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Just checking in !!! Felt great to work..... I'm off again back to work... but looks like I got my bounce STSA...... fingers crossed !!
BbB looking good !!!!
Good morning all !!! I'm going to take a break for a few days.... I'm in STSA for a few days.....in this morning just under .65 Good news is Im going to be a plumber for a few days..... housing crash has kept me from working much the past year so I'm looking forward to this..... GLTA !!!
Change....Change....Change..... LOL !!!!
Good morning all !!! I'm going to take a break for a few days.... I'm in STSA for a few days.....in this morning just under .65 Good news is Im going to be a plumber for a few days..... housing crash has kept me from working much the past year so I'm looking forward to this..... GLTA !!!
Thats what Im watching......it seems insider and institutional buys are up......but after today Im not sure....... Maybe I just need to relax a week......
STSA ..I don’t advice to buy this one unless your watching it VERY close…..I am only trying to time the bottom and hope it jumps back…. I’m going to take a week and do nothing in trades maybe….last weeks losses has me to tense to relax …… You guys may be right......I better take a vacation....Thanks
The bad news that dropped the price…
Sterling Financial reported a massive third-quarter loss of $463.7 million, or a loss of $8.93 per share, which compares with net income of $5 million, or earnings of 10 cents per share a year earlier.
In the latest quarter, the beleaguered Spokane commercial bank reported a one-time charge of $227.6 million to account for the impairment of remaining goodwill related to banks that Sterling acquired from 1998-2007; another one-time charge of $195.5 million to increase the allowance for loan losses; and another non-cash valuation allowance of $143 million.
Last week, Sterling Financial, the parent company of Washington’s second largest bank, announced a management shakeup on the heels of receiving a cease-and-desist order from state and federal regulators.
Late Thursday afternoon, shares in Sterling (NASDAQ: STSA) plunged more than 10 percent in after-hours trading, dropping 12 cents to around $1.
Bank officials said they were “exploring options for raising capital” to strengthen the bank.
The bank said its non-performing assets (NPAs) grew to more than $818 million in the latest quarter, including $134.7 million in residential construction NPAs in the Puget Sound area, which is about 16 percent of the bank’s total NPAs in residential construction.
The possible good news to bring the bounce…
"In the third quarter, Sterling continued to make progress on the four objectives in the recovery plan that we launched last year. Sterling is working through problem loans, maintaining liquidity, addressing capital needs and improving management oversight. In addition, Sterling and its financial advisor are exploring options for raising capital to strengthen Sterling," said William L. Eisenhart, chairman of Sterling's board of directors. "Sterling's actions reflect these important steps to put the company on the right course for the future."
"The leadership team is committed to building upon the strength of Sterling's relationship-focused franchise. Throughout this cycle, we have grown deposits, lowered funding costs, deepened customer relationships, improved product offerings and maintained good liquidity," said Greg Seibly, acting president and chief executive officer. "We recognize the challenges before us and we have developed a focused recovery plan that is aligned with the priorities established by our board of directors."
Third-Quarter 2009 Highlights
Total deposits increased 3% from September 30, 2008 to $8.28 billion.
Tier I leverage capital ratio was 7.0%.
Allowance for credit losses was 3.48%, up from 2.71% at June 30, 2009.
The pace of growth of classified and non-performing assets has slowed since June 30, 2009.
Net interest margin was 2.98%, an improvement of 11 basis points over last quarter.
Liquidity Management
A significant component of Sterling's strategy is to maintain a strong liquidity position and grow core deposits. "We have made significant progress reaching new customers, while ramping up our level of service to existing customers. We continue to grow the number of our transaction accounts and business deposits," stated Mr. Seibly.
http://finviz.com/quote.ashx?t=stsa
STSA ..I don’t advice to buy this one unless your watching it VERY close…..I am only trying to time the bottom and hope it jumps back…. I’m going to take a week and do nothing in trades maybe….last weeks losses has me to tense to relax ……
The bad news that dropped the price…
Sterling Financial reported a massive third-quarter loss of $463.7 million, or a loss of $8.93 per share, which compares with net income of $5 million, or earnings of 10 cents per share a year earlier.
In the latest quarter, the beleaguered Spokane commercial bank reported a one-time charge of $227.6 million to account for the impairment of remaining goodwill related to banks that Sterling acquired from 1998-2007; another one-time charge of $195.5 million to increase the allowance for loan losses; and another non-cash valuation allowance of $143 million.
Last week, Sterling Financial, the parent company of Washington’s second largest bank, announced a management shakeup on the heels of receiving a cease-and-desist order from state and federal regulators.
Late Thursday afternoon, shares in Sterling (NASDAQ: STSA) plunged more than 10 percent in after-hours trading, dropping 12 cents to around $1.
Bank officials said they were “exploring options for raising capital” to strengthen the bank.
The bank said its non-performing assets (NPAs) grew to more than $818 million in the latest quarter, including $134.7 million in residential construction NPAs in the Puget Sound area, which is about 16 percent of the bank’s total NPAs in residential construction.
