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ACapitalist » Comments » CTBK
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Buy Opportunities Like These Do Not Come Along Very Often [View article]
Thanks for the local color. I will keep my eye on this over the next few months.
Buy Opportunities Like These Do Not Come Along Very Often [View article]
I was very interested in CTBK, read their 10q & K and could not find where their construction exposure is located. I called them and they told me that all of their exposure was local, nothing out of Washington and most in a couple of counties where they are located. I only have a general idea of what is going on in the Washington real estate market, but from what I read it is still one of the best markets in the country with little or no drop in prices due to the strength of tech and aerospace industries. Therefore it would seem that their construction book would be better than most banks in other regions? However, their nonperforming loans have been going up quite rapidly over the past 3qs. On the positive side, they have 17+% capital and a 6% net interest margin. Not many banks like that sell for 80% of book value. Any other thoughts or perspectives on the Washington market?
Thanks
Buy Opportunities Like These Do Not Come Along Very Often [View article]
An investment in any of the Can Trusts is a bet on continued high oil/gas prices. If you are convinced that prices will stay high, you will have made a good investment. If prices drop, you probably will not. Why will a drop in energy prices result in a fall in the price of these stocks (as well as Penn)? The dividends include a return of capital and they do not retain enough cash to sustain production on a flat energy price basis. The trusts have to keep issuing more shares to buy more producing properties to keep their production growing or even flat. What investors should always look at with these stocks is the production and cash flow per share. In the near term, there is nothing to worry about as the numbers you present suggest. In the longer term it’s all about the price of Oil and gas. I am not saying you should not buy Penn. I may just do so.