ams.
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Since the tender amount was changed from $1.50 to $1 its fair to postulate their overall cost was in the neighborhood of $48,327.50.
Marker:
First Nbc Bank Holdi (FNBC)
$9.15 up 0.7 (8.28%)
Volume: 877,307
The Offer resulted in the tender by shareholders, and acceptance for payment by the Purchasers, of a total of 38,662 Shares.
Marker:
BOFI Holding, Inc. (BOFI)
$28.41 up 1.99 (7.53%)
Volume: 2,443,189
Marker:
First NBC Bank Holdi (FNBC)
$8.45 up 0.4 (4.97%)
Volume: 608,628
Marker:
BOFI Holding, Inc. (BOFI)
$26.435 up 1.135 (4.49%)
Volume: 1,014,246
*52 week high.
If memory serves me right the bank was closed by regulators and the FDIC in the summer of 2015.
Next the FDIC sold off the best of the assets to the highest bidder who happen to be another Georgia banker - Fidelity Bank out of Atlanta. The FDIC is on the hook for whatever sour assets that remained.
What you're seeing traded here are nothing but holding company shares stripped of its assets i.e. the bank itself. Think of these shares as the dirty bathwater minus the "baby".
I'm surprised the shares haven't been deregistered yet.
Marker:
.02 pps.
Sent by phone.
Marker:
First Nbc Bank Holdi (FNBC)
$8.00 up 0.4 (5.26%)
Volume: 580,550
BREAKING DOWN 'SEC Form 15'
When a company files an SEC Form 15, it usually means one of two things. It may mean that a company is ceasing to exist in a publicly-traded form, either returning to privately-held status or going out of business altogether. Alternatively, it may mean that a company is simply canceling a certain class of securities, replacing them with another class.
http://www.investopedia.com/terms/s/sec-form-15.asp?lgl=no-infinite
Assets down by $64MM
Deposits down by $57MM
Loans down by $36MM
Capital down by $3.7MM
...and a whopping 20% of all Assets are troubled.
The only positive note is Net Income at the holding company level was positive by a mediocre $3K. That was the first time in several years they didn't post a quarterly loss.
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=95%2c85%2c86%2c81%2c76&rptid=283&idrssd=813572&peerGroupType=&supplemental=
The bank continues to be in distress.
FD: I hold no shares at this time.
Marker:
Cecil Bancorp, Inc. (CECB)
0.26 0.0 (0.00%)
Volume: 0
*pps may be up YoY however it was done on little to no volume. Book value remains negative.
Marker:
SVB Financial Grp. (SIVB)
$165.01 up 3.09 (1.91%)
Volume: 469,719
*Stock is up $45 @ share or a whopping 38% since Presidential election on Nov. 8th. The Trump effect has been significant!
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
Marker:
BCB Bancorp (NJ) (BCBP)
$12.50 up 0.1 (0.81%)
Volume: 6,286
Marker:
The Goodyear Tire & (GT)
$30.14 up 0.37 (1.24%)
Volume: 2,633,634
Marker:
Hanmi Financial Corp (HAFC)
$31.85 up 0.6 (1.92%)
Volume: 108,736
Markr:
Nordic American Tank (NAT)
$8.62 down -0.08 (-0.92%)
Volume: 1,987,249
UBPR Report for Sept. 30, 2016
Net Operating Income for the first 9 months of 2016 was $682K ..which is down >50% from an NOI of $1.4MM in the first 9 months of 2015.
Equity stands at $25.9MM
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=95%2c85%2c86%2c81%2c76&rptid=283&idrssd=3161144&peerGroupType=&supplemental=
Marker:
United American Bank (UABK)
0.311 up 0.001 (0.32%)
Volume: 1,000
Up over 20% on Trump rally since election was held.
Marker:
Kraton Corporation (KRA)
$31.08 down -0.02 (-0.06%)
Volume: 238,211
Marker:
First Internet Banco (INBK)
$29.40 up 0.15 (0.51%)
Volume: 16,324
Marker:
Ohana Pacific Bank ( (OHPB)
$5.6999 0.0 (0.00%)
Volume: 0
URI up 40% since the November 8th Presidential election.
