A Value Investor's Bank

Well-run bank with a multi-decade history of compounding earnings and tangible book value per share at 15% per year; trades at 7.6 P/E; well-capitalized balance sheet; excess cash for buybacks

Summary:

• One of the best quality banks with over 100-year history of safe loans, quality growth, a great stewardship of capital

• Sizable insider ownerships; insiders have been buying more shares recently

• History of value creation: tangible book value and stock price compounding at mid-teens last 30 years

• Trades at 7.6 P/E

• Management stated that buybacks are going to resume this year

• Balance sheet is now overcapitalized (excess can be returned via buybacks) and the bank has one of the highest cash balances and liquidity ratios in the country