FFBW Q4 2023 results

Here are the details. https://www.firstfederalwisconsin.com/wp-content/uploads/2024/03/FFBW-Inc.-Announces-Financial-Results-for-the-Three-Months-Ended-December-31-2023.pdf

I suspected that the company had been repurchasing, since we’ve seen some unusual activity here in the recent past. On March 5, 109,000+ shares traded, and then just today 27,500 traded – both way above daily averages. However, the company has done relatively little, as of 3/7.

They report TBV at $14.85 a share, and the CEO has a quote about continuing to see buybacks as an attractive use of capital.

Jim

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Hello
I appreciate you providing the information and the financial results link. The unique trading activity is intriguing to observe, especially the notable increase in shares exchanged between March 5 and today. Notable are the reported $14.85 per share tangible book value (TBV) and the CEO’s comment about how appealing buybacks are as a capital usage. Repurchasing appears to be part of the plan, and it will be interesting to watch how things work out in the next few days.
Regards
David Warner
Purva Aerocity

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Thanks Jim,
These statements appear to be contradictory:

For the three months ending December 31, 2023, the dilutive weighted average shares outstanding, which excludes unallocated employee stock ownership plan shares, were 4,509,000 compared to 4,983,000 for the three months ended December 31, 2022.

As of March 7, 2024, 22,000 shares have been purchased since the new program was announced, reducing the number of shares outstanding to 4,992,000.

Possibly the difference is the ESOP shares?

Price to book at 0.86 today. This is below 2019 levels but it has been trending upward since a low point in 2020 of 0.69. A crude calculation, removing the shares repurchased this year, would put it at around 0.83. Any thoughts on valuation, Jim?

Vince