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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.