Stock Analysis Report

Executive Summary

Andover Bancorp, Inc. operates as the bank holding company for Andover Bank that provides various banking products and services.

Snowflake Analysis

Flawless balance sheet and fair value.

Similar Companies

Share Price & News

How has Andover Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: ANDC has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: ANDC exceeded the US Banks industry which returned -26% over the past year.

Return vs Market: ANDC exceeded the US Market which returned -8.1% over the past year.

Shareholder returns

7 Day-3.2%14.6%9.4%
30 Day-7.2%-4.4%-3.9%
90 Day-13.8%-33.9%-16.5%
1 Year-8.1%-11.5%-22.0%-24.3%-4.8%-6.8%
3 Year-16.9%-24.6%-8.3%-15.1%23.4%15.2%
5 Yearn/a16.7%3.3%41.3%25.7%

Price Volatility Vs. Market

How volatile is Andover Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Andover Bancorp undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ANDC ($20.19) is trading below our estimate of fair value ($28.75)

Significantly Below Fair Value: ANDC is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: ANDC is poor value based on its PE Ratio (13x) compared to the Banks industry average (8.8x).

PE vs Market: ANDC is good value based on its PE Ratio (13x) compared to the US market (13.3x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ANDC's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: ANDC is overvalued based on its PB Ratio (1.1x) compared to the US Banks industry average (0.8x).

Next Steps

Future Growth

How is Andover Bancorp forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Andover Bancorp has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

  • Examine whether Andover Bancorp is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on the OTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Andover Bancorp's filings and announcements here.
  • Explore growth companies in the Banks industry.

Past Performance

How has Andover Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ANDC has high quality earnings.

Growing Profit Margin: ANDC's current net profit margins (24.4%) are lower than last year (24.8%).

Past Earnings Growth Analysis

Earnings Trend: ANDC's earnings have grown by 2.5% per year over the past 5 years.

Accelerating Growth: ANDC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ANDC had negative earnings growth (-2.6%) over the past year, making it difficult to compare to the Banks industry average (10.8%).

Return on Equity

High ROE: ANDC's Return on Equity (8.7%) is considered low.

Next Steps

Financial Health

How is Andover Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: ANDC's level of assets compared to its equity is moderate.

Allowance for Bad Loans: ANDC has a sufficient allowance for bad loans.

Low Risk Liabilities: ANDC's liabilities are made up of primarily low risk sources of funding.

Loan Level: ANDC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ANDC's loans are broadly funded by customer deposits.

Level of Bad Loans: ANDC has an appropriate level of bad loans (0.43%)

Next Steps


What is Andover Bancorp's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ANDC's dividend (3.62%) is higher than the bottom 25% of dividend payers in the US market (1.89%).

High Dividend: ANDC's dividend (3.62%) is low compared to the top 25% of dividend payers in the US market (5.26%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ANDC has been paying a dividend for less than 10 years.

Growing Dividend: ANDC's dividend payments have increased, but the company has only paid a dividend for 2 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.9%), ANDC's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Stephen Varckette

no data


Mr. Stephen E. Varckette has been President at Andover Bancorp, Inc. and The Andover Bank (Andover, OH) since May 2014 and serves as their Chief Executive Officer. Mr. Varckette served as Executive Vice Pr ...

Board Members

Stephen Varckette
Presidentno datano datano data
Martin Cole
Chairman of the Board5.92yrsno datano data
Robert Taylor
Directorno datano data0.53% $226.2k
Stuart Cordell
Director5.08yrsno data0.11% $46.8k
Nicholas Jammal
Directorno datano datano data
Richard Mole
Directorno datano data0.18% $77.8k
A. Morrow
Directorno datano datano data
Edward Pollander
Directorno datano datano data
Sanford Baumgardner
Director Emeritusno datano datano data


Average Tenure

Experienced Board: ANDC's board of directors are considered experienced (5.9 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Andover Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

Number of Employees


  • Andover Bancorp, Inc.
  • 600 East Main Street
  • P.O. Box 1300
  • Andover
  • Ohio
  • 44003
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ANDCOTCPK (Pink Sheets LLC)YesCommon StockUSUSDMay 1997


Andover Bancorp, Inc. operates as the bank holding company for Andover Bank that provides various banking products and services. The company offers savings and checking accounts; mortgages; certificates of deposit; and individual retirement accounts. It also provides home equity loans; home equity lines of credit; auto, recreational vehicle, boat, motorcycle, and ATV loans; loans secured by personal savings and certificates of deposit; personal unsecured loans; unsecured personal line of credit for overdraft protection; business loans; commercial real estate loans, equipment loans, and lines of credit; and MasterCard and Visa cards. In addition, the company provides overdraft protection, debit cards, night depositary, safe deposit boxes, Internet banking, cash management, lockbox, ACH and wire services, remote deposit capture, automatic account transfer and payments, retirement accounts, and merchant card processing services. As of October 1, 2015, it operated 13 offices in Ashtabula and Lake County, Ohio; and Erie County, Pennsylvania. The company was founded in 1884 and is based in Andover, Ohio. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/10 08:51
End of Day Share Price2020/04/09 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.