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Marker:
First Internet Banco (INBK)
$18.9899 up 0.4799 (2.59%)
Volume: 351
*Rising steadily. Now selling at a 6% discount to TBV.
Press Release
Blue Dolphin Announces Improved Full Year 2014 Financial Results
Published: Apr 1, 2015 7:57 p.m. ET
[....]
For the full year 2014, Blue Dolphin reported an increase in net income of $19.6 million to $15.8 million, or $1.51 per share, from a net loss of $3.8 million, or a loss of $0.36 per share, for the full year 2013.
[....]
http://www.marketwatch.com/story/blue-dolphin-announces-improved-full-year-2014-financial-results-2015-04-01
*Mr. Market is currently selling BDCO for $5.68 which is an incredibly low P/E of 3.76. Refineries, on average, sell in the P/E range of 10. So why is this refinery stock so cheap? It's simply an unknown publically traded small Texas refinery ..when the lions share of oil sector investors think of a refiner they think of the big 5 and because of that it flies below the radar.
**Read the latest 10-K and decide for yourself. We expect this earnings trend to continue in 2015.
..........WHERE IS THE POL...................????????..................
For those who don't have level 2 there were 5 transactions after those 400 shares sold for $4.60 mid-day at 12:49PM.
They were;
500 shares bought @ $5.60 at 14:34PM
100 shares bought @ $6.25 at 15:04PM
100 shares bought @ $6.49 at 16:02PM (after EOD)
500 shares bought @ $6 at 16:09PM
100 shares bought @ $6.49 at 16:49PM
===============================
I'm not sure why the $5.60 or the $6.25 didn't print in time... both came in in advance of the closing bell.
It's a mystery...but it happens.
I'm stunned....what just happened! Why would someone sell into this news at that price?? unreal.
===============
Hey Pagz,
Finding comp refinery's to BDCO to gauge the value is tough. My price targets came from the most basic multiple of 10X forward earnings...which is conservative by any standard.
Holly Frontier [HFC] for example has a forward P/E of 11.54.
DTA's were a big portion of BDCO's earnings no doubt...but I'm excited we're turning enough of a profit to use those NOL's. It's about time.
Marker after 1st hour of trading;
Blue Dolphin Energy (BDCO)
$6.01 up 1.42 (30.94%)
Volume: 16,909
On these earnings BDCO is a $12 ~ $15 stock!
Operating income per barrel sold was $3.40
3.8mm bbl's refined in 2014...super margins!
Q1 2015 should be just as exciting.
Fantastic!
Oopps not so fast fred. I provided documented proof in the banks 2009 annual report that United management decided to pull their TARP application at the 11th hour. Not one word about being "rejected" was ever uttered in any public report. An 8k was never produced.
As a shareholder I am fully within my rights to be informed that 1) the bank was told by Uncle Sam to raise their capital ratios asap...2) Uncle Sam, in the face of EXTREME taxpayer opposition, was willing to offer that capital at very favorable terms and 3) my management team said thanx but no thanx.
Show me fred where that was ever put out for the shareholders to see and consider. Information of that magnitude is a must in order for shareholders to win on Wall St.
Once UWBK decided to go it alone they put regulatory wheels in motion nobody was equipped to deal with...bs tried and gave up...and here we sit 4 years later with nothing but a dead company laying in a morgue on Wall St with a cusip number on the toe tag. It's a big morgue...United isn't alone. Other cases have to be finalized before United gets an official burial. The FDIC is in no hurry.
This is a Canadian company subject to not only the volatility in gold but the exchange rate value of their currency as well.
Marker:
Sandridge Energy, In (SDRXP)
$40.00 up 0.6 (1.52%)
Volume: 1,640
CL/H15 Light Sweet Crude: $48.94
SD common equity closing price today:
Sandridge Energy Inc. (SD)
$ 1.79 up 0.10 (5.92%)
Volume: 9,390,218
EUR/USD
$1.09718
Avidbank Holdings, Inc. Announces Unaudited Net Income of $996,000 for the Fourth Quarter of 2014
Avidbank Holdings, Inc. ("the Company") (OTCBB:AVBH), a bank holding company and the parent company of Avidbank ("the Bank"), an independent full-service commercial bank serving businesses and consumers in Northern California, announced unaudited consolidated net income of $996,000 for the fourth quarter of 2014 compared to $635,000 for the same period in 2013.
