HRBK (Harbor Bankshares) Piotroski F-Score: 4 (As of Aug. 03, 2026) — 20% Below Median

Harbor Bankshares  (OTCPK:HRBK) Piotroski F-Score Explanation

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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.

Harbor Bankshares Piotroski F-Score Related Terms

The historical data trend for Harbor Bankshares'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.

Harbor Bankshares Piotroski F-Score Chart

Harbor Bankshares Annual Data
	Trend	Dec03	Dec04	Dec05	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Piotroski F-Score		Get a 7-Day Free Trial					9.00	4.00	7.00	5.00	4.00

Harbor Bankshares Semi-Annual Data
	Dec95	Dec96	Dec97	Dec98	Dec99	Dec00	Dec01	Dec02	Dec03	Dec04	Dec05	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Piotroski F-Score	Get a 7-Day Free Trial													9.00	4.00	7.00	5.00	4.00

HRBK vs OTTW, PCLB, GNRV: Piotroski F-Score Comparison

For the Banks - Regional subindustry, Harbor Bankshares's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Harbor Bankshares Piotroski F-Score vs Banks Industry

For the Banks industry and Financial Services sector, Harbor Bankshares's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Harbor Bankshares's Piotroski F-Score falls into.

How is the Piotroski F-Score calculated?

* 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.

*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.

Harbor Bankshares's current Net Income (TTM) was 1.36. ==> 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.

Score 1 if positive, 0 if negative.

Harbor Bankshares's current Cash Flow from Operations (TTM) was 1.16. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

Harbor Bankshares's return on assets of this year was 0.00344822. Harbor Bankshares's return on assets of last year was 0.00878299. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Harbor Bankshares's current Net Income (TTM) was 1.36. Harbor Bankshares's current Cash Flow from Operations (TTM) was 1.16. ==> 1.16 <= 1.36 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Harbor Bankshares's gearing of this year was 0. Harbor Bankshares'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.

Harbor Bankshares's current ratio of this year was 1.34183876. Harbor Bankshares's current ratio of last year was 1.34083291. ==> This year's current ratio is higher. ==> Score 1.

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.

Harbor Bankshares's number of shares in issue this year was 1.275. Harbor Bankshares's number of shares in issue last year was 1.256. ==> 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.

Harbor Bankshares's net margin of this year was 0.05814948. Harbor Bankshares's net margin of last year was 0.1397649. ==> 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

Harbor Bankshares's asset turnover of this year was 0.0592993. Harbor Bankshares's asset turnover of last year was 0.06284118. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Harbor Bankshares has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Harbor Bankshares Business Description