Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Oneida Financial has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Oneida Financial's Piotroski F-Score or its related term are showing as below:
Oneida Financial Piotroski F-Score Historical Data
The historical data trend for Oneida Financial's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Sep15) TTM:
Last Year (Sep14) TTM:
Net Income was 0.295 + 1.971 + 0.473 + 0.824 = $3.56 Mil. Cash Flow from Operations was -0.09 + 4.104 + -2.108 + 2.964 = $4.87 Mil. Revenue was 13.108 + 14.057 + 13.122 + 12.814 = $53.10 Mil.
Average Total Assets from the begining of this year (Sep14)
to the end of this year (Sep15) was
(786.768 + 798.169 + 881.966 + 849.57 + 815.766) / 5 = $826.4478 Mil. Total Assets at the begining of this year (Sep14) was $786.77 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $815.77 Mil. Total Liabilities was $718.65 Mil.
Net Income was 1.622 + 1.944 + 1.429 + 1.46 = $6.46 Mil.
Revenue was 13.356 + 13.701 + 13.337 + 13.12 = $53.51 Mil.
Average Total Assets from the begining of last year (Sep13)
to the end of last year (Sep14) was
(713.533 + 742.485 + 785.098 + 777.838 + 786.768) / 5 = $761.1444 Mil. Total Assets at the begining of last year (Sep13) was $713.53 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $786.77 Mil. Total Liabilities was $691.91 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Oneida Financial's current Net Income (TTM) was 3.56.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Oneida Financial's return on assets of this year was 0.00452865. Oneida Financial's return on assets of last year was 0.00904653.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Oneida Financial's gearing of this year was 0. Oneida Financial's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Oneida Financial's current ratio of this year was 1.13513987. Oneida Financial's current ratio of last year was 1.13709422.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Oneida Financial's number of shares in issue this year was 7.047. Oneida Financial's number of shares in issue last year was 6.987.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Oneida Financial's net margin of this year was 0.06709855. Oneida Financial's net margin of last year was 0.12062264.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Oneida Financial's asset turnover of this year was 0.06749258. Oneida Financial's asset turnover of last year was 0.07499863.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Oneida Financial has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Oneida Financial Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Oneida Financial's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Oneida Financial (Oneida Financial) Business Description
Oneida Financial Corp is a Maryland corporation. The Company is the holding Company of The Oneida Savings Bank, a New York-chartered savings bank. Oneida Savings Bank's deposits are insured by the FDIC up to the maximum amount permitted by law. The Bank is a community bank engaged in the business of accepting deposits from customers through its main office and 10 full service branch offices and using those deposits, together with funds generated from operations and borrowings to make one-to-four family residential and commercial real estate loans, consumer loans and commercial business loans and to invest in mortgage-backed and other securities. Municipal deposit banking services are provided through a limited purpose commercial bank subsidiary, The State Bank of Chittenango. The Bank also sells insurance and other commercial services and products, provides employee benefit services and offers risk management services to help mitigate and prevent work related injuries through Bailey & Haskell Associates, Inc., a wholly owned subsidiary, and provides financial and investment advisory services through Oneida Wealth Management Inc., a wholly owned subsidiary. Its deposit accounts consist of savings, interest-bearing demand accounts, non-interest-bearing checking accounts, money market accounts and certificates of deposit. It also offers IRAs and other qualified plan accounts. Its primary lending area is Madison and Oneida Counties in New York and the surrounding counties and its deposit customers reside in the same area. It competes with commercial banks, savings institutions, mortgage banking firms, credit unions, finance companies, mutual funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. The Company subject to extensive regulation, supervision and examination by the Federal Deposit Insurance Corporation, the New York State Department of Financial Services and the Federal Reserve Board.
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