Full Year and Fourth Quarter 2014 Financial Highlights;
• Net income was $2,744,000 in 2014, compared to $2,508,000 in 2013. Results for the 2013 period included $748,000 in gains from the sale of investment securities compared to $261,000 in the 2014 period.
• Diluted earnings per common share were $0.62 for the year ended 2014, compared to $0.64 in 2013. Diluted earnings per common share were $0.22 for the fourth quarter of 2014, compared to $0.15 for the fourth quarter of 2013.
• Net income was $996,000 for the fourth quarter of 2014, compared to $635,000 for the fourth quarter of 2013. Results for the fourth quarter of 2013 included no gains from the sale of investment securities compared to $239,000 in the fourth quarter of 2014.
• Total assets decreased by 6% over the past twelve months, ending the fourth quarter at $469 million.
• Total loans outstanding grew by 33% in 2014, ending the fourth quarter at $342 million.
• Total deposits decreased by 14% over the past twelve months, ending the fourth quarter at $386 million.
• The Bank continues to be well capitalized with a Tier 1 Leverage Ratio of 10.5% and a Total Risk Based Capital Ratio of 12.2%.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=65638100
Marker:
Avidbank Holdings, I (AVBH)
$12.30 0.0 (0.00%)
Volume: 0
Dangers of Housing Policy 'Hidden in Plain Sight' No More
Eric Grover
MAR 17, 2015 12:00pm ET
Necessary reform of the U.S. housing finance system will only be possible when we understand how government policy shaped the financial crisis. We are nowhere near this achievement, as made clear by the new book Hidden in Plain Sight: What Really Caused the World's Worst Financial Crisis and Why It Could Happen Again, by the American Enterprise Institute's Peter Wallison.
Wallison describes how the Clinton and Bush administrations forced Fannie Mae and Freddie Mac to weaken mortgage credit standards in order to increase homeownership in the run-up to the housing crisis. Meanwhile, advocacy groups used the Community Reinvestment Act to club banks in need of regulatory approval for expansion into cutting credit standards.
From 1996 through 2008, the Department of Housing and Urban Development increased Fannie and Freddie's affordable housing goals for low- and moderate-income borrowers. Every year until 2008, the government-sponsored agencies exceeded their goals by increasing nontraditional mortgages: subprime and "Alt-A" mortgages with no or negative principal amortization, no income verification, and down payments of less than 3%. In response to the GSE's reckless Washington-driven competition, the entire mortgage market weakened credit standards.
Easy mortgage credit fueled an unprecedented housing bubble. According to the Case-Shiller index, real home prices from 1997 to 2007 increased almost 90%.
Rising housing prices masked risk. The homeownership rate rose from 64% in 1994 to 69% in 2004, according to data from the Federal Reserve Bank of St. Louis.
By June 2008, 57% of all U.S. mortgages — 31 million — were high-risk nontraditional mortgages, according to Wallison. Seventy-six percent of those were backed by the GSEs and government agencies.
Washington propelled the tsunami of sketchy mortgages, Wallison writes. The private sector followed its lead. If there had been no taxpayer-backstopped mortgages on the table, then private lenders wouldn't have supplied unsound mortgages in such quantities.
For many people on the left, greedy Wall Street is an irresistible villain. But there's always been greed on Wall Street. As House Financial Services Committee Chairman Jeb Hensarling observes, "Washington greed" was more the problem in the run-up to the crisis — and it remains so today.
The fable that deregulation was the cause of the crisis drove the passage of the Dodd-Frank Act. But under Bush, there was no financial deregulation. In fact, the Privacy and Patriot Acts and Sarbanes-Oxley imposed a battery of additional regulatory burdens on banks.
Dodd-Frank was falsely sold as a silver bullet preventing another financial crisis. Instead, as Wallison notes, it "slowed and will continue to slow economic growth" and conferred enormous new powers on Washington bureaucrats. But it didn't address the culprit in the crisis: government's role in housing finance.
Now, as Hensarling warns, "Washington appears to be rolling the dice again" on the same gamble that produced the last crisis. Fannie, Freddie and the Federal Housing Administration are playing a game of thrones to dominate subprime mortgages.
In December, Fannie and Freddie re-launched 30-year, fixed-rate, 97% loan-to-value mortgages. With FHA's reserve fund below a statutorily mandated 2%, HUD secretary Julian Castro says lowering premiums by 50 basis points makes mortgages more affordable.
