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Bank Of Utica, Do We Still Like It?

|Includes:Bank of Utica (NY) (BKUT), BKUTK

From time to time, I get asked whether or not we still like Bank of Utica (BKUT, BKUTK). Well...

The non-voting shares (OTCPK:BKUTK) last traded $419.00.

Tangible book value (not including unrealized gains on held-to-maturity securities) is $621.76.

Tangible common equity to assets is over 17%. (!!!!!!)

Non-performing assets and loans 90-days past due, as a % of assets, are 0.45%. (!!!!!!!!)

In addition to trading for only 0.67x tangible book, being massively overcapitalized, and having very few non-performing loans as a % of its asset base, the stock trades for 8x earnings per share, and the dividend has increased every year since 1994.

So, yes, we still like Bank of Utica very much.

Stocks: BKUT, BKUTK