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I hear ya salty, you're right about that.
I'm trying to "steal" 10,000 shares at .73 per. I doubt my order gets filled but stranger things have happened.
CCFH has potential to provide the largest ROI in my portfolio. I like it. That's probably an understatement.
I'm thinking about adding a few more shares today. The CCFH PPS could easily bolt pass two bucks a share in two or three weeks.
According to David Turner of CCFH,
OS 5,190,223
AS 50,000,000
Heritage Bank, Jonesboro, GA
Through Dec. 31st 2015
http://banktracker.investigativereportingworkshop.org/banks/georgia/jonesboro/heritage-bank/
Heritage Bank Promotes Kerry Arnold to Henry County President
McDONOUGH, GA February 19th, 2016
Henry County resident Kerry Arnold has been named Henry County President of Heritage Bank.
Arnold is a graduate of Georgia State University and joined the bank in 2003 as a commercial lender. Through the SBA lending program, he has helped small businesses find solutions to challenges and grow their footprint.
“I am honored to be given this opportunity,” Arnold stated in a press release. “My vision is to grow Heritage Bank in Henry County by transforming customers into family members. Because our decisions are made locally, we continue to address the business needs of our community.”
http://www.henryherald.com/news/heritage-bank-promotes-kerry-arnold-to-henry-county-president/article_c010ae18-5c00-591a-8562-baa2e1af7a8c.html
Thx 56chev... You've always been an excellent person in my books. Hope you can enjoy some of the spoils, as there will be lots
This bank is one of the best examples of a turn-around story... and they're the lone community bank survivor in their market area. Net Income nearly doubled YoY from $2.01MM in 2014 to $3.9MM in 2015.
It always takes a while for the bigger markets to notice these small banks...they're simply unknown about on Wall St. but that can work to a retail investors advantage for a buy & hold strategy.
Book Value is now just under $5 and what makes that a real story is the bank is making money again - earnings are robust! ..and when you combine a discount price to entry with strong earnings you have a winner imo.
Marker;
Ccf Holding Co. (PC) (CCFH)
$0.70 0.0 (0.00%)
Volume: 0
Heritage Bank Earns $3.9 Million in 2015
Warren Buffett was absolutely astounded to see my massive buy of a 1000 shares drive the CCFH pps up to .94 last week. I feel pretty good about this buy. I think the worst thing that will happen to me is that this stock only appreciates 100% over the next 12 months.
Mid-way 2015 UBPR report
Net Income first 6 months; $2.45MM
Equity: $29.9MM
O/S: 3.6MM
BV: $4.58
MV: $0.90
P/B: 0.1965
Discount to Book is a whopping 80%.
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=83%2c79%2c81%2c76%2c72&rptid=283&idrssd=628178&peerGroupType=&supplemental=
Marker;
Ccf Holding Co. (PC) (CCFH)
$0.90 0.0 (0.00%)
Volume: 0
*If a person was looking for a sleeper this would be it.
3/31/2015 call report
$1,976 Million profit
incl. $1,258 Million tax credit
CCFH $0.98
2014 annual report intro
Dear Stakeholder:
Another year has passed, spring is on the horizon (although not soon enough), and CCF Holding
Company and Heritage Bank are sending out another annual report. To the average reader it is full. of the
numbers and disclosures we are required to send you each year. But if you are like me, you search
through looking for the important items that tell you if the bank is moving in the right direction and
achieving your investment goals. Accountants and lawyers have a way of writing things that at times are
confusing in order to pass muster with our government regulatory agencies. So we always like to point
out items we feel are important and are indicators of the direction of our company. If you read this letter
in conjunction with the accompanying pages you should have a clearer picture of where we stand.
This year a lot has happened. Usually the bank (Heritage Bank) and the company (CCF Holding
Company) have very few differences in the financial reports since the bank is the primary asset of the
company. This year the differences are much larger and we will attempt to explain them in this letter.
