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YRCW 1.25 Now adding more
.64 close possible Triple bottom Some key paragraphs from CC
http://seekingalpha.com/article/170676-first-state-bancorporation-q3-2009-earnings-call-transcript?source=yahoo&page=9
"Overall, the economy in our markets continues to fare batter than the nation as a whole as evidenced by the unemployment rate with the national rate at 9.8%, New Mexico is only 7.7%, and Arizona even with all its troubles is 9.1%. One factor that could help us in the coming months will be the passage by the U.S. Congress of an extended NOL carryback period. Based on our understanding of what is being proposed and its current form if it is enacted, it would give us an immediate tax credit of approximately $10 million. We will be watching the proposed legislation closely to see if it is passed and then determine the exact effect of the final rules. This could be especially helpful in improving our capital ratios as a tax benefit of $10 million would increase our risk based ratios by about 45 basis points.
As an update to our August announcement that we are working with KBW to evaluate our capital position and pursue alternative, we continue to work with them in exploring opportunities to improve the value of our stock for our existing shareholders. At this time, we have no concrete plans that we can report on, but we will keep pushing forward on that front.
Now, Chris will run through some of detail on our results for the quarter and then I will come back and summarize a few thoughts.
Chris Spencer
Thanks, Pat. The total assets declined by $106 million in the third quarter, ending at $2.9 billion with the decrease being driven primarily by the reduction in the loan portfolio.
Total loans at September 30th, 2009 were $2.1 billion, down $120 million from June 30. We continue to focus on reducing the overall loan portfolio to strengthen liquidity and capital. With only minimal new origination activity, the loan portfolio has been running off at a net rate of about $20 million to $25 million per month.
Total deposits at September 30th, 2009, were $2.2 billion
As reflected in the June 30, 2009 market share data published by the FDIC by county, we continue to hold the number three spot in New Mexico, behind only Wells Fargo and Bank of America, with 8.19% of total state-wide deposits
Some key paragraphs from the CC.
http://seekingalpha.com/article/170676-first-state-bancorporation-q3-2009-earnings-call-transcript?source=yahoo&page=9
During the 12-month period from June 30th, 2008, to June 30th, 2009, in which the FDIC measures market share, we increased our ranking in five of the 11 counties we serve in New Mexico, while losing ground in only one.
Risk weighted assets fell $200 million during the quarter. We expect the risk weighted assets to continue to drop for the next several quarters as we continue to deleverage the balance sheet to help improve the capital ratios.
We are also continuing to look at alternatives with the KBW investment banking group for potential capital sources and potentially even a sale of the Company and, as I said, we don’t have anything concrete to report there, but we are gong to manage as many of these things as we can and not rely strictly, necessarily on just reducing our loan totals to get those capital ratios in line.
Patrick Dee
Well, if there are no additional questions, and we’ll give it another minute here in case somebody does want to ask one or two. Again, this has been a very challenging quarter for us. But clearly, we think some of the numbers are not indicative of things to come. Obviously, the charge-offs we’ve taken this quarter are extraordinary.
The regulatory approach on the allowance for loan loss, again, is a little bit different than what we’ve done historically under GAAP, but we’ve now adjusted for that. And we think there shouldn’t be any further impact from that going forward. Clearly, we’ve got some challenges in working through the problem assets that we’ve got, and hopefully we’ll be able to start to show some positive trends. It’s very difficult to predict that absolutely the worst is behind us, but we’re starting to get a sense of that from some of the indicators that we are seeing. So, we’ll look forward to reporting our fourth quarter results after the first of the year and hopefully we’ll have a much better picture to reflect at that point. So, if there are no other questions –
"
Im expecting a close .65-.70 today will see
Cant see a forest through the trees i think these levels are close.
We should be right around it crazy how this can trade this low with a 6 + dollar book..
Buying here tenth of book value not gonna look at tick by tick nervous money needs to get out of this stock
Heres that market bounce i was looking for down 14 only now.
TOM has it passed yet? Should be 10 mil for FSNM.
In accumulation mode here
Chart the option as well as the stock in question.
If you go to bigcharts.com you can get an option chart if you read in ibox how to do it.
FSNM Book value still 6.3 and worse case the cash value is 2.75 that should be low end of buyout price. The market will take time to discover this but if buyout happens we will just wake up one day and with big smiles.
Market right at support here down 60 do we see a bounce end of day. Lets vote on it.
Today is add load day, then tomorrow confirmation will start.
why sell under for what its worth, so trying to determine that right now, i wouldn't doubt if they shorted it down so they could get some cheap shares before a buyout.
TRYING TO FIGURE HOW MUCH WE GET ON FSNM BUYOUT IF IT goes that route.
FSNM book value 6.3$ still.
and cash value 2.75$ FSNM- lets try to figure what a Buyout price would be. Total assets 2.9 bil Loans out 2.1 bil , =800 mil Shares outstanding only 20 mil. Could receive another 10 mil on legislation this week NOl carry back vote. http://seekingalpha.com/article/170676-first-state-bancorporation-q3-2009-earnings-call-transcript?source=yahoo
Thanks Lets Try to figure How many dollars the Buy Out would bring per share.
