Author Topic: Well Run Banks  (Read 5968 times)


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Re: Well Run Banks
« Reply #20 on: January 11, 2018, 05:33:30 AM »
Best Shareholder Letters to read over time:

- Glacier Bancorp - Michael Blodnick (now retired)
- MidwestOne Bank
- Jamie Dimon (Both Chicago and JP Morgan Letters)
- Nicolet National Bank / Nicolet Bankshares, inc
- Frost Bank
- First Republic Bank
- Eagle Bank
- M&T Bank - the late Robert Wilmers

Are the banks that I have archived every letter over the past decade or more. All have done well.


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Re: Well Run Banks
« Reply #21 on: January 11, 2018, 06:25:12 AM »
Not exactly what you're looking for, but our very own Oddballstocks has a new book out that might be helpful:

I'm aware. Just interviewed him on my podcast last night ;)

Philip Morris IV

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Re: Well Run Banks
« Reply #22 on: January 11, 2018, 07:55:09 AM »
Bank of Hawaii (BOH) has always stood out to me.  They consistently churn out great numbers -- even through the 2007-2010 period -- and trade at a significant book value premium to the sector and Hawaiian comps, at 2-3x BV (3x today).

Hawaii is unique for the US in that the Big Four (and all other mainland banks) are absent there.  The banking market is almost entirely controlled by BOH, First Hawaiian (FHB), Central Pacific (CPF) and American Savings (a subsidiary of Hawaiian Electric - HE).  It would appear this insulates them from mainland/asian competition, but of course their geography naturally limits growth.  This is very obvious on their 10yr financials and I believe reflected in their below-market earnings multiples.


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Re: Well Run Banks
« Reply #23 on: January 17, 2018, 05:39:36 PM »
Towne bank (ticker TOWN) is a favorite of mine. I owned Monarch Bank (MNRK) for years, towne purchased them over a year ago and I have held on since much of Monarch's management stayed on. Conservatively ran (NPA around 0.2% if I remember right off the top of my head), great record of dividend increases, profitable through 08/09, and inherited a great mortgage business from Monarch. Company gets about 40-45% of revenue from non-interest sources currently, but should be lower if/when yield curve gets back to normal.

Ceo has a successful history with 2 other banks that were both purchased and gave shareholders great returns.

I know you make it to MKL shareholder meetings, this is just an extra hour and a half south and usually includes a good lunch and talks from management. I wouldn't say shareholder letters are anything amazing though.
$2 billion market cap.

Maybe obvious disclosure, but I own TOWN so every comment above is pretty biased!


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Re: Well Run Banks
« Reply #24 on: January 17, 2018, 08:44:32 PM »