Description

This is consistently one of the top 25 banks for safety in the country - year in and year out. It is owned about 70% by the Cuddy family. Although declining (as a % of liabilities) it has almost 21% of Non- interest demand accounts. $329,009,000. Loan reserves are high at 1.008% (.01008). It will be the largest Alaskan bank as soon as NBA is merged into Wells Fargo. Even in the 1980's Alakan depression they always made money. They have bought back 40,000 of their 400,000 shares this past year and retired them. Book vale is 994.49 at 12/31/99 which was before the last 30,000 share buy back. At the annual meeting they only had about 8000 shares to go to use up the 40,000 allocation. They projected earnings increasing in the third quarter. Earnings have been flat for last three years due to new computer system, new headquarters building and Y2K . I have followed for about 20 years and have increased my position by about 50X's this past quarter and will buy more if it will remain down.
My other holdings are Costco (at 15), Brk/a and Brk/b (A at 19000)B's at 2200 down to about 1500) and Westco at 30

Catalyst