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I guess a drop in pps is always something of a butt kick but I'm not worried about it in the least. I would be if I had been planning a quick flip but I don't plan to sell BCAR until next year, if then. I still think we are looking at a threebucker by the end of 2013.
Yep, I was probably premature in buying yesterday - obviously. But for every sale, there is a buyer. But someone had enough confidence to scoop 9640 shares this morning at .80
Geezzz... IA, now it looks like 10 steps forward and 9 1/2 steps back. :)
I hope so, too.
Based on the current downward trend... I'm a bit scared too but I'm holding on to my shares through this. I may be tempted to add more...
WOW. They save almost 1 mil. in salaries in the first half of the year and still put out these unimpressive 2nd qtr. numbers?... hope the CEO is right about what he said at the annual meeting.
This article may have spooked local investors: http://www.news-record.com/news/north_carolina/article_8c14e292-f90c-11e2-9252-0019bb30f31a.html
Liquor store on the way home...
Rough Day, IA may need a few Dark n' Stormies.
Yeah, I hear ya. Can be addicting with all the micro banks to choose from. Looking to buy more BCAR below .65. Sorry about that, but hope your line holds.
at least not for the immediate presence...[update] LOL. I was looking at MOLB at .67 on the ask. I need to turn this machine off... Get pains and heart palpitations on the left side...
OK, that makes it more public. Just picked up the 4400 at .72. Hope that was a smart move...in the long run.
8k came out today on EGAR announcing the 2nd quarter results. Maybe this is the reason for the sudden dive. Well at least it appears to be another buying opportunity. :{
WOW! is right. I go out to lunch and come back to this! Hope I can keep it down this afternoon - lunch, that is.
Yeah, you're right about that.... Didn't expect this to happen.
As I understand the court filings, Renegade had paid up everything on the line of credit by last year. The original loan amount was $3.65 million of which we can assume some has been paid as the loan is several years old. At the time of the bankruptcy filing (2009), there was about $3.25 million outstanding. Escrow accounts had been set-up to pay creditors through the bankruptcy proceedings, so that amount presumably was paid down some.
I did some calculations over the weekend using a "what's missing" calculator (http://www.hughchou.org/calc/missing.cgi). In Renegade's Feb 2013 amended reorg plan, it was proposed to pay all creditors over a 48 month period. Renegade's BCAR loan was at 6.25% and the proposed payment was $48,580 per month. Knowing that, it calculates principal at $2.06 million at the time. Assuming (that's all I can assume at best) that Renegade was paying at this rate, they would have made $291,480 in payments between Feb thru July 2013, leaving a balance of $1.77 million. iF $1.16 million is secured, then the write off is only $608K. As part of BCAR's consent letter, they may have already written off the whole loan as doubtful back in 2011 and any thing they make back counts as a recovery as I understand it.
But, I'm not a banker and I could be completely wrong or off-base on those figures. Wouldn't be the first time - first wife, 1985 summer fling, 1991 job, first house, 2006 re-lo/job and a couple other items even my own brother doesn't know about.
Would be nice if they could get the disputed money along with the true amount owed. But I'd settle for a 3-4 mil. total payout.
BCAR's portion of Renegade bankruptcy proceeds. Estmated $1.116 million.
Filed on Friday (July 26) in the middle district NC BK Court by various state's attorneys general who are party to the suit, objecting to the interim payment of fees to various lawyers.
2. After over four years of being in Chapter 11 bankruptcy, the Debtors have failed to confirm any of their many, court-filed plans of reorganization, have failed to consummate an eleventh-hour stock sale negotiated by them, and are now in the process of winding down business operations. Significant administrative expenses have accrued during this case and the Bank of the Carolinas asserts a blanket lien on the Debtors’ assets. Together, these claims alone total about $7 million, as set forth below.
Administrative Expenses
Disputed FET $5,089,327
PTM equipment rent $760,125
MO Escrow $205,055
Carolina Bank $50,000
Secured Claims
Bank of the Carolinas $1,116,401
$7,220,908
yeah, but thinly traded, so doesn't take much to swing one way or the other. I still want to know where the difference between the bank itself only losing $127K (call report) and the holding company declaring a $955K loss. I figure/guees that management salaries come thru the holding company, but that should be about $300K. I suppose that the audit fees for the 2013 10K were paid in the second quarter as that is when the work was finished and filed. No idea how much that is.
I was thinkin' and hoping that this wasn't gonna happen today... We're doing the slow downward crawl.
I need to check on what is happening with the Renegade bankruptcy liquidation and still trying to figure out how much BCAR's payday will be since they are a secured creditor.