Price per share Nov. 8th was $75 @ share...27 days later the pps is $104.85
Marker:
United Rentals, Inc. (URI)
$104.85 up 0.56 (0.54%)
Volume: 2,206,761
Pioneer Natural Resources Issues A Direct Challenge To OPEC: We Can Go, Toe To Toe
Nov. 29, 2016 6:24 PM ET
Summary
- Straberry/Wolfcamp Shales in the Permian is the world's second-largest oilfield with a potential for 75 billion barrels of oil equivalent.
- Pioneer Natural Resources is the largest producer in the Straberry/Wolfcamp with a resource potential of over 11 billion barrels of oil equivalent.
- To this add more than 20,000 untapped horizontal drilling locations and you can see why Pioneer's CEO, Scott Sheffield, has challenged OPEC.
- Streamlining and optimization strategies have significantly reduced Pioneer's production costs to make the company competitive in a low price environment.
- This is one of the key companies to watch in the Permian Basin.
[....]
Permian Oil Field
The Permian Oil Field itself is 300 miles long and 250 miles wide. It is the world's second-largest oil resource with a potential of more than 75 billion barrels of oil equivalent in the Spraberry/Wolfcamp shales. The Wolfcamp find has re-ignited oil industry activity in the Permian Basin. And make no mistake, this represents "a new oil order" that is a challenge to Saudi oil dominance.
[....]
http://seekingalpha.com/article/4027117-pioneer-natural-resources-issues-direct-challenge-opec-can-go-toe-toe
Marker:
Pioneer Natural Reso (PXD)
$187.55 down -2.02 (-1.07%)
Volume: 2,278,183
Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
Date : 11/30/2016 @ 4:30PM
Source : Business Wire
Stock : Blackrock Energy And Resources Trust (BGR)
Quote : $14.53 0.169 (1.18%) @ 4:02PM
Source:
http://ih.advfn.com/p.php?pid=nmona&article=73033456
Marker:
Sears Holdings Corp. (SHLD)
$12.51 down -0.69 (-5.23%)
Volume: 774,478
Marker:
Select Sands Corp. (CLICF)
$0.711 down -0.043 (-5.70%)
Volume: 64,826
*On news earlier this week that OPEC came to an agreement production would be cut WTI price of crude is currently $51.31 @ bbl. I have my doubts members will adhere to the pact and the over-supply will continue.
Marker:
Bofi Holding, Inc. (BOFI)
$24.76 up 0.09 (0.36%)
Volume: 369,951
Legal Matters .
Genesis Contract-Related Dispute. As described above under “Genesis Agreements,” we are party to a variety of contracts and agreements with Genesis and its affiliates, including GEL that enable the purchase of crude oil and condensate, transportation of crude oil and condensate, and other services.
In May 2016, GEL filed, in state district court in Harris County, Texas, a petition and application for a temporary restraining order, temporary injunction, and permanent injunction (the “Petition”) against LE and LEH. The Petition alleges that LE breached the Joint Marketing Agreement, and that LEH tortiously interfered with the Joint Marketing Agreement, in connection with an agreement by LEH to supply jet fuel acquired from LE to a customer. The Petition primarily sought temporary and permanent injunctions related to sales of product from the Nixon Facility to this customer. In June 2016, the court issued a temporary injunction against LE and LEH as requested by GEL. LE believes that GEL’s claims in the Petition are without merit and intends to defend the matter vigorously.
page 34
BLUE DOLPHIN ENERGY COMPANY -- FORM 10-Q 9/30/16
Notes to Consolidated Financial Statements (Continued)
In a matter separate from the above referenced Petition, LE filed a demand for arbitration in June 2016, pursuant to the terms of a Dispute Resolution Agreement between the parties(the “Arbitration”). The Arbitration alleges that GEL breached the Crude Supply Agreement related to:
(i) failure to provide crude oil and condensate at cost as defined in the Crude Supply Agreement, and
(ii) significant under delivery of crude oil and condensate, resulting in significant refinery downtime and a significant decrease in refinery throughput, refinery production, and refined petroleum product sales for the nine months ended September 30, 2016.
