5. Flushing Financial ( FFIC) of Lake Success, N.Y., was the most expensive relative to book value of the group of five, although the price-to-tangible book ratio was a low 1.15, according to SNL Financial. Shares closed at $14.04 Tuesday, down 4.5% during May, but up 17% year to date.

Shares are yielding 4% on a quarterly dividend payout of 13 cents.

While the thrift has experienced some asset-quality deterioration during the credit crisis, Flushing's loan losses have been minimal. Nonperforming assets comprised 2.16% of total assets as of March 31, but the annualized net charge-off ratio for the first quarter was just 0.28%, with charge-offs of just 0.33% in 2009.

Shares appear very inexpensive at nine times projected earnings for 2012, especially when you consider that they traded at 17 times earnings at the end of 2006.

With a good dividend payout and so much potential based on value, Flushing is another good, conservative play for investors looking for bargains.

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