Yeah, agreed. But these guys better pull a rabbit out of their hat by next quarter’s report and impress, or else the magician may just have to do a disappearing act to avoid the tomatoes. (:o
Yep, no run on the bank. Tells me a couple of things.
We must have a lot of long-term investors. Perhaps many traditional types of holders who have held this for years and bought at higher levels.
With no panic selling, I don't think a lot of people, particularly traders, know about BCAR.
JMO FWIW.
So far so good. No apparent run on the stock. I was hoping a little bit for another buying opportunity. :(
GM fellow bankaholics. Let's see if we have a BCAR hangover this morning.
Yep, but you're a fellow bankaholic like the rest of us in the Bank Recovery Room!
I read them. I am a glutton for self-abuse and abasement.
Yeah, I got to take the CEO's comments at face value. At the time of the meeting, BCAR was trading at .50. I didn't expect it to get to these prices before early 2014. My expectation was that 2013 would be a relatively flat year, with next year being the beginning of a significant rise. But, I'm not unhappy at these prices. We'll have to see what unfolds over the next 4 weeks or so. By then, the formal 10Q will have been filed and we'll see what the average investor does. I'm not sure everyone reads call reports - just the astute members of our bankaholics group and a few others.
You could be right. IA did say that the CEO at the annual meeting said that the shareholders would be happy in 3 to 6 months. So it's got to be either what the CEO perceives as a great 2nd half or some kind of acquisition or merger. So I too am willing to wait it out.
I'm not worried. I don't think this stock is moving upward because of an earnings report. There's something more to it. Now, I have no idea as to what that may be, but I'm willing to bet that we won't see much of a dip if any. Just my take, this started moving upward long before any report was anticipated and I don't think that 'trend' upward will stop now.
Isn't that a negative number since it's bracketed?
Yeah, big surprise. According to the call report the bank itself only lost $127K, so the difference got swallowed up in the holding company. In the few instances where I have compared the 10Q against a call report, I figured that on a bank this size about $300K per quarter disappears in the holding company. That is why I prefer SEC reporting companies to non-reporting - at least you get an idea of how much disappears in between.
I was expecting a much small loss (closing facilities and writing off associated costs), of around -.05 to -.15, but nothing like this.
Reading the call report earlier today, non-interest expenses were up significantly. From the last 10K they are defined as
I guess one bright spot is that BV increased from .81 to 2.18. Any other silver linings that anyone sees?
WOW!!! 2nd qtr. report out and they lose $0.25!!! Inexcusable to me and the CEO did not give any explanation as to the big loss. I hope Monday will be kind to us... but I doubt it. (:>(
$1.50 X 1.66, but not a lot of depth on the bid side.
Yeah; and we need the "cherry picking" at the 1.50 mark to stop.
Yes, after a relatively short and good run, it needs to consolidate.
I think that slowly but surely we are getting a solid base.
Pretty stable day today without any wild fluctuations. Nice to see. Like to see a solid base of support build here at these levels.
Yeah, I missed that opportunity. It's okay!
Hahaha I know right Ron. ;)
Rumor... what rumor? Come on guys, don't hold back on us. :)
You can always edit your message w/in 15 minutes of posting, such as overwriting it with something else
I will Bro, I planned on responding to the 'Rumor' PM. I didn't want to go public with any of this. I'm sure I'll be receiving a few PM's now because of this message. Hahaha
I'm ready to do the BCAR Two Buck Two Step with you.
check your PM tomorrow during Happy Hour, or today if you can at least retrieve them.
Bid up from $1.50 to $1.52. 100 at $1.55. $2 around the corner!
I think the recent runup may be in response to a perceived good 2nd quarter numbers. I believe they should be reporting said numbers any day now; maybe even by tomorrow.
They're ready... I'm off for a few days so I'll have someone to film the dance when we strike that $2 dollar mark!
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Headquarters, Mocksville, NC |
Davie County 135 Boxwood Village Drive Mocksville, NC 27028 Tel: 336-751-5755 |
For the three-month period ended
Results of operations were positive for the second consecutive quarter. The provision for loan losses recognizes a recovery of
The Company continues its progress in reducing the level of nonperforming assets. As of
The Company's net interest margin was 2.74% in the first quarter of 2013, which is a decrease of 7 basis points from 2.81% in the first quarter of 2012. Noninterest expense for the three-month period, excluding the costs related to foreclosed real estate, decreased 15.4% versus the first quarter of 2012. The Company was able to reduce other noninterest expenses by closing its
Total assets at
The Company's banking subsidiary had a Tier 1 leverage capital ratio and Tier 1 capital to risk-weighted assets ratio of 3.75% and 5.17% respectively, while its total capital to risk-weighted assets ratio was 6.43% as of
President and CEO,
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President and Chief Executive Officer | |
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(336) 751-5755 |
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