The primary driver of this difference is the completed capital raise of $9.2 million and subsequent
repurchase of the company's Trust Preferred Securities. In last year's report, we mentioned the pending
completion of this transaction and the possible ramifications if it didn't close. Fortunately, the closing did
occur in July 2014 and the company has removed this obstacle permanently. Total Shareholder's Equity
increased $15.2 million as a result of the preferred stock issuance and aone-time gain of $5.5 million
through the discount we received on the repurchase. This gain is reflected in the consolidated financial
reports "Consolidated Statements of Income" and was a transaction that initially accrued to the benefit of
the company and not the bank. Because of this gain, the company would have incurred a federal and
state tax liability; however, the bank had prior year operating losses which offset the tax liability. The
ability to use the tax losses from the bank in prior years allowed the bank to recognize an income tax
credit of $1,696,000, which increased the earnings for the year and added to capital. So CCF Holding
Company shows a gain on the repurchase transaction and Heritage Bank shows a tax credit for the same
transaction. If you ask us, this is complicated. In the end, the bank benefitted from the transaction which
accelerated Heritage Bank's return to health. The company received the benefit of the gain, along with
some new and needed capital that it could share with the bank and removed the most significant threat it
faced. While there was significant dilution to legacy shareholders, the results of this new capital and the
subsequent repurchase of the Trust Preferred Securities has been extremely positive.
Lets discuss the year end results and we think you will see how much progress has been made since our
last report. We ended 2013 with Total Assets of $370.2 million. The 2014 year end assets were $365.2
million. Loans increased year over year $10.0 million, non-interest bearing deposits increased $18.5
million and most importantly "Total Shareholders' Equity" increased $15.2 million. Looking at earnings,
the company had positive earnings of $5,159,323 compared to a loss of ($214,092) in 2013. This
represents an improvement of $5,373,415, again primarily due to the gain recorded in the repurchase
transaction. As you look through all of the supporting pages and footnotes, we would like to point out
some very positive news. At December 31, 2013 the bank had $48.8 million in adversely classified
assets (problem loans and real estate owned) and this equaled 216% of capital and loan loss reserves.
When we closed out 2014 this number was $25.4 million and represented 87% of capital and loan loss
reserves. Obviously, the percentage change was contributed to by the,solid earnings for 2014 and the
new capital that was raised last summer, but the real story is in the 47% reduction or the $23.4 million of
problem loans and real estate that was either resolved or our customer was able to return to solid footing.
The exciting part of this is many of our long time customers that have struggled mightily during the great
recession have seen new signs of hope and have been able to regain their footing. We have always
viewed it in our best interest to work with borrowers when they are down and to try and find solutions and
not just contribute to their struggles. We feel in the long run this approach will pay strong returns to
Heritage Bank in our community. A couple of key metrics to summarize: Heritage Bank ended 2014 with a
tier one leverage capital ratio of 7.56% a full 1.56% above the statutory "well capitalized" level; a total risk
based capital ratio of 11.99% a full 1.99% above the statutory "well capitalized" level; a problem asset
coverage ratio of 87%; a "Texas Ratio" of 69%; a net interest margin of 3.96%; and a past due ratio of
1.65%- the best since 2007.
Numbers can tell a story and demonstrate trends, but sentiment in the community is often more indicative
of the near future. The three counties that make up our community are strong vibrant areas with
hardworking folks that want to live, work, play and pray close to home. Many suffered tremendously the
last six years, so we expect it will take a while longer before the entrepreneurs are comfortable sticking
their necks out too far. In all honesty, we feel the same way. Being the last community bank in most of
our markets has put a strain on our personnel to try and keep up with the demand and we are cautious
before adding new expenses. Time is a great healer and we are committed to serving our communities
through quality service and providing the working capital to support community growth.
As always, we feel blessed to have such a talented group of employees at Heritage Bank. We feel very
fortunate to have a dedicated hardworking board of directors. Our customers have been loyal and
supportive for what will be our 60th year this year. You, our shareholders, have made all of this possible
through your investment in CCF Holding Company. We do not take any of this for granted and we will
remain eternally grateful. Lastly, we lost a longtime director in 2014 in Mr. Charles Tucker. Mr. Tucker
went to be with the Lord on October 20, 2014. As a director for 37 years, he provided wisdom and a
rational common sense approach to our company and bank, even in the toughest of times. We will truly
miss Charlie.
