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View Prasad Karanam's Comments
Northfield Bank - An Undervalued Thrift With Tailwind
Thanks for taking time to read the article. There has been a larger emphasis on the strong loan growth as evidenced by the loan growth at 24% from 07 to-date. NFBK ROE was over 5% in 2007 and the management has been shareholder friendly with buybacks and dividend distribution. We anticipate lending percentage to increase from 45 to 55. Additionally, most thrifts have flexibility in deploying the cash after their anniversary date. As you suggested, the book value is not far from the market value and any buyback will not be immediately accretive; however, a year ago, the price to book was at 160% (currently at 92%).
Aug 4, 2013. 12:38 PM
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