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  • BNCCORP Looks To Continue Its Chart-Topping Performance [View article]
    Very nice write-up, as always! You know, I'm a little timid with sale prices but this is an interesting one because the bank isn't only in North Dakota. I personally think they could solve some of their own problems by looking to sell/close the Arizona office and other small mortgage banking branches in Kansas. I can't imagine a bank with a large security portfolio is making much money from operations that only add ~14% (Arizona office) to the loan book, and if I'm wrong in that, the sale could fetch a larger price tag. These non-N.Dakota offices may also be holding back some buyers. With this in mind, almost every other player in the state is private and I think (as I'm sure you do) the multiple on tangible value that one would pay for the assets is closer to 2 (and possibly higher) than the 1.5X that you conservatively mentioned in your article. Either way, shares are on sale and unlike most other small banks, the ROE at BNCC makes waiting/no-sale profitable for investors.
    I personally would like to be a part of this long-term. Would be great to see a bank like Alerus make a bid. Short-term, we could see some oil/gas selling, long-term I am a little afraid of interest rate risk (which could affect book value/sale price).
    Nice to hear I'm in on one of your best ideas prior to announcing it. All the best!
    Dec 17, 2014. 08:51 AM | Likes Like |Link to Comment
  • National Bankshares Is In The Buy Zone [View article]
    I checked and honestly can't find information about the options, I didn't look too hard (not available on google and my broker doesn't have any listed).

    Hard to speculate but maybe because the owner saw that earnings would not beat last years performance, if timed correctly the position was a win for the holder.

    I have a screenshot of the loan portfolio in the article, mostly commercial loans.
    Dec 10, 2014. 10:21 AM | Likes Like |Link to Comment
  • The Valuation Gap Between Coca-Cola And Exxon Mobil [View article]
    Reported earnings do not equal funds available to deploy. All the best.
    Dec 3, 2014. 03:23 PM | Likes Like |Link to Comment
  • The Valuation Gap Between Coca-Cola And Exxon Mobil [View article]
    Nice article, but you may want to run those numbers again using free cash flow.
    Dec 2, 2014. 09:10 AM | Likes Like |Link to Comment
  • National Bankshares Is In The Buy Zone [View article]
    Thank you, I also appreciate your instablog posts. I'm actually working on a UBOH article, you have a great eye!
    Nov 26, 2014. 08:15 PM | 1 Like Like |Link to Comment
  • There's A Better Way To Profit From First Citizens Banc [View article]
    Thank you I appreciate the compliments. Hope you have a great holiday.
    Nov 26, 2014. 05:50 PM | Likes Like |Link to Comment
  • Is Now The Time To Buy City Holding Company? [View article]
    Thank you loonsong!
    Nov 24, 2014. 09:40 AM | Likes Like |Link to Comment
  • Update: BNCCORP, Inc. Q3 Earnings [View article]
    North Dakota operations are the main earnings driver. Majority of loan portfolio and deposits are from ND. The annual report does a good job showing everything by region:

    http://bit.ly/11BREnJ
    Nov 19, 2014. 08:08 AM | Likes Like |Link to Comment
  • Update: Valley Financial Corporation Q3 Earnings [View article]
    Thank you, may have got the direction right but I was honestly hoping this would be an option for a long time, BNCN got a good one.
    Nov 17, 2014. 03:21 PM | Likes Like |Link to Comment
  • Is It Time To Buy Citizens & Northern? [View article]
    Hello dapizz I really appreciate the compliment. In this sector you really get to see a little bit of everything and the pre-payments and early pay penalties are a regular occurrence, but typically only done by banks with a strong capital position. If you like this bank you may want to check out FCBC, similar story/situation. Thanks again.
    Nov 12, 2014. 08:05 AM | Likes Like |Link to Comment
  • Energy XXI: High Cost, High Leverage, Weak Energy Prices, Good Short? [View article]
    Thank you for the article. Guess someone's not selling today +16%...
    Nov 7, 2014. 11:23 AM | Likes Like |Link to Comment
  • Shares Of Middleburg Financial Fall As The Bank Gets Better, Does That Make It A Buy? [View article]
    Thank you Adrian you too!
    Nov 7, 2014. 11:09 AM | Likes Like |Link to Comment
  • Shares Of Middleburg Financial Fall As The Bank Gets Better, Does That Make It A Buy? [View article]
    I honestly have no clue. I try to focus on earnings but, with the bank trading at book value, I would think an acquisition has a higher probability. But again, absolutely no insight into what Sokol's plans are.
    Upside of waiting is that earnings growth = dividend growth.
    Thank you for reading, I appreciate your comments and questions.
    Nov 7, 2014. 09:57 AM | Likes Like |Link to Comment
  • Simmons First National Continues Its Charge [View article]
    Thank you Loonsong, always good to hear from you.
    Oct 30, 2014. 08:55 AM | Likes Like |Link to Comment
  • Update: OFG Bancorp's Q3 Earnings [View article]
    Thank you I really appreciate the link. Getting tested on time for sure but I couldn't agree more with your assessment. I'm a little more comfortable with financials at BPOP, but it's hard to not like OFG's upside more considering management's consistent work that goes back before the financial crisis. Thanks again for sharing your thoughts.
    Oct 27, 2014. 08:12 AM | Likes Like |Link to Comment
COMMENTS STATS
283 Comments
70 Likes