10 Bank Stock Value Picks

NEW YORK ( TheStreet) -- While the banking industry is clearly in recovery mode, numerous economic and regulatory challenges continue to pressure price multiples for some of the best-known financial players.

Using data provided by Thomson Reuters Bank Insight, we isolated the 10 actively traded bank stocks trading at the lowest multiples to consensus 2013 earnings estimates, among analysts polled by Thomson Reuters.

The stocks are limited to those with average daily trading volume of at least 50,000 shares. Our data set also excludes pure investment banks, such as Morgan Stanley ( MS), which was heavily discounted, with shares trading for less than half their tangible book value and 7.5 times the consensus 2013 EPS estimate of $1.95, based on Friday's closing price of $14.61.

Now that the large banks have finished reporting their second-quarter results, investors are focused on several key challenges and opportunities:

Narrowing margins. With the Federal Reserve committed to keeping short-term interest rates between zero and 0.25%, while the central bank continues to purchase long-term securities in an attempt to continue bringing down long-term rates, most banks are feeling the squeeze. Since the short rates have remained so low for so long, banks can no longer rely on shrinking funding costs to offset lower rates on new or renewed loans and on securities investments.

In her firm's second-quarter industry Earnings Wrap-up for 134 banks, KBW analyst Melissa Roberts said the industry saw "significant net interest margin, or NIM compression... with the median NIM at 3.76%," declining seven basis points year-over-year, and three basis points sequentially. Large regional banks suffered the most, according to KBW, with net interest margins declining by an average of 15 basis points year-over-year, while only 29% of large regionals covered by the firm saw expanding margins. Credit Quality Improvement. Large banks continued to lower their quarterly provisions for loan losses, with most releasing reserves over the past several quarters, boosting earnings performance. Roberts said that the median nonperforming assets ratio for banks covered by KBW "52 bps y/y and 17 bps q/q to 2.53%." Loan Growth. KBW said that banks covered by the firm saw average total loans grow by a median of 1% quarter-over-quarter and 4% year-over-year, with large-cap banks fairing the best, with total loans growing 7% year-over-year. Regionals have been focused on growing their profitable non-real estate commercial loan portfolios.

Another growing profit center is residential mortgage lending, with most of the new loans being quickly sold to Fannie Mae ( FNMA) and Freddie Mac, for a quick profit, as the banks remove the interest rate risk from their books. Mortgage refinancing is on fire, with the expanded Home Affordable Refinance Program, or HARP 2.0, allowing qualified borrowers with loans held by Fannie or Freddie to refinance their entire loan balances at today's historically low rates, no matter how much the value of the home has declined.

Capital growth and Basel III. Banks are still building capital, with a median ratio of tangible equity to tangible assets of 8.77% as of June 30, increasing from 8.64% the previous quarter, and 8.58% a year earlier. Most large banks are expecting to be compliant with the Federal Reserve's proposed Basel III capital rules many years in advance of January 2019, when the rules will be fully phased in. The larger banks updated their Basel III Tier 1 common equity estimates based on the Fed's capital rules proposed on June 7. On Wednesday, the Fed extended the comment period on the new capital rules by 45 days, until October 22.

Expense control. With the largest banks seeing major pressure on their trading and capital markets revenue, while the smaller banks suffer from margin pressure and slow demand in several loan categories, many banks have large, even branded, efficiency initiatives in place. A bank's efficiency ratio is, essentially, the number of pennies of overhead expense incurred for every dollar of revenue. KBW said the median second-quarter efficiency ratio in its coverage universe was 63.11%, improving from 63.65% in the first quarter, and 64.09% in the second quarter of 2011.

Return of Capital. After the Federal Reserve completed its annual stress testing of large banks' capital plans in March, many of the biggest players immediately announced dividend increases and significant stock buyback programs. Some banks were required to submit updated capital plans, and some elected to wait another year before requesting permission from the Fed. Investors are clamoring for more dividends, and buybacks, of course, lower the number of outstanding shares, which increases analysts' earnings estimates, supporting higher share prices.

Here are the 10 cheapest bank stocks, among actively traded names, to 2013 earnings estimates, counting down by declining forward P/E ratio:

10. PNC Financial Services Group
Shares of PNC Financial Services Group ( PNC) of Pittsburgh closed at $60.73 Friday, returning 7% year-to-date, following a 3% decline during 2011.

