we have to continue to be patient. we are all still waiting for dividend decision which is over-due. it has been up-graded to buy by many last month. this will take off, the question is when? have faith.
Many of these small banks are doing poorly. PFS, ISBC and KRNY are among the worst. Management is part of the problem but I believe that all the publicity on the media about the sub prime and interest rates are making people want to sell. I don't think that all these banks are that heavily exposed to bad loans but the constant media attention has driven the buyers away.
As of 3/31/07 assets that are delinquent for over 90 days for KRNY is 0.05%, PFS is 0.13% and ISBC is 0.2% of assets. The average of NJ standard peer institutions are 0.31% and 0.51% nationally Maybe the media should find out where the biggest delinquent loans are and stop blaming the small thrifts. Possibly they were bought by very large instiutions?
The statistics that I gave was from the FDIC web site.
When you compare 52 week highs to current price the following are the results for many NJ and CT banks. MGRY -9.4% ISBC -17.8% KRNY -21.9% HCBK -16.8% PBCT -11.6% since 2nd step NAL -16.7% ABNJ -17.2% PFS -20.1%
The point is that the whole segment is down not just a couple of banks. Maybe we're soon reaching a point where its time to buy at these levels. Go against the flow and a year or two from now you may be glad you did.