After reporting a purchase of 132,775 shares at the end of
this year's third quarter,
Third Avenue Management
positions its ownership of Slavie Federal Savings Bank (
SFBI
) at 5 percent.
Slavie Federal became a mutual holding company in Dec. 2004 after
about 100 years of being a mutually owned institution.
Headquartered in Maryland, it offers a variety of financial
services including lending options, retirement planning and
investment advice.
When it was first introduced to the stock market, Slave Federal
traded at $10 per share, with 45 percent of its outstanding
common stock issued for its depositors and employee stock owners,
and the remaining 55 percent to its mutual holding parent
company, SFSB Inc.
Currently, it trades at $0.92 per share, with a market cap of
$2.44 million.
Its second quarter results indicate a decrease in net interest
income and an increase in loan loss provision. Within the three
months, Slavie's net interest income came up to $1 million,
compared to the $1.3 million in the same quarter last year. At
the same time, its loan loss provision rose to 1.2 million in for
this year's second quarter, a major jump compared to last year's
$227,000 for the same quarter.
Out of the 109 stocks in
Third Avenue Management
's portfolio, financial stocks make up the majority.
In addition to Slavie Federal, Third Avenue is 4.8 percent owner
of agriculture equipment manufacturer Alamo Group Inc. (
ALG
), 7 percent owner of manufactured housing producer Cavco
Industries Inc. (
CVCO
) and 4.5 percent owner of home furnishings retailer Haverty
Furniture Companies Inc. (
HVT
).
Third Avenue Management
was first added to the GuruFocus database in Nov. 2007. To read
more about
Third Avenue Management
's investment philosophy, visit New Guru Added: Third Avenue
Management.
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