The shares trade for 1.2 times tangible book value, according to Thomson Reuters Bank Insight, and for 8.9 times the consensus 2013 earnings estimate of $6.82 a share. The consensus 2012 EPS estimate is $5.67.

Based on a quarterly payout of 40 cents, the shares have a dividend yield of 2.63%.

PNC reported second-quarter earnings of $546 million, or 98 cents a share, declining from $811 million, or $1.44 a share, during the first quarter, and $912 million, or $1.67 a share, during the second quarter of 2011.

The second-quarter results included previously announced mortgage putback charges of $284 million, or 54 cents, and $119 million in other charges for trust preferred redemptions and merger integration expenses related to the acquisition of RBC Bank (USA) in March.

PNC's net second-quarter interest margin increased to 4.08% from 3.90% the previous quarter, and 3.93% a year earlier, running counter to the trend for most large regional banks. Average transaction deposits increased by $7.8 billion during the second quarter, mainly because of the RBC transaction, while average CD deposits declined by $1.7 billion, in keeping with PNC's strategy.

Stifel Nicolaus analyst Christopher Mutascio said on July 30 that when excluding the release of loan loss reserves from forward earnings estimates, his firm likes Wells Fargo ( WFC) and PNC "best within our large cap bank universe," with the stocks "trading at 9.5x and 9.2x our reserve release adjusted EPS estimates, respectively, which puts them at a discount to the group median of 10.2x. This discount occurs despite the fact we estimate both companies' 2013 returns on average assets (WFC - 1.48% and PNC - 1.20%) will exceed the 1.00% estimated average for the remainder of the group."

PNC Chart PNC data by YCharts

Interested in more on PNC Financial Services Group? See TheStreet Ratings' report card for this stock.

9. Regions Financial
Shares of Regions Financial ( RF) of Birmingham, Ala., closed at $7.00 Friday, returning 63% year-to-date, following a 38% decline during 2011.

The shares trade for 1.1 times tangible book value, and for 8.8 times the consensus 2013 EPS estimate of 80 cents. The consensus 2012 EPS estimate is 71 cents.

Regions went through a major transition during the second quarter, redeeming $3.5 billion in preferred stock held by the government for bailout assistance received in 2008 through the Troubled Assets Relief Program, after selling its Morgan Keegan subsidiary and raising $900 million in common equity during the first quarter.

The company reported second-quarter earnings available to common shareholders of $284 million, or 20 cents a share, increasing from $145 million, or 11 cents a share during the first quarter, and $55 million, or four cents a share, during the second quarter of 2011. The second-quarter earnings were reduced by $71 million, or five cents a share, from the accelerated discount accretion on the redeemed TARP preferred shares.

Guggenheim analyst Marty Mosby rates Regions a "Buy," and on Friday raised his price target for the shares to $9.00 from $8.50, "based on the strong recovery of earnings reported in 2Q12," and on "our detailed analysis that ties returns on tangible common equity to a relative premium to tangible book value and growth in tangible book value." The analyst expects said that "a reduction of seasonal expenses coupled with the net benefit from repaying TARP pushed RF's annualized earnings power above $0.80 during 2Q12."

RF Chart RF data by YCharts

Interested in more on Regions Financial? See TheStreet Ratings' report card for this stock.

8. Bank of America
Shares of Bank of America ( BAC) closed at $7.74 Friday, returning 39% year-to-date, following a 56% decline during 2011.

The shares trade for 0.6 times tangible book value, and for 8.4 times the consensus 2013 EPS estimate of 92 cents. The consensus 2012 EPS estimate is 56 cents.

Despite the strong year-to-date return, Bank of America's shares still trade at extraordinarily low valuations because of the overhang of mortgage putback claims, mainly spring from the disastrous purchase of Countrywide during 2008. During the second quarter, total mortgage repurchase claims increased by 41% to $22.7 billion, from $16.1 billion in March, with private mortgage investors putback claims climbing to $8.6 billion from $4.9 billion.

Bank of America continues to refuse to repurchase loans from Fannie Mae, as the two companies argue over "what constitutes a valid repurchase request," -- according to Bank of America CFO Bruce Thompson.

