Seeking Alpha

Stephen Rosenman

 
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  • Peregrine Semiconductor: Heed Management's Warnings Of Further Market Share Loss
     • Tue, Aug. 19 PSMI 3 Comments

    Summary

    • Peregrine Semiconductor lost important share in the iPhone.
    • Other companies are gaining at Peregrine's expense.
    • It is unlikely Peregrine can succeed against better-capitalized and run companies.
  • Underwhelming Deposit Base Stymies Oritani Financial Corp
     • Fri, Aug. 8 ORIT 1 Comment

    Summary

    • Oritani Financial Corp. faces a highly competitive loan environment.
    • As a result, loan yields are falling.
    • The bank relies on expensive borrowings to fund loans, and cannot compensate by moving to low-cost deposits.
  • Simmons First: Adeptly Playing 'Let's Make A Deal'
     • Thu, Jul. 24 SFNC 3 Comments

    Summary

    • Simmons First National Corporation is ambitiously acquiring 4 banks in less than a year.
    • Three of the targets are high quality banks while the fourth was acquired at an unusually good price.
    • The acquisitions will likely more than double earnings per share.
  • Bank Of The Ozarks: What Happens When An Arkansas Bank Opens In New York City
     • Tue, Jul. 22 OZRK 6 Comments

    Summary

    • Bank Of The Ozarks is transforming from a small regional bank to a coast-to-coast financial.
    • Its already strong loan growth is accelerating.
    • The recently opened New York office has more than doubled its loans in a quarter.
  • Old Line Bancshares: Over Promising And Under Delivering
       • Mon, Jul. 14 OLBK 1 Comment

    Summary

    • Old Line Bancshares has underperformed this year.
    • Its acquisition of WSB has not lived up to expectations.
    • Until OLBK proves the wisdom of the takeover, investors are best to stay away.
  • Univest Corp. Of PA: Can The Bank Make It In The Big City?
       • Wed, Jun. 25 UVSP Comment!

    Summary

    • Univest Corp. of PA is acquiring Valley Green Bank, one of the strongest small community banks in the country.
    • Up until now, Univest has served largely rural areas in Bucks and Montgomery counties.
    • Valley Green Bank gives it an entry into Philadelphia.
  • Great Southern Bancorp: How To Build A Regional Powerhouse Without Dilution And Still Be Ignored
       • Tue, Jun. 24 GSBC 1 Comment

    Summary

    • Great Southern Bancorp is trading at valuations usually reserved for mundane community banks.
    • Great Southern just announced its fifth failed bank acquisition.
    • The bank might be ready to get its story out.
  • Bancorp Of New Jersey: Growth At A Discount
       • Sat, Jun. 21 BKJ 8 Comments

    Summary

    • Bancorp of New Jersey has underperformed its benchmark, perhaps in reaction to the death of its CEO.
    • Yet, the underlying story of growth appears intact.
    • Earnings should power share price as its newer branches mature.
  • Unity Bancorp: A Bank Ripe For The Taking
       • Wed, Jun. 11 UNTY 6 Comments

    Summary

    • Unity Bancorp has been growing its assets and taking out costs.
    • The bank recently paid off its TARP obligation.
    • This financial is worth 30% more to an acquirer.
  • Ameris Bancorp: A Crisis Is A Terrible Thing To Waste
       • Fri, May. 30 HOMB, OZRK, ABCB Comment!

    Summary

    • Ameris Bancorp has been voraciously acquiring banks throughout the Southeast.
    • The bank is inexpensive for a serial acquirer.
    • Price to earnings valuation look even more appealing on forward earnings.
  • Bank Of The Ozarks: Investing With The Smartest Banking Team
       • Wed, May. 28 OZRK 9 Comments

    Summary

    • Bank of the Ozarks has been a lending juggernaut, opportunistically expanding its loan portfolio.
    • In the past, Texas has been behind the lion's share of its organic loan growth.
    • For the first time, other regions are making significant contributions, signaling that the bank will have multiple new growth drivers.
  • Oritani Financial Corp.: Do You Go For Bank Yield In New Jersey?
       • Tue, May. 20 ORIT Comment!

    Summary

    • Oritani has rewarded shareholders handsomely with regular and special dividends.
    • It has room for even a greater capital return.
    • The strong loan portfolio has the advantage of having both longer-term durations and variable interest.
    • Its major challenge is on the deposit side.
  • Enterprise Financial Services Corp.: As Its FDIC-Assisted Portfolio Runs Off, The Bank Needs An Act II
       • Tue, May. 6 EFSC Comment!