Sincerely,
Leonard A. Moreland
President &CEO
Heritage Bank
David B. Turner
President &CEO
CCF Holding Company
http://www.snl.com/Cache/28644991.PDF?Y=&o=PDF&D=&fid=28644991&T=&osid=9&iid=102544
CCFH $0.98
K BOOK VALUE PER COMMON SHARE
The book value of the Company's outstanding common shares as of December 31, 2014 and 2013 is calculated as
follows:
As of December 31, 2014 2013
Total shareholder's equity $ 22,969,008 $ 7,715,014
Less: Preferred equity $ 9,200,000 -
Shareholder's equity available $ 13,769,008 $ 7,715,014
to common shares
Common shares outstanding 3,604,316 3,604,316
Book value per common share $ 3.82 $ 2.14
The following table presents the estimated book value per common share as of December 31, 2014 and 2013 assuming
the conversion of preferred shares to common stock and exercise of all outstanding warrants:
As of December 31, 2014 2013
Total shareholder's equity $ 22,969,008 $ 7,715,014
Effect of excercised warrants
& conversion of preferred shares $ 8,000,000 -
Projected shareholders equity with
exercise of warrants $ 30,969,008 $ 7,715,014
Common shares outstanding 3,604,316 3,604,316
Effect of converted preferred
shares 18,400,000 -
Effect ofexercised warrants 16,000,000 -
Common shares outstanding after
exercised warrants and conversion
of preferred shares 38,004,316 3,604,316
Book value per share $ 0.81 $ 2.14
http://www.snl.com/Cache/28644991.PDF?Y=&o=PDF&D=&fid=28644991&T=&osid=9&iid=102544
page 32/33
CCFH $0.79 current price
Historical book values
12/31/2010
$2.89
12/31/2011
$1.67
12/31/2012
$2.56
12/31/2013
$2.14
6/30/2014
$2.32
per company IR website data
http://www.snl.com/irweblinkx/reports.aspx?keyreport=-58&iid=102544
expecting full year 2014 results to be reported/posted by 3/31/2015 (same as last years)
call report 12/31/2014 posted 2/17/2015 shows about $2Mio net income on the bank level (invl. tax credit)
https://cdr.ffiec.gov/Public/ViewPDFFacsimile.aspx
Georgia Bank's Trust-Preferred Deal with Regulators Sets Precedent (8/07/14)
By Chris Cumming
Heritage Bank in Jonesboro, Ga., faced a pair of massive challenges as it tried to recapitalize and redeem its debt. Not only was it under a consent order, but its regulator was also its main creditor.
The $375 million-asset bank completed a recapitalization last month, a tricky feat that involved buying back its trust-preferred securities from the Federal Deposit Insurance Corp.
Heritage is one of the first banks to buy back trust-preferreds from the FDIC, and the transaction was closely watched by many community bankers who could use it as a model. The FDIC holds $150 million of trust-preferred debt in 48 lenders, according to the agency.
Regulators "were very careful in the way they handled it because they were setting a precedent," Heritage Chief Executive Leonard Moreland said. "It was a long, arduous process, but they negotiated in good faith and ultimately we reached a fair solution for everybody."
The FDIC acquired $7.5 million of Heritage's trust-preferred debt from the 2009 failure of Silverton Bank, a correspondent lender that bought and sold trust-preferreds for many Georgia banks. Two other Georgia banks held $1 million total of Heritage's trust-preferreds.
The FDIC accepted roughly $3.3 million for the debt plus accrued interest, or about 44 cents on the dollar.
Reaching that agreement involved multiple rounds of negotiation with federal and state regulators as well as the other trust-preferred holders, while keeping investors on board through two postponements of the capital raise.
The FDIC has no formal policy regarding its trust-preferred debt, agency spokesman Andrew Gray said.
"We consider offers, and each one is unique to the institution," he wrote in an email.
More bank holding companies have filed bankruptcy in similar situations lately, but Heritage retired its debt without resorting to Chapter 11.
Trust-preferred securities allow banks to defer paying interest for five years, after which time the creditor can demand full payment. There are more than 450 companies that have defaulted on trust-preferreds or are approaching default, Fitch Ratings said in June.