Mosby also rates Bank of America a "Buy," but on Friday raised lowered his price target for the shares to $11 from $10, reflecting "our expectation that BAC should continue to experience a deficit return to its 17% estimated cost of capital." The new price target is "around a 30% discount to year-end 2013 tangible book value per share," he said.

Mosby makes the case that Bank of America is for long-term committed investors, as "BAC's current discount to tangible book value per share represents the potential upside once the market decides that BAC doesn't need to issue incremental capital to fund future losses from Countrywide's residential real estate overhang issues and that these future losses could be covered with future earnings."

Guggenheim believes that Bank of America will not need to raise additional common equity to comply with the Basel III capital requirements, however, "BAC still needs to accumulate capital as quickly as possible to get into compliance."

Mosby said that "that until short-term rates begin to rise BAC's earnings power is between $10 billion and $12.5 billion a year," and that the company faces "potential remaining after-tax losses of $15-$50 billion" from mortgage repurchases. "While our best-case scenario could be funded with about one year's earnings, the worst-case scenario would likely create a $2 haircut to BAC's year-end estimate tangible book value per share of $14," he said.

BAC Chart BAC data by YCharts

Interested in more on Bank of America? See TheStreet Ratings' report card for this stock.

7. Capital One Financial
Shares of Capital One Financial of McLean, Va., closed at $56.10 Friday, returning 33% year-to-date, following a flat return during 2011.

The shares trade for 1.4 times tangible book value, and for 8.1 times the consensus 2013 EPS estimate of 6.93. The consensus 2012 EPS estimate is $6.21.

The company on July 18 reported second-quarter earnings of $92 million, or 16 cents a share, declining from $1.4 billion, or $2.72 a share, in the first quarter, and $911 million, or $1.97 a share, during the second quarter of 2011.

The second-quarter results were hit by $210 million in customer refunds and fines related to credit card settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which were also announced on July 18. Capital One was force to pay the refunds and fines because of inadequate monitoring of third-party contractors' sales efforts for credit protection and credit monitoring products, to credit card customers.

Second-quarter results also included expenses of $174 million to establish reserves and loan premium amortization charges of $63 million related to the company's second-quarter purchase of HSBC's ( HBC) $27.6 million credit card portfolio.

The first-quarter results included a bargain purchase gain of $594 million on the purchase of ING Direct (USA) from ING Groep ( ING).

No doubt analysts are looking forward to a "cleaner" third quarter for Capital One's financial reporting.

Mosby rates Capital One a "Buy," with a $67 price target, estimating the company will earn $6.10 a share for all of 2012, followed by EPS of $7.25 in 2013. The analyst said on Friday that his price target "is based on our detailed analysis that ties returns on tangible common equity to a relative premium to tangible book value and growth in tangible book value." The $67 price target "would be 52% above our estimate of COF's 2013 year-end tangible book value per share," he said.

COF Chart COF data by YCharts

Interested in more on Capital One Financial? See TheStreet Ratings' report card for this stock.

6. JPMorgan Chase
Shares of JPMorgan Chase ( JPM) closed at $36.97 Friday, returning 14% year-to-date, following a 20% decline during 2011.

The shares trade for 1.1 times tangible book value, and for 7.1 times the consensus 2013 EPS estimate of $5.23. The consensus 2012 EPS estimate is $4.70.

Based on a quarterly payout of 30 cents, the shares have a dividend yield of 3.25%.

The company on July 13 reported a second-quarter profit of $5 billion, even after absorbing $4.4 billion in trading losses, from the now infamous hedging activities of the company's Chief investment office. During JPMorgan's second-quarter earnings conference call, CEO James Dimon said that the company had "significantly reduced the total synthetic credit risk in CIO," and that "hopefully, if all goes well, we can start buying back stock early in the fourth quarter."

The Federal Reserve in March had approved a plan by JPMorgan to increase its quarterly dividend by a nickel a share to 30 cents, along with $12 billion in common share repurchases s during 2012, followed by another $3 billion in buybacks during the first quarter of 2013. The buybacks were suspended in May, when JPMorgan first announced the CIO trading losses.

