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Shore Bancshares, Inc. Message Board

  • smithnj46 smithnj46 May 3, 2011 5:58 PM Flag

    Good opportunity

    After following a number of small and micro-cap Banks through the recession, one bank appears to have held up well relative to the peer group. While SHBI may continue to recover, Bank of Mckenney (BOMK.OB) appears cheaper on a number of metrics. Bank of Mckenney is a community bank based in southern Virginia. They currently have six full branches, with a new branch in the process of opening. BOMK.OB reported record earnings for 2010, while managing solid first quarter results for 2011. They also appear cheaper than SHBI when looking at P/E (less than 10), P/B ratio (.65), and net interest margin (4.53%). This, while paying a dividend over 4%, maintaining a strong Tier 1 ratio, more than adequately reserving for loan losses (reserves = about 75% of very manageable levels of non-performing loans), and demonstrating moderate growth in a difficult environment. As far as small-cap banks go, it seems to be a potentially better investment at this time.

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