PLBC
Results weren't as good as the looked I was a seller today, got out all of my shares at $9.00-$9.25 area, this is all about "Normalizing Earnings a quote that you love" and the "Quality of Earnings".
On the normalizing earning front. Earnings were not .27, because there was a 200k one gain on a prepayment fee. So essentially earnings would of been about .24 down from .27 last quarter.
On the Quality of Earning front. PLBC asset quality was always a little subpar to other banks I own. But asset quality got worse sequentially, and the provision this quarter went up to 350k reflection more loans going bad. so far something that needs to be watched, not something that needs to be alarmed. But a concern.
So essentially FV right now is somewhere in the mid 9's to 10 (10 times .24*4). at $9.25 not much upside left, and one knows I'm a stickler for asset quality and NPA are now approaching 2%.
On a positive note, they were optimistic. Loan growth was up again, so earnings could easily rebound into the upper 20's but comps are gonna start getting rougher, and if provision need to climb y/y next year because asset quality is deteriorating that is and issue in my opinion. It has been a nice ride since my buying in the low to mid 7's. Onto the next. All is just my opinion, and I could always be wrong though.
