ONFC is one of the best looking mutual holding conversions I've seen so far. They converted in June 2010.
Oneida Financial Corp.was organized in 1998 as the savings and loan holding company of The Oneida Savings Bank, a New York chartered savings bank dating back to 1866. The corporate structure of Oneida Savings Bank is organized as a two-tier form of mutual holding company ownership. Oneida Financial Corp. is majority-owned by Oneida Financial MHC. Oneida Savings Bank is a community bank engaged primarily in the business of accepting deposits from customers through its main office and eleven full-service branch offices, and using those deposits, together with funds generated from operations and borrowing proceeds, to make one-to-four family residential and commercial real estate loans, commercial business loans, consumer loans and to invest in mortgage-backed and other securities. The Bank also sells insurance, investment, pension, employee benefit and other consulting services and products through three operating subsidiaries. The Bank's primary lending area and deposit markets are in Madison and Oneida counties and the surrounding communities.
Here are some of the basic metrics from the company's investors relations site:
I took a closer look at how deposits, loans, earnings are all changing over the last few years. Now all my estimates below are ignoring the impact of loan loss provisions, one time writedowns, and also any one time or mark to market gains or losses on investments. I have done this for every bank i have looked at. What I wanted to achieve was a potential earnings per share number for each bank once they got through this extraordinary period of loan losses and writedowns. Oneida came out as having very good EPS metrics on this basis when compared to other banks. The estimate of earnings is based on the extrapolation of deposit and loan growth for another year while assuming the same underlying net interest margin.
Finally, these are some basic numbers on the company.