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Phil Timyan
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Phil Timyan is a private investor and hedge fund manager with over 25 years professional experience in community bank stock investment and shareholder activism. Over the years, Timyan has filed 13-Ds in ALGC, HRTB, FSVB, GSLA, RFSV, COMB, and RYFL. In 2003, he helped recap COMB by buying a 9.9%... More
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Timyan Community Bank Alertâ„¢
  • Major Turnaround Improving CITZ Stock Value At CFS Bancorp 2 comments
    Oct 30, 2012 7:40 PM | about stocks: CITZ

    RE: CITZ

    See also: Q3 Earnings Release

    When I last wrote about CITZ in the Timyan Bank Alert™ blog back in May, I admit I wasn't very optimistic.

    After years of mismanagement by former Chairman Thomas Prisby, it appears that under CEO Daryl Pomranke, CFS Bancorp is showing signs of a turnaround.

    In the release for the quarter ended June 30th, Pomranke predicted lower NPAs in the quarters to follow. True to Pomranke's word, NPAs declined 24% during the third quarter and are now a much more manageable 4.8% of assets, with further improvement promised.

    CFS Bancorp also managed to report earnings of 12 cents per share in spite of a healthy $1,160,000 Loan Loss Provision and an additional $1,074,000 in Other Real Estate Owned expenses. Unlike many banking companies that have reported results, CITZ's margin actually increased from the June quarter, to 3.47% from 3.41%.

    When the Company's Loan Loss Provisions drop to a more normal level, OREO expenses end, and the $100,000 plus per month severance to the former Chairman stop, reported earnings per share should improve dramatically.

    With CITZ stock trading at $5.60 or 56% of tangible book value ($9.94), I see an attractive investment opportunity available in this attractive Greater Chicagoland banking franchise.

    CITZ Stock Chart for past 10 years
    Courtesy of

    CITZ Stock Performance for past 10 years

    Disclosure: I am long CITZ.

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Comments (2)
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  • Arthur Cutton
    , contributor
    Comments (156) | Send Message
    Wow! A little better. Glad Prisby is gone.
    17 Dec 2012, 06:26 PM Reply Like
  • Arthur Cutton
    , contributor
    Comments (156) | Send Message
    A double since your post. Thanks!
    30 Jun 2013, 06:42 PM Reply Like
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