With regard to the Petition, a trial date has been set for December 5, 2016, although the parties may elect arbitration prior to that date. With respect to the Arbitration, an initial hearing was held on November 9, 2016 at which the parties presented evidence supporting their position. The next hearing date related to Arbitration is November 16, 2016.
We do not expect the temporary injunction issued by the court related to the Litigation to have a material effect on our results of operations or financial condition. However, although GEL resumed normal delivery of crude oil and condensate to the Nixon Facility in July 2016, the adverse change in our relationship with Genesis has had a material adverse effect on our operations, liquidity, and financial condition. In addition, the contract-related dispute has disrupted our normal business operations and diverted management’s focus away from operations. We are unable to predict the outcome of the current proceedings with Genesis and GEL or their ultimate impact, if any, on our business, financial condition or results of operations. Accordingly, we have not recorded an asset or a liability on our consolidated balance sheet as of September 30, 2016.
(20) Subsequent Events
Financial Covenant Defaults . As of September 30, 2016, LE and LRM were in violation of certain financial covenants related to the First Term Loan Due 2034, Second Term Loan Due 2034, and Term Loan Due 2017. As a result of these covenant defaults, Sovereign could declare the amounts owed under these loan agreements immediately due and payable, exercise its rights with respect to collateral securing our obligations under these loan agreements, and/or exercise any other rights and remedies available.
By letter dated November 10, 2016, Sovereign waived the financial covenant defaults as of the quarter ended September 30, 2016. However, the debt associated with these loans was classified within the current portion of long-term debt on our consolidated balance sheets due to the uncertainty of our ability to meet the financial covenants in the future. There can be no assurance that Sovereign will provide future waivers, which may have an adverse impact on our financial position and results of operations.
Marker;
Freeport-Mcmoran, Inc. (FCX)
$ 5.827 up 0.977 (20.14%)
Volume: 70,900,290
Marker:
Gastar Exploration I (GST-B)
$16.50 down -0.19 (-1.14%)
Volume: 2,500
*Price of WTI crude is currently $48.09 @ bbl
Marker:
Gastar Exploration 8 (GST-A)
$15.60 down -0.1 (-0.64%)
Volume: 4,567
*Price of WTI crude is currently $48.09 @ bbl
Marker;
First NBC Bank Holdi (FNBC)
$7.90 up 0.55 (7.98%)
Volume; 125,303
Warren Buffett's Berkshire Hathaway Discloses New Investments in Airlines
Warren Buffett's Berkshire Hathway Inc. on Monday disclosed new stakes in three of the largest U.S. airlines.
Berkshire Hathaway said in a regulatory filing that had taken stakes in American Airlines Group Inc., Delta Air Lines Inc. and United Continental Holdings Inc., with the latter scheduled to hold its investor day on Tuesday.
Shares of airlines surged earlier this year, thanks in part to sliding oil prices, but their performance recently has been mixed. For the year, the Dow Jones U.S. Airlines index is up 0.7%.
It wasn't clear if the decision to invest in airlines came from Mr. Buffett or one of his stock-picking lieutenants.
Mr. Buffett famously derided investing in airline stocks after suffering losses from purchasing preferred stock in what was then known as USAir back in 1989.
http://ih.advfn.com/p.php?pid=nmona&article=72911292
*I think its safe to say WB didn't make this decision but whoever it was within BRK they're 4 years late to the party.
Marker:
Delta Air Lines, Inc (DAL)
$48.61 down -0.29 (-0.59%)
Volume: 8,665,030
Marker:
First Nbc Bank Holdi (FNBC)
$6.275 down -1.775 (-22.05%)
Volume: 3,122,309
Tri-Valley Bank Announces Third Quarter 2016 Earnings and Record Loan and Deposit Growth
Business Wire October 21, 2016
SAN RAMON, Calif.--(BUSINESS WIRE)--
Tri-Valley Bank (TRVB) today announced unaudited earnings for the third quarter ended September 30, 2016. Financial performance highlights include the following:
-Loans: Total loans as of September 30, 2016 reached a record $107.1 million, an annual increase of $24.3 million compared to September 30, 2015, a 29% annual increase, and an increase of $6.4 million over total loans at June 30, 2016.
