The recent bank failures have caused a lot of confusion and uncertainty among investors. However, these failures have been contained and while they are significant do not pose a large threat to the industry as a whole. In this newsletter, I wanted to highlight some banks and their abnormally low valuations.
Take a look at FFIN. Only company I know that has increased earnings for 36 consecutive years at ~10% CAGR. Even more impressive that they are a bank...
Strong core deposit base with limited competition (rural texas)
Excellent credit underwriting (charge offs topped out at 36 bps in 2009)
Unique operating structure (decentralized model with 12 geographic subsidiaries with full autonomy)
Take a look at FFIN. Only company I know that has increased earnings for 36 consecutive years at ~10% CAGR. Even more impressive that they are a bank...
Strong core deposit base with limited competition (rural texas)
Excellent credit underwriting (charge offs topped out at 36 bps in 2009)
Unique operating structure (decentralized model with 12 geographic subsidiaries with full autonomy)
Growing Texas population
Well capitalized (18% T1 capital)