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