11 Quick Facts About Colonial Bancgroup

I was just reading the latest CNB (CNB) 10-Q. I thought I'd post my notes up here.

• Loan portfolio is 37% RE construction, 32% commercial RE, 17% residential RE.
• FDIC insurance and other regulatory fees were $4.4m for Q2, up 258.3% yoy.
• They have a huge portfolio of securities (13% of assets): mostly CMOs, mostly AAA rated by S&P "or equivalent".
• Total nonperforming assets as a percent of loans, other real estate and repossessions is 2.62%.

-Construction loans:

• 47% FL, 9% NV
• waLTV 71%
• Residential land, development and lots are 34% of the construction category (waLTV 74%)
• "The majority of the Company’s nonperforming assets and net charge-offs during recent quarters relate to residential construction loans."
• Commercial land, development and lots are 27% of the construction category.

-Commercial RE:

• 63% FL, 4% NV
• waLTV 64%

Comments

[dndodd:]

This looks like hey are ripe for additional write downs. Do you agree?

2008 Aug 15 08:21 AM

[jimGator:]

I believe they have major residential development loans in florida that are going to be big write downs.... anyone agree?

2008 Aug 21 01:00 PM

[crackerjack:]

Looks like whoever plucked those numbers out of wherever has an eagle eye - one can only hope that s/he profited from that very good eye over the past 12 months and that s/he will grace S.A. with other golden nuggets! Sincerely, Kudos! ... To spot a "cratering" 12 months out is about as good as it gets.

Aug 14 01:43 PM