Small Community Banks: High Dividends, Low Valuation

I ran a broad screen across the entire market but ended up honing in on an area that I generally feel might be neglected by investors: Small-Cap Banks. My thinking has been that Banks are only now starting to draw attention from investors - they lagged terribly in both 2009 and 2010. During Q4, the tide may have turned. Here is the screen I ran:

• Dividend Yield > 2%
• Dividend Increases in Past 5 years: 5
• Payout Ratio < 50%
• Net Debt to Capital < 20%
• Earnings Growth > 5% over past year
• Price to Tangible Book < 2X

 Here are the results:  Click to read entire post