    Summary

    • Enterprise Financial Services Corp.'s net income has been contracting as interest income declines.
    • Once a major driver of income, its high-yielding purchased credit impaired loans are quickly running off.
    • Without its PCI loan portfolio, Enterprise's earnings will underwhelm.
  • The Buckle: Being Treated Like 'Real Owners'
    Thu, May. 1 BKE 2 Comments

    Summary

    • Buckle doesn't get enough credit for its dividend policy.
    • Special dividends have been coming every year.
    • Over the last 5 years, the dividend represents an impressive 16.7% share of revenue.
  • ConnectOne Bancorp: Upcoming Merger Provides Fuel For Continued Rapid Growth
       • Tue, Apr. 29 BOFI, CNBC, CNOB Comment!

    Summary

    • ConnectOne Bancorp delivered a strong quarter the day the market sent financials down.
    • Yet, the regional bank beat estimates by 5 cents as loans grew at a 32% annualized rate.
    • The bank is near to completing its MOE with Center Bancorp, a deal to fuel ConnectOne's growth by providing a ready source of deposits.
  • Commerce Bancshares: Is The M&A Titan Awakening?
       • Tue, Apr. 22 GSBC, HOMB, OZRK 3 Comments

    Summary

    • Commerce Bancshares has a strong history of capital shareholder return.
    • However, the bank may have trouble growing its earnings.
    • After a long pause, management may be returning to M&A.
    • If the bank becomes more active acquiring other financials, Commerce would be unstoppable.
  • Home BancShares: Efficiently Taking M&A To A New Level
       • Sun, Apr. 6 HOMB 4 Comments

    Summary

    • Home Bancshares has a history of successful acquisitions.
    • The bank's purchase of Liberty Bank could accelerate earnings growth beyond expectations.
    • Another acquisition should occur this year.
  • Banc Of California: Can A Cost Meat Cleaver Cure This Bank?
       • Mon, Mar. 31 PACW, BANC Comment!

    Summary

    • Banc of California has experienced startling growth through acquisition.
    • The bank has seen runaway costs.
    • It is doubtful management can tighten their belt enough to deliver an earnings surprise.
  • Simmons First National Corporation: Acquisition Might Challenge Balance Sheet
       • Fri, Mar. 28 HOMB, OZRK, SFNC Comment!

    Summary

    • SFNC is purchasing Delta Trust & Bank, the latest in a string of acquisitions.
    • The heavy M&A coupled with an inefficient operation has stressed the balance sheet.
    • SFNC has begun to take steps to improve cost control.
    • Takeovers might need to wait.
  • Great Southern Bancorp: Revenue And Earnings Growth At A Market Discount
       • Tue, Mar. 25 GSBC Comment!

    Summary

    • Great Southern trades at a TBV and P/E discount, despite having growth and strong credit quality.
    • The bank was able to increase its loan portfolio, even though over half of its loans matured in 2013.
    • The bank has opportunistically acquired banks, branches, loan, and deposit portfolios.
  • Below Tangible Book, You Can Bank On Ambitious HomeTrust Bancshares
       • Tue, Mar. 18 BONC, JFBI, KRE 6 Comments

    Summary

    • HomeTrust has been acquiring unloved banks at rock-bottom prices.
    • The bank trades below TBV.
    • Return on assets is trending higher.
  • Lakeland Financial: Why This Boring Indiana Bank Is Beating Other Regionals
       • Tue, Mar. 4 LKFN 1 Comment
  • Banner Corporation: Profiting From The Umpqa-Sterling Merger
       • Thu, Feb. 27 BANR 3 Comments
  • First Defiance Financial: Can This Small-Town Bank Make It In The City?
       • Tue, Feb. 25 FDEF Comment!
  • Kinder Morgan Energy Partners' Equity Offering: Nothing Unusual
    Thu, Feb. 20 KMP 23 Comments
  • Home Federal Bancorp: Low-Risk Investment With Potential 30% To 48% Annualized Return
       • Wed, Feb. 19 CACB, HOME 3 Comments
  • ConnectOne Bancorp: Underfollowed Bank Hiding 30 Minutes Outside Of Wall Street
       • Wed, Feb. 12 CNBC, CNOB 2 Comments
  • Pacific Continental: Banking On Teeth, Dogs And Cataracts
       • Mon, Feb. 10 PCBK 1 Comment
  • Old National Bank: Don't Buy This Shopaholic Bank
       • Wed, Jan. 22 ONB 1 Comment
  • Coastway Bancorp: Don't Buy Into This Bank Conversion
       • Wed, Jan. 22 CWAY 50 Comments
  • Newbridge Bancorp: Get Three Banks For The Price Of One
       • Thu, Jan. 16 NBBC 7 Comments
  • Bank Of The Ozarks: Everything Is Bigger In Texas, Even For This Arkansas Bank
       • Fri, Jan. 10 CFR, FFIN, PB Comment!