When the company on Thursday filed its second-quarter 10-Q report with the Securities and Exchange Commission, JPMorgan Chase pushed back the planned resumption of share buybacks to the first quarter of 2013, "subject to the Board's completion of its work on CIO and the Firm's receiving no objection from the Federal Reserve to the re-submitted capital plan."

KBW analyst David Konrad rates JPMorgan Chase "Outperform," with a $49 price target, and on Friday lowered his EPS estimates for the company slightly, to $4.70 for 2012 and $5.45 for 2013. Konrad said his firm's estimates now "assume no buyback for the remainder of 2012 and $9.7 billion in 2013."

JPM Chart JPM data by YCharts

Interested in more on JPMorgan Chase? See TheStreet Ratings' report card for this stock.

5. Oriental Financial Group
Shares of Oriental Financial Group ( OFG) of San Juan, Puerto Rico, closed at $10.74 Friday, declining 10% year-to-date, following a 1% decline during 2011.

The shares trade for 0.7 times tangible book value, and for 6.5 times the consensus 2013 EPS estimate of $1.65. The consensus 2012 EPS estimate is 84 cents.

Based on a quarterly payout of six cents, the shares have a dividend yield of 2.23%.

Oriental Financial Group had total assets of $6.4 billion as of June 30, with 30 branches throughout Puerto Rico.

The company on June 28 announced a deal to purchase the Puerto Rico banking operations of Banco Bilbao Vizcaya Argentaria, SA ( BBVA) for "$500 million in cash, approximately a 3% premium to tangible book value." Oriental also announced that it had raised $84 million through a private offering of noncumulative convertible perpetual preferred shares with a coupon of 8.75%, with a strike price of $11.77, "as a first step in raising an estimated $150 million in Tier 1 capital." The company said it would pay for the remainder of the BBVA Puerto Rico purchase with "its own excess capital."

BBVA Puerto Rico had $5.2 billion in assets, with $3.7 billion in loans, $3.3 billion in deposits and roughly 950 employees, as of March 31. Oriental expects the merger to be completed by the end of the year.

KBW analyst Derek Hewett rates Oriental Financial Group "Outperform," with a $15 price target, and estimates the company will earn 40 cents a share for all of 2012, followed by EPS of $1.65 in 2013.

Hewett in July called the BBVA Puerto Rico acquisition a "transformational deal that allows OFG the opportunity to remix its balance sheet at a reasonable cost." The analyst expects the deal "to be highly accretive to EPS and we believe over time, OFG will shed its current discount valuation relative to U.S. mainland bank peers."

OFG Chart OFG data by YCharts

Interested in more on Oriental Financial Group? See TheStreet Ratings' report card for this stock.

4. Popular, Inc.
Shares of Popular, Inc. ( BPOP), of Hato Rey, Puerto Rico, closed at $15.58 Friday, returning 12% year-to-date, following a 56% decline during 2011.

The shares trade for half their reported June 30 tangible book value of $31.74, and for 6.5 times the consensus 2013 EPS estimate of $2.40. The consensus 2012 EPS estimate is $2.03.

The company owes $935 million in TARP money.

Popular reported second-quarter net income applicable to common stock of $64.8 million, increasing from $47.5 million in the first quarter, but declining from $109.8 million during the second quarter of 2011.

The main item driving the sequential improvement and year-over-year decline in earnings was Federal Deposit Insurance Corporation loss-share coverage of assets acquired from the failed Westernbank Puerto Rico in April 2010. Popular booked $2.3 million in loss-share income on During the first quarter, compared to loss-sharing expenses of $15.3 million in the previous quarter, and loss-share income of $38.7 million a year earlier.

Morgan Stanley analyst Ken Zerbe rates Popular "Overweight," saying the company has "made meaningful progress in addressing its sizable credit issues by aggressively building reserves, shrinking its US business, and raising capital (T1C is now 12.3%)."

"While commercial and residential credit in Puerto Rico remain weak, Popular has returned to profitability, has the dominant franchise in Puerto Rico, and an attractive valuation that more than reflects potential credit concerns."

BPOP Chart BPOP data by YCharts

Interested in more on Popular, Inc.? See TheStreet Ratings' report card for this stock.

