First Sound Bank (FSWA)

[Lazarus]

So I sold off all my shares here, except for a small position in one of my IRAs (that I got on the cheap).

The shareholder letter sounds rosy but I go straight to the BOTTOM LINE.

First think I will say is that their quarterly statement has all the numbers except THE AMOUNT OF SHARES OUTSTANDING -- for that I had to call the bank which I havent done recently but last time I did the OS was just under300 million (I think they told me 299 million) - and I didnt ask if there were preferreds (my bad).

So the statement doesnt show the two most critical stats:

Outstanding shares
EPS - or earnings per share.

So with the OS I can calculate the numbers; here they are:

Total bank equity = 12,233,000 or ~ .041 per share bv

Loss on the quarter of $37k

Profit on 9 months of 395,000 or ~.00132 per share

So at .07 cents the stock is trading 1.7 X book value

with an EPS of ~53

CRAZy