- Deposits: Total deposits as of September 30, 2016 reached a record $121.0 million, an increase of $30.0 million from September 30, 2015, a 33% annual increase, and an increase of $13.0 million from June 30, 2016. The Federal Reserve increased the Fed Funds rate in December, 2015 and the Bank’s cost of funds has not risen and was 0.29% in the year-to-date period ending September 30, 2016, which was unchanged from the 0.29% cost of funds for the same year-to-date period ending September 30, 2015.
- Net Income/Loss: The year-to-date net income at September 30, 2016 was $175,000, an improvement of $184,000 compared to the year-to-date net loss of $9,000 at September 30, 2015. Net loss for the third quarter of 2016 was $62,000 compared to net income of $118,000 for the second quarter of 2016. The net loss incurred this quarter was attributed to a one-time fraud related operational loss of $145,000.
- Capital: The tier 1 leverage ratio at September 30, 2016 was 10.23% compared to 11.51% at September 30, 2015, and 10.46% at June 30, 2016.
- Loan Delinquencies: As of September 30, 2016, there were no loans past due 30+ days, and no loans on non-accrual.
“The Bank’s record loan and deposit growth show our commitment to our customers and communities and sets the stage for significant earnings growth in 2017,” said Arnold Grisham, Chairman, President and CEO. “We are pleased to service the markets of Livermore, and the 680 and 880 East Bay corridors, and are proud to provide banking services to a full range of professionals and business owners, non-profit organizations and property management companies.”
[....]
To view basic financials on this PR click the link;
http://finance.yahoo.com/news/tri-valley-bank-announces-third-120000285.html
*The Outstanding share count as of 11/17/2016 stands at 39,080,961.
http://www.otcmarkets.com/stock/TRVB/profile
**FDIC # is 58004
Marker;
Tri-valley Bank (ram (TRVB)
$0.50 down -0.01 (-1.96%)
Volume: 13,200
BDCO must now be considered a distressed investment.
Marker:
Bofi Holding, Inc. (BOFI)
$24.04 up 1.44 (6.37%)
Volume: 1,375,181
*52 week high
Marker:
United Rentals, Inc. (URI)
$91.20 up 1.7 (1.90%)
Volume: 2,953,164
Marker:
First Nbc Bank Holdi (FNBC)
$8.25 up 0.75 (10.00%)
Volume: 512,270
Clinton Group Issues Letter To Board Of Directors Of First NBC Bank Holding Company Regarding Enhancement Of Shareholder Valu...
First Nbc Bank Holdi (FNBC)
$7.7298 up 0.8798 (12.84%)
Volume: 545,293
NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Today, Clinton Group, Inc. ("Clinton Group"), a stockholder of First NBC Bank Holding Company ("First NBC" or the "Company") (NASDAQ: FNBC), issued an open letter to the board of directors of First NBC. Clinton Group has proposed a set of initiatives aimed to enhance shareholder value of FNBC.
This communication is not a proxy solicitation, which may be done only pursuant to a definitive written proxy statement.
About Clinton Group, Inc.
Clinton Group, Inc. is a diversified asset management firm that is a Registered Investment Advisor. The firm has been investing in global markets since its inception in 1991 with expertise that spans a wide range of investment styles and asset classes.
[Clinton Group Letterhead]
November 9, 2016
First NBC Bank Holding Company ("First NBC or the "Company")
210 Baronne Street
New Orleans, Louisiana 70112
Attention: Board of Directors
Gentlemen:
We were heartened to see your release of November 1, 2016 that showed continued profitability at First NBC Bank and your continued focus on returning all of the Bank's regulatory ratios to well-capitalized levels. Clinton Group is a shareholder and has recently accumulated additional stock as we believe it is currently undervalued.
We appreciate you listening to our views and look forward to providing additional shareholder perspectives in the future. We are happy to see that you have engaged Sandler O'Neill & Partners LP and Piper Jaffray & Co. to explore strategic options for First NBC and are confident that they will work to a solution that creates value for all stakeholders.
