Profitable Bank Trading At 40% TBV - Is There An Upside?
- M&F Bancorp trades at 40% of tangible book value and has produced positive profit for all the years except 2008, however I would not consider it to be undervalued.
- Profitability is very low with average ROE of 1.6%. The bank has been trading at significant discounts to book value even when its profitability was materially higher in years 2006-2007.
- The likelihood for the bank to increase profitability going forward is minimal as there has been no growth in either loans or deposits and its overheads seem to be very
- Further concerns about low non-performing asset coverage and lumpy deposits increase risk for potential investors.
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