The possible good news to bring the bounce…
"In the third quarter, Sterling continued to make progress on the four objectives in the recovery plan that we launched last year. Sterling is working through problem loans, maintaining liquidity, addressing capital needs and improving management oversight. In addition, Sterling and its financial advisor are exploring options for raising capital to strengthen Sterling," said William L. Eisenhart, chairman of Sterling's board of directors. "Sterling's actions reflect these important steps to put the company on the right course for the future."
"The leadership team is committed to building upon the strength of Sterling's relationship-focused franchise. Throughout this cycle, we have grown deposits, lowered funding costs, deepened customer relationships, improved product offerings and maintained good liquidity," said Greg Seibly, acting president and chief executive officer. "We recognize the challenges before us and we have developed a focused recovery plan that is aligned with the priorities established by our board of directors."
Third-Quarter 2009 Highlights
Total deposits increased 3% from September 30, 2008 to $8.28 billion.
Tier I leverage capital ratio was 7.0%.
Allowance for credit losses was 3.48%, up from 2.71% at June 30, 2009.
The pace of growth of classified and non-performing assets has slowed since June 30, 2009.
Net interest margin was 2.98%, an improvement of 11 basis points over last quarter.
Liquidity Management
A significant component of Sterling's strategy is to maintain a strong liquidity position and grow core deposits. "We have made significant progress reaching new customers, while ramping up our level of service to existing customers. We continue to grow the number of our transaction accounts and business deposits," stated Mr. Seibly.
http://finviz.com/quote.ashx?t=stsa
No kidding ! I think I'll just sit back a week and do nothing....... Part of my problem is last week I lost 4 months of profits......and I'm not able to relax and let it happen....... Thanks !
and out ! Wheres the bottom ??????
Good advice ! Its a hot brick.....up 5% then down again fast.....I dumped it..... it may not be at bottom yet????
For STSA ? Bottom line..... Constuction loans killed revenue.... now trying to drop bad loans.....taking in more deposits...... hang on i'll give you a report in a few minutes...... just wait I may dump and re-buy when it finds the true bottom..... I dumped it..... up 5% quick then headed back down......
It should be way over a dollar or 2 but it had losses in revenue but its sheet is improving......but its a bank with residential construction loans.....they are taking in more deposits and getting rid of bad loans......is should be higher but banks are scary...... I agree but .......
.6499 But I'm ready to jump out at any second ....just trying a bounce
Just for a day or 2 Investor......just to see what happens....... my finger is on the sell button right now ! Ready
Here we go......Im in here.... my oversold one is even more oversold IMO
Im in here.......
Good day all ! I'm in for a start at 1100 shares.... Way oversold scan sent me here! Good luck !
Im afraid to buy anything !!!! LOL !!
Yeah......I would have held on but nothing but sells today and yesterday..... I try and stick with a exit plan good or bad.... argh!!!!
My stop hit for ALAN.....I may do the oppisite and buy what you sold......One of us will make out great I'm sure !!! LOL !
I own enough GE I guess for a safe play....... I need a quick penny play to gain .......But dont we all :) still looking
Hey ol' pal !!!.....EDIT THAT ! I need a real EOD bounce !
Heres my other concern...... future looks good here but not sure why it wont get back to the mid 60's or 70's..... They arent just sitting on leases....they actually do something....but you cant see it in the pps lately Hmmmmmm
It may make you feel better to go check out the hot break-out boards ... they look sorry today !!...... PMDP is doing great......Even is a good day IMO
GLTA
Its not a normal day.....even my watch list is down.... and the break out boards look sorry today ! Your doing good at even !
I just might......then if it hits .02 Im good to go.....which isnt unlikely
Days? Its been a week !!! LOL !!! GL
Im almost 20% down....stop is going to kick in......Average down if if I thought things would tick up.....but its frozen !
PMDP SNVP and nervous about ALAN right now...... Good luck.....Im having a red day right now.....Arghhh!
Reaching threshold of pain.....I caaaannt hold on muuuuch longeeer......19.73 % down Arghhhhh!
LOL !!!! Nice.......
It may be painfull but being red may be our only choice til 10Q comes out to lift us close to 1$
buggin me too...... 17% down is lower than I like.....too low to chase and too low to sell with a smile ......but.......??????
Ha-ha....read that one.....no worries here....just have 2 little girls....... whos giving up on ALAN? Last 2 days nothing but sell orders !!! Argggh !
Well......at least it wasnt bad news????????? Hmmmmmmmmm
I know what you mean
Nice news......Looks good to me.....lets get that gold out of the ground ! :)
News says we may be getting closer at least......??
Speaking of roll........ Whats on your pick of the day list buddy?
Good morning O' trendfull ones !!!! Time to make school lunches and do a few scans.......best of luck to you all !! LOL !
leftylen....thanks.......I for one am very comfortable with the updates they do give.....They are fairly regular as of late.....I'm glad they dont do pump campaigns and keep a low key 'publish when ready' type updates. I'm looking forward to the growth fast or slow.....
See you all tomorrow...... thanks lefty
I did a over sold scan..... here's what I got B.