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.