Sunday, June 05, 2005
Bay National Corporation (BANI)
Bay National (website) is very similar to Bank of the James. They both have nearly identical amounts of assets. Both are very new banks. Both were founded as a response to the insane number of mergers/acquisitions. Both are trying to be community banks. If nothing else, this provides a great comparison for BotJ.
Comparisons. I'm going to just run through these in no particular order:
Oh yeah, all of these numbers are based on the quarter ending March 31, 2005.
Market cap:
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.
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.
Market cap:
- 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.
// posted by Bruce @ 7:28 PM 