We would encourage you to be as transparent as possible about your plans, your business model and your path forward. As Aristotle first postulated, "Nature abhors a vacuum" and his words apply equally to the marketplace and its view on information. Give the investor community detailed information and let them make informed decisions, rather than allowing speculation and unfounded concerns drive the stock away from its fundamental value.
Our firm has had extensive experience successfully investing in, and serving on boards, of banks that required capital infusions. We look forward to providing whatever expertise we can to help First NBC navigate its current situation.
With decisive leadership at this critical juncture, First NBC can improve its capital ratios, supplement its balance sheet and return to shareholder value creation. We have set forth below in more fulsome detail a tactical plan with a variety of options that can be considered to best maximize shareholder value.
1. Contraction of the Balance Sheet-
We believe that First NBC should consider opportunistically reducing the balance sheet to reduce its capital need.
2. Divestiture of Florida Assets-
During 2015, the Company acquired $62 million in assets and 3 branches in the Florida panhandle through the purchase of First National Bank of Crestview. We are in touch with a possible buyer of these assets and all of your Florida branches, and this potential buyer is extremely well capitalized and interested in making a cash acquisition.
3. Divestiture of Impaired Assets-
Consider selling the Company's ethanol receivable. For example, a divestiture of this asset at a 50% haircut of its value of approximately $70 million would allow the Company to create roughly $35 million in book equity with no dilution or punitive effects on existing shareholders.
4. Divestiture of Tax Entities-
We believe that opportunistically divesting some of the current investments in tax entities would be a positive step forward for the Company to both reduce the impairment expense moving forward and to create equity value. Given the bank's current earning profile and legacy deferred tax asset ("DTA"), the income generated by the tax credit will essentially roll into the DTA where it will be subject to the haircuts imposed by Basel III. It is our understanding that often tax entities of this nature trade at or near face value. For example, we believe, if First NBC were to sell investments in tax entities of $50 million at face value this could have the effect of essentially creating significant common equity tier one capital with no dilution to existing shareholders and no risk of impairment of the DTA. This equity value creation would help in meeting First NBC's capital requirements and would create flexibility in the creation of capital. We are in touch with an institution that would be interested in possibly acquiring some of your investments in tax entities and would be happy to facilitate an introduction.
5. Strategic Alternatives for the Company's DTAs-
Our institution has spent a lot of intellectual and financial capital in studying the protection of net operating losses ("NOLs") and deferred tax assets. We believe that First NBC has a number of transactions and opportunities available today to bring on pre-tax earnings without expending an abundance of its liquidity or equity.
6. Potential Stock Appreciation from Above Initiatives-
Your stock currently trades around $6.50/share, despite trading at a level of $11/share just three weeks ago and a level of $16/share in early August. Given this steep decline, we believe that a prudent application of the above initiatives could result in a significant increase in your stock price. Subsequently, any capital raise based on this higher stock price will be less dilutive to the current shareholders.
7. Develop a Phased Approach for Raising Necessary Capital-
Common equity and/or preferred equity needs to be brought into the Company from a continued position of strength and improvement rather than in a hasty, injudicious manner. While the company needs to be cognizant of its Basel III exclusions on its DTA, the balance sheet in 2018 could be very different than the balance sheet today if our suggested tactics are implemented in an optimized manner. Furthermore, the concomitant capital needs could also differ significantly as the company reduces its direct investment in tax credits and pursues a syndication strategy.
We appreciate your attention to our ideas on tactics going forward at this critical time, and we welcome the opportunity to evaluate a primary investment to help the cause. We appreciate the open dialogue to date, and can be reached at (212) 825-0400 to further the discussion.
Very Truly Yours,
Scott R. Arnold
Managing Director
http://ih.advfn.com/p.php?pid=nmona&article=72884374
Marker:
First NBC Bank Holdi (FNBC)
$6.85 up 0.5 (7.87%)
Volume: 703,094
=====
*The "basket of deplorables" have spoken...Trump wins.