We have 20 mil O/S
Total assets - Total liabilities would give us a number then we can do A eps.
So what are the numbers you guys have. 2.9 bil assets -2.1bil in loans, even if all loans failed we would still have 800 mil>? This stock should fetch a buyout price in dollars is my guess, right now its market cap is under 14 mil way too cheap.
Great work on IBOX, Did you hear about the NOL carry back law, that should end up being worth around 10 mil for FSNM. I think they vote this week.
TONY- Notes from conference Anyone find a archived link?
- Potential buyout for Stsa keep in mind they have only 20 mil shares outstanding.
Total assets around 2.9 bil Loans out 2.1 bil
leaves 800 mil
Expect next quarter non preforming loans to decrease as the company used the 3 q to book all its huge chage offs so it could clean up the books and move forward.
New Mexico economy outperforming much of the nations expect a decrease in problem loans and New Mexico has lowest loan loss delinquency rate in nation at 1%
Legislation Going Through Congress in coming days weeks for NOL carry back, once passed FSNM should recoup about 10 mil in taxes back. This legislation I believe is up for vote this week
these are my notes from CC
I only have 1 Post LEFT DOUBLE BOTTOM HAMMER CANDLE LIKE I SAID IT WENT UP LAST TIME 400% of its low. I added and will add here.
- You guys do what you think, I want to hold for the highs, saw some pretty stupid posts here today, going to take a few days off from posting. Got idiots posting shit like falling knife when its obvious to a trader with 6 month experience that the chart says double bottom and hammer candle.
keep head up use the opportunity for your own benefit.
Well last time FSNM was this low it jumped 400% in a month check your chart and what you did was kind of moronic.
OT Hey no comment when you create bashing posts and then say you are also long I don't know what to think about you.
Earlier this morning you were saying FSNM and posting false quotes, man that can ger you in a lot of trouble.
FSNM has only 30 million shares out, I expect CC to say that worst is behind them, that would correspond with chart setting a double bottom in and a hammer. Anything under 1.00 is gift to add.
But man, I would advise you to cut the sheet and stop posting garbage and fake quotes. People here don't need that kind of sheet this is not yahoo!
Yep and lot of other stocks
FSNM CC at 5 tonight Good news~!
ITs because the brokers probably short the stock, they are crooks so why would they make it easy for their clients to buy something they are short on. When they cover then they will let you buy.
Its a crooked game
Its time to avg here and hold imo
Its obvious short manipulation, not gonna be mad just know what im buying is at a great discount. Fsnm has a bright future and this manipulation providing a great buy opp.
Investors looking forward not in the rearview is all that matters.
CHART SAYS STSA BUY CONFIRMED SO SEE THROUGH THE MANIPULATION AND HOLD FOR REAL PRIZE
The bank is actually well capitalized, worst behind them
I will buy here into the short fear.
have a great day
", First Community Bank was considered adequately capitalized."
http://www.reuters.com/article/marketsNews/idCNBNG52554520091102?rpc=44
STSA chart says Buy confirmed so I buy. So it should finish green.
The manipulation on these stocks is set up to screw people out of the positions, if they did homework they would realize this is just fire sales on low vol shakes.
FSNM under 400k dollar volume traded i don't see a huge volume dump, what i do see is a 1 mil shorts who started last week at 1.20 they knock down to chart bottom now they will cover.
No what you have is a short induced panic, FSNM investing in it for future going forward. We knew this quarter would be in line. They didnt miss they came in line. next Q should be much better.
Lot of panic feeds the short scam.
adding lowering avg and will come out green
Yea they came in line with guidance down 30% give me a break very few shares traded, im just going to embrace the dip.
FSNM low volume whack Job adding going forward worst behind them and this is double bottom, repositioning here.
Stsa Buy confirmed chart close at .80 should move up nicely monday so this is the dip heading back up now will be back over 1 next few sessions then march back to 2-3 by end of month.
Yea looks real good for Wamuq going forward.
A watched kettle never boils
BACK to dollars in time just like we did when it ran swung 1-5 by dec is my time frame.
RZ doe awards 338 mln stimulus to geo thermal!
STSA looking like reversal to start
complete short manipulation helped me lower my average very nicely now will just hold for dollars again. 12 bil in assets small 52 os I will wait for the prize.
Ok cya all
Nice wamuq looks good going forward test .40 again.
Happy Halloween Going on a Vacation need to Recharge goodluck everyone
Yep another one naked shorted!
OT To be honest they are morons.
Its just so manipulated, print counterfit shares the law of supply and demand does not apply. It's criminal. Knew i should of went away in October. They are targeting all the regional banks, printing counterfeit shares then getting the press to bash them, didn't think they could get away with it when dow was over 9500. Then bashing in the press CNBC etc, its enough to make ya sick.