HeyJaredDirt Cheap Banks
Community banks are the last bastion of cheap value in the public markets. I find dirt cheap banks and invest in size.
- Indexed issues, last 90 days
- 13
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- Sep 28, 2026
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- Aug 3, 2026
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The bank that became a bond fund (opens the original)
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Position #4 in my $50,000 small-bank portfolio is a seven-branch bank in western Pennsylvania that almost nobody has heard of. It trades on the OTC. Volume is a few thousand shares a day. And it has one of the strangest balance sheets I’ve ever underwritten.Half its deposits are noninterest-bearing. The total cost of deposits is six basis points — not 0.6%, 0.06%. Credit is spotless: zero charge-offs last year. The CEO owns 8%, insiders own nearly 18%, the stock yields 6%, and the board is buyin
BCBP: A Postmortem (opens the original)
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In March of this year, we published a piece on BCB Bancorp that made a specific argument. The bank had suffered an isolated credit event concentrated in cannabis lending. The core portfolio was clean. The CEO was positioned to either re-rate the bank through operational recovery or sell it at a premium to the most logical acquirer in New Jersey. Insiders were buying. Nobody was selling. The stock traded at 38 cents on the dollar of tangible book value.The thesis was mostly wrong about the credit
Two Iowa Banks Are Hiding 1987 Losses in a Blank Field (opens the original)
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The national delinquency rate on farm operating loans is 1.10%. It has printed between 1.10% and 1.19% for seven straight quarters. Every ag economist, every Fed survey, every sell-side note on the regional banks quotes that number, and that number is correct.Reliance State Bank in Story City, Iowa, a $277 million bank with 43% of its loans to farmers, reports its farm operating loan nonaccruals in the official field as zero.This Substa
Catalyst in the $50k Portfolio just hit (opens the original)
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The timing of me buying a position in one of these small banks is incredible. There was a position in the $50,000 portfolio that I said is the perfect buyout target. It was small. Broken. Trading under tangible book value. And the management team was actively marketing the bank to be sold. The market cap is so tiny that most cannot and will not buy this security. You have to be pretty darn poor to actually be able to buy this in size. And if you are poor enough to buy this in size, there is enou
The Bank That's Worth More Dead Than Alive (opens the original)
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There is a 142-year-old savings and loan on the Gulf Coast with one branch, nine employees, no checking accounts, and a board whose average age is somewhere north of 75. It has lost money for three straight years. Its loan book is 95% fixed-rate residential mortgages that don’t reprice for 15 years, funded by CDs that other banks park with it through an online listing service. Nobody covers it. It trades a couple hundred shares a day.I own it in the $50,000 portfolio.Here’s why. Strip away the b
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