Hedge funds have recently begun using bankruptcy courts to try to force debt-burdened holding companies to sell their banks. The FDIC was a more patient investor.
"Not at any time did the FDIC or the two banks that owned our securities try to declare us in default or force us into bankruptcy," Moreland said. "But ultimately, we had borrowed the money, and we wanted to pay it back."
Heritage's hometown is about 12 miles south of Atlanta and was hit hard by the recession. Heritage is the last community bank standing in the counties it serves, after 11 competitors failed since the financial crisis, Moreland said.
Heritage survived, despite losing nearly $24 million from 2008 to 2011. After returning to profitability in early 2012, the bank made it a top priority to solve its trust-preferred problem. Default was still a ways off — it didn't reach the end of its deferral period until last March — but the bank wanted to act quickly.
"We could see what was coming," Moreland said.
Potential investors were concerned about the outstanding trust-preferreds. Yet the bank and its holding company, CCF Holding, are under regulatory orders that bar the bank from making payments to creditors without regulatory permission.
In other words, the bank's consent order with the FDIC effectively barred it from paying its debt to the FDIC. Moreover, the Federal Reserve Board wanted any money raised to support the bank, rather than paying off the holding company's debts. The Fed declined to comment for this story.
Heritage lined up investors by making the recapitalization contingent on its repaying at least 75% of the trust-preferreds. After securing commitments for about $5 million from local investors early last year, the bank made an offer for discounted repayment to the FDIC, and then asked the Fed to approve the payment.
That began a long, three-party negotiation. The bank's first meeting with the regulators was in August 2013, and the agreement wasn't signed until ten months later.
"My hat's off to the regulators," said Shaun Dalton, a managing director at Community Capital Advisors who helped negotiate the deal. The FDIC and Fed "have two separate agendas," and satisfying both was not easy, he said.
"The FDIC might say, 'We feel like we could get comfortable with your plan,' and so then you go to the Fed. And if they can't get comfortable, you have to go back to the FDIC," Dalton said. "The two don't generally pick up the phone and call each other."
"It's not for the faint of heart," added Brennan Ryan of Nelson Mullins, who also worked on the deal. "You've got a circular web of considerations and concerns, and you just keep going around and around in a circle until everybody comes to a consensus."
The FDIC proved a hard, but fair, negotiator, Ryan said. "Some people might think, 'It's the government — maybe they'll be a pushover,'" he said. "Nobody is a pushover. It was a tough negotiation."
Ultimately, the FDIC accepted a five-year note at 5.5% in exchange for its stake. The other two debtholders, Affinity Bank in Atlanta and Queensborough National Bank & Trust in Louisville, Ga., took preferred stock in exchange for their $500,000 stakes.
Moreland is gratified that nearly all the original investors stuck with the bank even though the closing of the capital raise was delayed twice.
"All of our investors are customers of our bank, and we've always prided ourselves on helping the folks in our community meet their financial goals," he said. "Here was a chance to help us in one of our financial goals, and they really stepped up."
Moreland knows he's lucky that redemption was even an option. Most trust-preferred debt has been bundled in collateralized debt obligations and sold to investors, making it impossible for banks to identify the holders of their notes, much less negotiate repayment.
For the banks that still have trust-preferred securities held by the FDIC, the deal is an encouraging sign.
"There have been a lot of banks that are sitting on the sidelines waiting to see how this transaction plays out, and ultimately it shows a willingness on the FDIC's part to deal with the [trust-preferred] issuers," Dalton said.
Moreland thinks bankers with trust-preferred debt should follow Heritage's path, if they can.
"Don't ignore it. I have a lot of friends, a lot of other community bankers, who have been ignoring the issue. Just approach it head on," he said.
http://www.americanbanker.com/issues/179_152/georgia-banks-trust-preferred-deal-with-regulators-sets-precedent-1069279-1.html?zkPrintable=1&nopagination=1
thank you kindly chevy for sharing additional info :)
CCFH
established a small starter position $0.46-$0.50... this is one to tuck away :)
Small Company Offering and Sale of Securities Without Registration (d)
Date : 07/28/2014 @ 2:51PM
Source : Edgar (US Regulatory)
Stock : Ccf Holding Co. (QB) (CCFH)
Quote : $0.48 0.0 (0.00%) @ 5:32AM
An offering of up to 8,000 shares of 6% Non-Cumulative Mandatory Convertible Preferred Stock, Series A, at $1,000 per share, and associated warrants to purchase common stock.
