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Stephen Rosenman  

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  • BofI Holding: Powerball, Legal Settlements, Costco, MultiFamily, And Soon H&R Block's Bank [View article]
    Efficiency ratio is noninterest expense divided by interest and non interest income. An high ratio means the bank's costs are high relative to its revenue. Unencumbered by physical branches, BOFI has an extremely low overhead and, therefore, a low efficiency ratio.
    Oct 23, 2014. 05:21 PM | 1 Like Like |Link to Comment
  • Yes Virginia, The Market Can Go Down - Part I [View article]
    Bret, why only 25% in cash?
    Sep 25, 2014. 01:51 PM | Likes Like |Link to Comment
  • The Dark Side To The Buckle's Earnings Release [View article]
    The company pre-announces its revenues so no surprise is ever possible on earnings day. Buckle's outperformance today was due to the quarter's lower inventory per store despite limited promotional activity - refreshing and remarkable considering the rest of the shopping mall.
    Aug 21, 2014. 04:23 PM | 2 Likes Like |Link to Comment
  • Peregrine Semiconductor: Heed Management's Warnings Of Further Market Share Loss [View article]
    Thanks for the kind words. And you are correct about AVGO, LSI will be a major contributor to revenue. And true, SWKS is the leader.
    Aug 21, 2014. 06:53 AM | Likes Like |Link to Comment
  • Bad News Is Oversold At First Republic Bank [View article]
    Enjoyed your take.

    Frank-Dodd practically mandates a bank slowdown when it hits the $50 billion asset wall. Shares of FRC have outperformed NYCB for years now by wide margins but the Market understands growth at FRC is about to stall. Investors would rather go over that $50 billion cliff with NYCB's 6.4% dividends than FRC's 1.2% dividends.
    Aug 14, 2014. 06:41 AM | Likes Like |Link to Comment
  • Bancorp Of New Jersey: Growth At A Discount [View article]
    Agree with you, Loonsong: Not for your retirement. These micro banks are just too speculative. However, BKJ, UNTY, PKBK, TRCB, or FCCY - any or all are potential acquisition targets. Likely several will be acquired at substantial premiums, but it is equally possible the one you choose could be left without a bid. I suspect they are all open to an offer, it is just so hard to be below $1 billion asset. Whether one comes along is another story. Still, the bigger banks are looking: A performing loan is worth a lot more in their portfolio than it is in BKJ's.
    Jun 26, 2014. 09:09 PM | Likes Like |Link to Comment
  • Bank Of The Ozarks: Investing With The Smartest Banking Team [View article]
    Nice response.

    I wrote this about Gleason in 2011. It still applies.

    http://seekingalpha.co...
    Jun 23, 2014. 03:32 PM | Likes Like |Link to Comment
  • Bank Of The Ozarks: Investing With The Smartest Banking Team [View article]
    To date, OZRK has greatly expanded its Real Estate Specialties Group throughout Texas and now NYC, Atlanta, and LA. These have contributed the vast majority of the bank's organic growth. It has been a combination of choosing the right place and aggressively making complex loans with deep equity requirements.
    Jun 23, 2014. 01:26 PM | Likes Like |Link to Comment
  • Bancorp Of New Jersey: Growth At A Discount [View article]
    Thanks, ArtfulDodger. I already own a fair number of banks. While BKJ is a good one, I have reached my limit.
    Jun 23, 2014. 10:48 AM | Likes Like |Link to Comment
  • Bank Of The Ozarks: Investing With The Smartest Banking Team [View article]
    Ed,
    The 10-K helps but OZRK's conference calls are a must read. CEO Gleason is a masterful bank strategist. He reads the market like no one else. First, OZRK purchases failed banks throughout the Southeast at a massive discount and benefits from these high-yielding covered loans. Next, the bank builds a deposit factory in Arkansas, North Carolina, and Georgia and invests the money in highly lucrative CRE and construction mortgages in Texas - and later in New York, California, and Atlanta. OZRK's new move: expanding its C&I and leasing divisions - to parallel its success in CRE and construction.
    Jun 23, 2014. 10:21 AM | Likes Like |Link to Comment
  • Bancorp Of New Jersey: Growth At A Discount [View article]
    My take: The Board was taking their pay for attending meetings as stock.
    Jun 21, 2014. 10:04 PM | Likes Like |Link to Comment
  • Unity Bancorp: A Bank Ripe For The Taking [View article]
    Ed,

    They are indeed brothers and run Dallas Financial Holdings, LLC.
    Jun 12, 2014. 09:31 AM | Likes Like |Link to Comment
  • Unity Bancorp: A Bank Ripe For The Taking [View article]
    Thanks. I already own a fair number of banks. While Unity is a good one, I have reached my limit.
    Jun 11, 2014. 09:52 AM | Likes Like |Link to Comment
  • Frustrating To Value, Bank Of The Ozarks Keeps Growing [View article]
    But it does matter to investors, because the story is very much intact. The bank's CEO forecast a record next quarter NII.
    Apr 17, 2014. 01:52 PM | Likes Like |Link to Comment
  • Frustrating To Value, Bank Of The Ozarks Keeps Growing [View article]
    A couple of thoughts regarding net interest income and margin:

    1. Ozark's NIM decline was expected.
    From the Q4 call: "But our expectation is that our 2014 net interest margin will decline, but that the year-over-year decline from 2013 to 2014 will be less than the 28 basis points decline in net interest margin from 2012 to 2013." The 17 basis point sequential drop-off is within the outlook.

    Moreover, Q4's NIM of 5.63% was unusually high owing to several one-time events. This Q1 NIM was more in keeping with Q3's 5.55% NIM.

    2. It is important to remember that as Ozark originates more loans, its overall portfolio yields will decline, simply because interest rates have declined. As the bank's loan originations have been prodigious (up 29% y/y), it is remarkable overall yields have held up so well (5.93%).

    3. Additionally, the net interest income was lower because there were two fewer days in the quarter.
    Apr 17, 2014. 11:38 AM | Likes Like |Link to Comment
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