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  • Morgan Stanley: BofA a buy even without higher rates [View news story]
    I'd be buying with your money too! ;)
    Sep 3, 2015. 03:08 PM | Likes Like |Link to Comment
  • Morgan Stanley: BofA a buy even without higher rates [View news story]
    But are they buying?
    Sep 3, 2015. 12:35 PM | 1 Like Like |Link to Comment
  • Republic Bancorp Is Stalling Out [View article]
    Thanks for sharing that bit of insight, I don't live in the area and appreciate these details because they do tend to bleed into the financials, as you pointed out.
    Aug 28, 2015. 01:04 PM | Likes Like |Link to Comment
  • Territorial Bancorp Continues To Quietly Add Value [View article]
    I forgot to mention this in the article, but Junius has some great articles on small banks that are worth reading. Relevant to this discussion are the ones on CPF.
    http://bit.ly/1KMEjtW?s=junius
    Aug 3, 2015. 02:28 PM | Likes Like |Link to Comment
  • Flagstar Bancorp's Turnaround Has Potential For Above Average Returns [View article]
    Morning pieniadze48304, thanks for the comment. I didn't actually mention the warrants because they expire in Jan-19 and have a strike of $62. Its unlikely the stock will get to this by then.

    Sorry this wasn't mentioned, I have to filter out a lot of my research here and just want to make sure you got that I was only talking about the outstanding preferred shares. The issue with the deferred payments doesn't involve the common stock warrants that were issued at the same time (and sold separately as you said).
    Thanks again for the shareholder info, I don't typically look into this that much but it is an important aspect to follow. 
    Aug 3, 2015. 11:18 AM | Likes Like |Link to Comment
  • Flagstar Bancorp's Turnaround Has Potential For Above Average Returns [View article]
    I hope that means you found something you liked. My fellow bank followers are a quiet bunch.
    Jul 31, 2015. 07:57 PM | 2 Likes Like |Link to Comment
  • ADT: Attrition Naturally Falling, Upside Remains Significant [View article]
    Thanks for the write-up Terrier, I always enjoy reading your work.

    I go back and forth on this one but was wanting to know what you thought about COF after the recent pull-back. I think I got in on the warrants around the same time you started writing about them, tempting to add here. Not the right comment section but thanks again for the article on ADT.
    Jul 31, 2015. 08:40 AM | Likes Like |Link to Comment
  • First Connecticut Bancorp Is At A Crossroads [View article]
    Thank you for sharing I really appreciate the detail you provided. It does take time to grow margins after conversion but the bank appears to leave no stone un-turned, as I hope I got across in the article. It will be interesting to see how this plays out, I just lose a little confidence when I start to think a more focused effort is required and goals start to point in different directions. For example, continuing the buyback program while adding debt to grow assets. This is just my preference but at least the bank has options. Thanks again, I'm glad you liked the write-up.
    Jul 30, 2015. 11:36 AM | Likes Like |Link to Comment
  • National Bank Holding Corporation Keeps Adding To Its Core [View article]
    Thank you Loonsong I will definitely check out SONA, I appreciate the feedback.
    Jul 29, 2015. 10:33 AM | Likes Like |Link to Comment
  • Chemung Financial's 4% Yield Is On Sale [View article]
    Thank you pgace, if you check it out and find anything I missed or got wrong please let us know.
    Jul 28, 2015. 04:23 PM | Likes Like |Link to Comment
  • National Bank Holding Corporation Keeps Adding To Its Core [View article]
    Thank you Loonsong. If you are open to sharing, are there any interesting names that you've been looking at lately?
    Jul 28, 2015. 08:15 AM | Likes Like |Link to Comment
  • Will Cashmere Valley Bank's Above Average Growth Lead To A Higher Dividend? [View article]
    Thank you loonsong, looks like your agricultural risk alarm was on point. I really got close to adding this one but I'm still building a couple other positions. Thanks again.
    Jun 20, 2015. 08:13 AM | Likes Like |Link to Comment
  • Bridge Bancorp: Growth At All Costs [View article]
    Hello Yuanxi, the merger closed on the 19th.
    Jun 20, 2015. 08:11 AM | 1 Like Like |Link to Comment
  • Bridge Bancorp: Growth At All Costs [View article]
    Thank you loonsong, as always. I think my new goal in life is to cover a bank you haven't already reviewed. Hope you like the Cashmere write-up, its a solid bank.
    Jun 17, 2015. 10:20 PM | Likes Like |Link to Comment
  • California Republic Bancorp: The Little Engine That Might [View article]
    Gary, thanks for the write-up, looks like our valuations did differ in the end after all. You took a heavy hand here by discounting the bank's past earnings, and not their future ones. Why is that? I agree with the assumptions and your conclusion about ARBV, but don't understand how the same framework produces such a different valuation here. CRPB is growing faster and has a ROE that is 29.4% larger than the one you calculated for ARBV, and that's after you increased/'normalized' some of CRPB's costs, but you conclude ARBV deserves a larger premium. 
    My concerns: You more than doubled the charge-off and interest rate by 'normalizing' them, then applied them to the past (a huge difference that created a higher efficiency ratio). You also forgot to mention the growing servicing rights and sec. sales. Your economies of scale graph indicates no benefit from larger headcount when security sales is up 115% to employees 61%, and the bank's pace in the first quarter would improve the 2014 number by 40%, making the two year increase 286%. I don't think this is a good judge of economies of scale to begin with, but it's doubtful the number of employees will have to increase by this much to produce said result. 
    Jun 16, 2015. 12:23 PM | Likes Like |Link to Comment
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339 Comments
90 Likes