Rule 506(b)
13. Offering and Sales Amounts
Total Offering Amount: $8,000,000
http://ih.advfn.com/p.php?pid=nmona&article=63055784
*The bank has raised $8MM capital ...all from D & O
**This bank has no TARP debt.
Marker:
Ccf Holding Co. (QB) (CCFH)
$0.48 0.0 (0.00%)
Volume: 0
I was just looking at their report at the FFIEC site. It might be time to consider this little Georgia peach.
Earnings for Q2 2014 have turned positive!
https://cdr.ffiec.gov/public/SelectReportFormat.aspx?reportType=283&idrssd=628178&ReportPeriod=6/30/2014&Name=HERITAGE+BANK
FDIC # 30846
Earnings Q1 2014: (-169K)
O/S: 3,607,717
Equity: 17.354MM
bv 2.14
https://cdr.ffiec.gov/public/SelectReportFormat.aspx?reportType=283&idrssd=628178&ReportPeriod=3%2f31%2f2014&Name=HERITAGE+BANK
*The bank is going backwards.
It looks as if this one time "nickle wonder" just might have a future.
Marker:
Ccf Holding Co. (QB) (CCFH)
$ 1.08 0.00 (0.00%)
Volume: 0
O/S: 3.604MM
Equity: $9,232,782
TBV $2.26
Currently selling on Mr. Market for a chunky 52% discount.
http://www.snl.com/irweblinkx/FinancialDocs.aspx?iid=102544
Banktracker:
http://banktracker.investigativereportingworkshop.org/banks/georgia/jonesboro/heritage-bank/
*The Bank still needs additional capital going into 2014 and hasn't turned the corner on cap ratios yet. However, all in all, not a bad candidate to be acquired. They don't owe TARP.. and have no issued or outstanding Preffered shares. Profitable?..yes.. but just.
I guess CCFH is a good reason to pay attention to "nickle banks"!!!
I just can't see the ask being any thinner while existing... Neat to see.
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Mortgage LoansAt Heritage Bank, our employees live and work in the communities it serves. We take pride in the fact that we have been in the southern crescent for over 50 years. Whether you are looking to buy a new home or you just want to refinance your existing mortgage for equity or rate reasons, let Heritage Bank handle your mortgage needs. You can count on our expertise when it comes to the communities in the southern crescent of Atlanta. Why? Because, we have helped with many of the developments within the Clayton, Henry, and Fayette markets. Allow us to help you as you look to purchase your new home in our neighborhood.
Let Us Help You With Our Investment Options.Heritage Bank differs from other financial institutions, because of the personal approach, attention to superior customer service, and wide range of financial products and services our customers have access to in order to meet their financial goals. Our objective is to help you decide why and how to invest and to monitor your progress along the way so you can better stay on track to meet your goals. Through our contract with UVEST Financial Services, can assist with planning and helping you meet all your financial needs as you work to achieve and maintain your and/or your company's financial independence. Our representative is registered through UVEST Financial Services, offering financial guidance at the Investment Services Department of Heritage Bank. UVEST is a registered broker dealer and is a FINRA/SIPC member firm. Our approach to investing is personalized, detailed, and based on service, whatever your financial needs may be. Whether you are planning to fund your own retirement account or a retirement plan for your employees, education for your children, or your primary goal is to accumulate, preserve, or transfer wealth, we can help turn your financial dreams into achievable realities. A Variety of Services for Your Personal Banking Needs.All banks offer checking and savings accounts. But not all banks put the focus on their customers first. At Heritage Bank, we get to know what you need from your bank before we recommend the deposit services that should best fit your financial goals. And you're sure to find all of the deposit services you need at Heritage Bank.
In Business Banking One Size Doesn't Fit All.We know that when it comes to meeting your business needs, one size does not fit all. In fact, opening your checking account is the last thing we do. Our experienced professionals try to understand your business and your current and long term financial needs and then recommend solutions that may best suit your needs.
Officers and Directors
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