Sunday, June 05, 2005
Bay National Corporation (BANI)
Comparisons. I'm going to just run through these in no particular order:
- BANI has 8.68% total equity to assets vs 7.43% for BotJ. Same for Tier 1 core capital.
- BANI has 98% earning assets vs 93%.
- 5.53% insider loans (?)
- BANI has a bit more emphasis on comercial loans/deposits than real estate/individual.
- BANI has more home equity loans (slightly bad).
- BANI loans have a generally shorter duration.
- BANI has twice as much money in transaction accounts (checking etc.)
- BANI has better past-due and non-accrual assets
- BANI has nothing past due in residential
- The two banks have very similar interest income/expense numbers.
- BANI has less non-interest income (fees).
- BANI has less non-interest expense (also half as many employees).
- BANI has half the premisis and equipment expense.
- BANI has 1.04% operating income, BotJ has 0.78%
- BANI has some NOLs and thus net income is higher than it will be in the future.
- Yield on earning assets: BANI=6.06%, BotJ=6.50%
- Net interest margin: BANI=4.16%, BotJ=4.65%
- Return on assets: BANI=1.04%, BotJ=0.78%
- Return on equity: BANI=12.17%, BotJ=10.51%
- Core capital ratio: BANI=8.82%, BotJ=7.80%
- Total risk-based capital ratio: BANI=10.56%, BotJ=10.45%
Oh yeah, all of these numbers are based on the quarter ending March 31, 2005.
- BANI: $35.0 million
- BOJF: $28.8 million
Now that I've seen two of these, I might actively search for a startup bank before it's actually making money and do a close comparison with these other two banks at the same point in their lifespan.