Thrift Conversions

The list below provides some of the most relevant details in beginning research on the most interesting thrift conversions. In some cases, notably where the company is partially owned by a mutual holding company, I have not provided an adjusted market cap and price to tangible book value. Usually these stocks appear to trade at a substantial elevation above tangible book, and a quick look into the company will reveal this fact.

I’ve included thrift conversions of the last five years and a few others. As a general rule, the most interesting thrift conversions are those in the last year or two, because they’re unknown and often remain relatively cheap. How cheap? It’s not too difficult — even in this rabid bull market — to find a very overcapitalized bank trading substantially below book. A useful resource for finding thrift conversions by year is BankInvestor.com.

IPO Date
Ticker
Market Cap
P/TBV
RoE
Eq/As
4/23/07TFSL$4,874287%4.9%13.2%
8/4/16FHB$4,503308%8.8%13.4%
5/8/14ISBC$4,475142%6.0%14.6%
12/22/10CFFN$2,127151%6.0%15.1%
5/19/15KRNY$1,302129%1.7%25.4%
1/13/15BNCL$1,283140%2.4%20.2%
7/29/14EBSB$928161%5.7%15.0%
1/25/13NFBK$875139%4.4%16.7%
6/24/10ORIT$789140%8.6%14.0%
6/30/16HONE$580184%2.3%11.3%
5/24/16MSBI$526200%0.0%0.0%
7/22/14BHBK$522124%2.2%17.1%
7/11/12HTBI$469126%3.6%13.2%
6/11/15PUB$459201%10.8%13.6%
BKMU$445155%6.0%11.0%
1/23/14WSBF$401121%5.6%22.6%
4/2/14CSBK$369117%1.4%25.1%
6/29/11FBNK$363132%6.0%9.1%
10/5/11BLMT$255153%7.2%8.0%
FFNW$225155%5.8%15.3%
SHBI$212150%6.4%13.1%
AFH$207153%15.0%0.0%
7/16/15PVBC$187166%6.0%13.7%
1/16/15ICBK$184160%8.5%0.0%
1/30/15FNWB$18392%2.1%18.3%
1/13/11SIFI$175119%7.1%10.5%
ESSA$157105%4.5%9.6%
PROV$147111%5.3%11.5%
4/9/13CHFN$145142%6.1%16.4%
7/15/14SBCP$145104%0.0%12.8%
10/1/14ENFC$144110%4.8%11.4%
PEBK$137127%8.6%10.0%
1/14/11OFED$135165%6.1%17.6%
10/12/12MLVF$133136%13.2%11.1%
10/9/13PBIP$129126%2.7%20.6%
10/12/11ASBB$118117%1.3%11.5%
2/4/11ACFC$115133%7.7%9.5%
7/10/12FSBW$114138%13.4%10.4%
FSFG$98129%9.9%10.5%
LSBK$97130%4.7%15.6%
NECB$9390%2.2%18.8%
HFBC$93103%3.3%9.7%
4/9/13WBB$90106%4.0%11.2%
7/1/16RNDB$8894%0.0%0.0%
GFED$85122%8.2%10.2%
7/17/15MSBF$80109%1.6%17.9%
4/5/10EBMT$78155%8.9%8.8%
7/8/11IROQ$7888%5.5%14.3%
1/8/16PBBI$7696%1.3%14.1%
MGYR$75156%2.4%8.2%
1/15/14CWAY$75100%4.8%12.1%
9/13/11PBSK$74104%2.7%16.1%
8/23/12SFBC$70122%9.4%10.2%
1/20/11WBKC$70102%6.9%17.7%
1/10/13UCBA$6899%4.8%13.1%
1/26/12WEBK$68118%5.5%8.2%
1/20/11ANCB$67105%2.2%15.2%
CZWI$65111%4.3%9.9%
10/4/12MCBK$6481%6.7%19.3%
10/7/10STND$6288%3.7%15.5%
10/17/14PBHC$60108%5.1%0.0%
1/6/10AFCB$580%0.0%0.0%
7/15/10JXSB$55121%6.4%14.9%
HFBL$55115%8.1%11.3%
10/10/12HBK$5280%0.3%14.0%
WAYN$51129%6.2%9.3%
7/12/12GTWN$45146%0.6%10.4%
10/22/14MELR$45102%2.3%18.2%
10/12/16BCTF$44144%3.9%10.2%
10/12/16OTTW$44119%4.2%12.6%
7/9/15EQFN$3593%2.9%16.2%
1/11/12WEIN$34111%6.8%10.5%
10/9/13AJSB$3293%1.5%15.7%
9/21/10FFCO$3266%7.2%0.0%
1/12/17HVBC$310%0.0%0.0%
12/30/14MBCQ$3093%-2.4%24.1%
WVFC$2982%4.6%9.8%
7/14/16FSBC$2885%3.5%10.1%
7/14/16WCFB$2689%0.0%0.0%
10/1/10CTUY$2596%10.1%11.0%
1/13/16CFDB$2280%-4.3%30.5%
4/6/11SSNF$2094%-0.3%13.7%
1/30/15MWBC$1694%4.5%13.3%
4/9/14SUGR$1292%0.7%13.3%
11/20/12MTGB$1297%1.8%9.1%
10/18/13DLNO$1286%0.3%10.4%
4/9/10HARI$110%0.0%0.0%
1/17/14EGDW$1179%0.6%9.4%
7/15/13SNNY$1183%0.00%13.40%
4/24/14HWIS$1076%1.70%8.90%
10/20/15NWBB$1060%-5.00%12.80%
4/30/16BTHT$968%0.00%0.00%
1/11/10VERF$879%-1.60%20.40%
1/10/17CCSB$60%0.00%0.00%