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Msg  114 of 167  at  4/3/2011 11:24:49 AM  by


My favorite MHC: Oneida Financial


Oneida Financial 


Symbol: ONFC

Shares Outstanding: 7,154,194

Market Cap: $61M

Basic Numbers 




The best thing about Oneida is the earnings.  The company is already earning a lot of money and trades at a multiple of around 10x.  This is before taking into account their available balance sheet space to expand their loans.   

The forecast earnings are based on a continuation of their 13% deposit growth 

Deposits and Loan Growth 

 The company hasn’t started growing their loan book yet but with their growth in deposits there is lots of room for it.  Below is their yoy deposit growth 

Their loan growth took a hit in 2009 as would be expected but before that they were growing their loan book by 5-10% 

They have a fair bit of commercial loans on their books.  I would prefer them to be more weighted to residential loans


Non-performing Loans 


Their nonperforming loans increased fairly materially in the last year (though are still at pretty low levels)

But when you read the footnotes, for pretty much all the nonperforming loans they expect full recovery, and there are extenuating circumstances with most of them (estate is frozen because of death, there was money in escrow in case of default, etc) 
Moreover, their allowance for loan losses more then covers their nonperforming loans 



They have a quarterly dividend of 12cents, so a little over 5% 


Basics about the Company 

 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. 


Where they Operate: 

- the biggest cities in Madison and Oneida countires are Albany and Utica

- because so much of their loan book is in residential real estate, the most important  metric for Oneida's health is the real estate prices of their district

- House prices in Albany have been pretty steady.  Sales dropped off in the last month in both cases according to Zillow but I think that might be just a data error: 

Albany Price: 

Albany Homes Sold: 

Utica Price: 

Homes Sold: 

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