3. Citigroup
Shares of Citigroup ( C) closed at $28.90 Friday, returning 10% year-to-date, following a 44% decline during 2011.

The shares trade for 0.6 times tangible book value, and for 6.4 times the consensus 2013 EPS estimate of $4.54. The consensus 2012 EPS estimate is $4.09.

For very patient investors, Citigroup could turn into a capital return story. The company reported in its second-quarter 10-Q filing on August 3 that it had "$51 billion of net deferred tax assets at June 30, 2012," and that "approximately $11 billion of such assets were includable without limitation in regulatory capital pursuant to risk-based capital guidelines, while approximately $35 billion of such assets exceeded the limitation imposed by these guidelines and, as 'disallowed deferred tax assets,' were deducted in arriving at Tier 1 Capital."

As Citigroup continues to turn profits and winds down its Citi Holdings Subsidiary, there's quite a bit of potential for excess capital to be returned to investors.

Atlantic Equities analyst Richard Staite had said on July 17 that "given that Citigroup has $151bn of tangible common equity but only needs $88bn to run Citicorp it shows that there is a further $63bn that is currently trapped within Citi Holdings and the DTA."

"This is capital that should be available to be returned to shareholders at some point assuming the group can utilize the DTA and that the $10bn of loan loss reserves within Holdings is sufficient to cover losses," Staite said, adding that the "timing of the capital return is highly debatable and clearly the Fed took a cautious view early this year."

"Nevertheless," he said, "the fact that the Basel III Tier 2 common equity ratio has reached 7.9%, the same as JP Morgan bodes well for the start of a capital return in 2013."

Staite's price target for Citigroup's shares is $44.

C Chart C data by YCharts

Interested in more on Citigroup? See TheStreet Ratings' report card for this stock.

2. BankFinancial Corp.
Shares of Bank of BankFinancial ( BFIN) of Burr Ridge, Ill., closed at $7.66 Friday, returning 39% year-to-date, following a 42% decline during 2011.

Brian Martin of FIG Partners is the only sell-side analyst covering BankFinancial.

The shares trade for 0.8 times tangible book value, and for 5.7 times the FIG's 2013 EPS estimate of $1.35. FIG's 2012 EPS estimate is three cents.

BankFinancial had $1.5 billion in total assets as of June 30. The company reported second-quarter earnings of $798 thousand, or four cents a share, declining from $2.3 million, or 12 cents a share, in the first quarter, and $1.0 million, or five cents a share, during the second quarter of 2011.

The second-quarter results reflected continued declines in net interest income, as "loan portfolio balances declined in all categories except consumer loans," according to the company. BankFinancial also said in its second-quarter 10-Q filing that "residential loan balances declined due to scheduled loan amortizations and prepayments of our adjustable-rate loan portfolio," while "multi-family loan balances declined due to intensified pricing and underwriting competition, including the entry of new competitors into the sector."

Second-quarter net interest income declined to $14.7 million, from $15.4 million the previous quarter, and $17.1 million, a year earlier. Noninterest income declined to $1.4 million in the second quarter, from $1.8 million in the first quarter, and $1.9 million in the second quarter of 2011.

The company said that "non-interest income was lower in the second quarter of 2012 due to certain transient factors in our mortgage banking operations and some expenses related to facilities management," and that it was continuing "to evaluate the expansion of non-interest income sources, particularly related to insurance and trust services, to offset any potential future adverse impact associated with the Dodd-Frank Act."

BankFinancial's June 30 ratio of nonperforming assets to total assets was a rather high 6.00%, increasing from 5.32% a year earlier.

The company did have some positive things to say in the 10-Q, seeing "good prospects" for growth in its multifamily loan portfolio in the second half of the year, adding that "we believe that the commercial real estate loan portfolio balances will stabilize at the current levels with some possibility for growth by the end of 2012," and that its commercial and industrial loan balances, which "declined primarily for cyclical reasons due to state government health care payables practices," would "gradually to their customary balances over the next three to six months."

Martin has a neutral rating on BankFinancial, and says that "over the last couple of quarters, their credit numbers have been negatively impacted as the company has transitioned from the Office of Thrift Supervision to the Office of the Comptroller of the Currency," which takes a more conservative view on asset concentrations and on identifying problem credits.

