Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Stewardship Financial: 20% Discount To Book, Probable Long-Term Earning Power Of 15%+

Stewardship Financial (NASDAQ:SSFN) is a New Jersey community bank which specializes, generally speaking, on commercial lending. The bank is rather unique, giving away a tithe of pre-tax earnings annually. While this implies a built in expense of 10% of pre-tax earnings, I believe it sets the bank apart and incr...

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