Bancorp, the holding company for Lake Ridge Bank out of Middleton, Wisconsin.
DIMC Update: Up 29% in Five Months
Q2 Delivered and the Thesis Has Officially Changed
BCBP Update: We Already Know What Monday Says
BCB Bancorp reports its second quarter before the open on Monday, August 3, with a call at 8:45 Eastern.
GNRV: The Thesis Worked, Here Is the Final Score
We published the original thesis at $4.32 on March 9th. The bank is now being acquired at approximately $5.99 per share. Here is exactly what happened and why.
The Bank That Bought a Third of Itself
A $1.8 billion New Jersey lender borrowed $40 million at 7.75%, retired 30% of its shares, and still trades at 68 cents on the dollar. The interesting part is what it has to decide next.
PFSB Update: Q2 Call Report In, and the Playbook Is Running Exactly As I Expected
Three months since the original writeup, eighty-eight days to a key regulatory deadline on October 17, 2026
The Bank in the Secret City
You can buy the hometown bank of Oak Ridge, Tennessee, the town that enriched the uranium for the first atomic bomb, for $18.4 million. That is 70 cents on the dollar of tangible book value.