BankFinancial "has identified its problem assets and is working through them," according to Martin, who sees a potential turnaround story unfolding for long-term investors, as the company appears "to have ample capital to work through their problems absent another leg down in the economy. Importantly, the company did not accept TARP nor has it raised common equity during the cycle and diluted their shareholders as many of their competitors have."

BankFinancial reported a ratio of total equity to total assets of 13.33% as of June 30, and its main thrift subsidiary had a very strong Tier 1 leverage ratio of 11.27%. Both of these ratios have risen significantly during 2012.

Martin expects the company will "execute a loan sale during the second half of this year," to clear out a portion of the problem loans, and even though "they will likely lose money that quarter," the analyst says that "from that quarter forward, they should demonstrate sustained profitability and growth in tangible book."

BFIN Chart BFIN data by YCharts

Interested in more on BankFinancial? See TheStreet Ratings' report card for this stock.

1. Doral Financial
Shares of Doral Financial ( DRL) of San Juan, Puerto Rico, closed at $1.05 Friday, returning 9% year-to-date, following a 31% decline during 2011.

Joe Gladue of B. Riley is the only sell-side analyst covering Doral.

The shares trade for less than half their June 30 tangible book value, and for 2.1 times B. Riley's 2013 EPS estimate of 51 cents. B. Riley's 2012 EPS estimate is 28 cents.

Doral reported a second-quarter net loss attributable to common shareholders of $4.0 million, or three cents a share, following what was essentially a break-even first quarter, with a $189,000 profit to common shareholders. In the second quarter of 2011, the company reported net income attributable to common shareholders of $2.1 million, or two cents a share.

Second-quarter net interest income totaled $54.1 million, increasing from $52.1 million the previous quarter, and $45.5 million a year earlier, as total interest income increased slightly, while interest expenses declined.

Noninterest income during the second quarter totaled $21.3 million, increasing from $16.6 million in the first quarter, but declining from $38.8 million in the second quarter of 2011, when the company booked 14.8 million in gains on securities held for sale.

Noninterest expense increased to $64.3 million in the second quarter, from $57.5 million the previous quarter, and $59.3 million a year earlier, with the year-over-year increase "due largely to increases in professional services expenses of $4.9 million and of $3.0 million in repossessed real estate related expenses, partially offset by an aggregate decrease in $0.5 million in the remaining expenses."

Doral had $8.3 billion in total assets as of June 30. Reflecting the troubled state of Puerto Rico's economy, which has "contracted nearly 13% since the beginning of fiscal year 2007," according to the company, the bank had $772.1 million in nonperforming loans as of June 30, excluding government-guaranteed balances.

The company's main subsidiary Doral Bank on Wednesday entered into a consent order with the FDIC, agreeing to maintain respective Tier 1 leverage, Tier 1 risk-based, and total risk-based capital ratios of 8%, 10% and 12%, and also require the bank to "obtain a waiver from the FDIC before accepting new brokered deposits." Doral "estimates it is currently in compliance with the capital ratio requirements."

The holding company expects to enter into a similar agreement with the Federal Reserve Bank of New York.

Gladue on Friday reiterated his "Buy" rating for Doral, but lowered his price continues to rate Doral a "Buy," with a 12-month price target of $2.00, saying that the company's higher expenses "may delay the time when DRL can reverse substantial amounts of its DTA valuation allowance."

Doral reported a total deferred tax asset valuation allowance of $321.4 million for the holding company and its Puerto Rico banking division as of June 30, and would need to show significant and steady profits in order to reverse the allowance and recapture some or all of the value in earnings.

Gladue also said that the company's "repeated negative earnings surprises will likely cause a considerable discount to peers and to tangible book value for the foreseeable future."

The analyst says that Doral Bank's consent order is "not unlike a lot of other orders we have seen in this credit cycle. Clearly Doral has a high level of NPAs much like most of the other banks in Puerto Rico do." Gladue did say that he was "a little surprised that the order comes this late in this cycle."

Gladue still likes Doral's prospects for investors, saying that "if the company can improve profitability as we expect, the valuation discount should eventually grow smaller, leading to significant upside."

DRL Chart DRL data by YCharts

Interested in more on Doral Financial? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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