TBBKBancorp, Inc.
National Commercial Banks
- Revenue
- $141M
- 21% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.9B
- Employees
- 733
- $193K revenue each
- Net debt / EBITDA
- —
- −$66M net debt
- AI in 10-K
- 2.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo116% of net incomeCash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowYes143% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$193K · 66th pctBottom quartile of its SIC industry
- Quiet on AINo2.7 per 10K words · 65th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$20K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8M | $86M | $99M | $117M | $141M | 21% |
| Net income | $111M | $130M | $192M | $218M | $228M | 4.9% |
| Operating cash flow | $84M | $120M | $187M | $210M | $265M | 26% |
| Capex | $2M | $5M | $13M | $5M | $7M | 43% |
| Stock-based comp | $9M | $8M | $11M | $15M | $20M | 31% |
| Buybacks | $40M | $60M | $100M | $252M | $378M | 50% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 8, 2021 | Castle Creek Capital Partners VI, LP | SC 13D/A | 4.9% | Passive |
| Jun 4, 2020 | Castle Creek Capital Partners VI, LP | SC 13D/A | 6.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $1M · 21
- Open-market sells, 12 mo
- $1M · 5
- Net
- $20K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $8M | 128 | 104 |
| FY2024 | $8M | $11M | 136 | 117 |
| FY2023 | $3M | $6M | 136 | 93 |
| FY2022 | $6M | $7M | 112 | 82 |
| FY2021 | $5M | $12M | 185 | 140 |