Over half of government purchase mortgages now have down payments of 5% or less. With a straight face, FHFA director Mel Watt contends that GSE mortgages with a 3% down payment with "other compensating factors" are no riskier than those with 10% down payments. (This is utter nonsense imo)
Meanwhile, AEI's National Mortgage Risk Index hit a high in January. In January, 37% of Fannie/Freddie and 65% of FHA mortgages respectively had debt-to-income ratios greater than 38%. In December, over 35% of loans from the FHA's top 25 issuers had subprime FICO scores of under 660.
These changes are setting the housing industry up for another crisis.
The problem could be averted by sticking to traditionally-underwritten mortgages, which perform well. The default rate on fully-documented Freddie Mac 30-year fixed-rate home purchase loans acquired in 1999 through 2007 with FICO scores above 660, debt-to-income of 38% or lower and LTV of 90% or lower was .55%.
Clearly we have a problem.
Genuine reform is a tall order. The public buys the narrative the crisis was caused by insufficient regulation and rapacious Wall Street bankers.
Wallison warns unless that narrative is supplanted by one that highlights government housing policy as the real cause of the last crisis, another one awaits us. But a number of parties, including real estate and mortgage brokers, home builders, community activists and politicians, have a stake in government-financed mortgages. Many Democrats support politicized government lending, and many Republicans want to proclaim they've "fixed" Fannie and Freddie while keeping a government-mortgage backstop. The Corker-Warner Housing Finance Reform and Taxpayer Protection Act was a vivid example of such faux reform.
Hidden in Plain Sight, however, can educate voters that government-financed housing is inevitably politicized, leading to gutted credit standards. Society pays a steep price in the end, including the very people that affordable-housing policies are purported to help. Informed voters are a prerequisite for real reform.
To better protect the U.S. economy, Fannie and Freddie should be privatized and permitted to sink or swim. And government-agency housing finance should be terminated. These changes would allow the financial industry to provide mortgages without putting taxpayers on the hook.
http://www.americanbanker.com/bankthink/dangers-of-housing-policy-hidden-in-plain-sight-no-more-1073272-1.html
*I couldn't agree more with everything said in this article.
Marker:
Bofi Holding, Inc. (BOFI)
$96.09 up 1.4218 (1.50%)
Volume: 152,229
Happy ST. Patrick's Day Lads!
=====================
Aluminum, unlike other materials, is infinitely recyclable and doesn’t lose any of its characteristics or durability when recycled. In fact, approximately 75 percent of all of the aluminum ever produced since 1888 is still in use today.
Source: http://www.alcoa.com
*This is an astounding statistic.
Marker:
Signature Group Hold (SGRH)
$6.80 0.0 (0.00%)
Volume: 0
(posted before the opening bell)
Investor Presentation (3/11/15):
http://www.sec.gov/Archives/edgar/data/1299709/000129970915000030/bofiholdingincinvestorpr.htm
UBPR Report link;
FDIC #35546
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=81%2c76%2c72%2c67%2c63&rptid=283&idrssd=2917317&peerGroupType=UBPPD186&supplemental=UBPPD186
The number of shares outstanding of the Registrant’s common stock on the last practicable date: 15,076,557 shares of common stock, $0.01 par value per share, as of January 23, 2015
Marker:
Bofi Holding, Inc. (BOFI)
$94.23 up 1.23 (1.32%)
Volume: 177,105
Return On Equity (ROE) for BOFI is 19% vs it's Peer Group at 6.69%.
BOFI's ROE outperformed 95% of ALL banks!
http://www.sec.gov/Archives/edgar/data/1299709/000129970915000030/bofiholdingincinvestorpr.htm
*BOFI's Investor Presentation is light years ahead of any other investor package of information I've seen from the hundreds of banks I have looked into over the past few years. They have really set the standard going forward.
**BOFI is a growth story....with a twist of value added in.
Marker:
Bofi Holding, Inc. (BOFI)
$93.00 0.0 (0.00%)
Volume: 0
HOW HEALTHY IS THIS BANK?
http://banktracker.investigativereportingworkshop.org/banks/california/san-diego/bank-of-internet-usa/
Marker:
Bofi Holding, Inc. (BOFI)
$93.00 0.0 (0.00%)
Volume: 0
Annual Report (10-k)
Date : 03/13/2015 @ 2:24PM
Source : Edgar (US Regulatory)
Stock : Farmers & Merchants Bancorp (QX) (FMCB)
Quote : $460.00 0.0 (0.00%) @ 2:05AM
[....]
The number of shares of Common Stock outstanding as of February 27, 2015: 785,782
Table of Contents
Although the Company was not entirely immune to the pressures that a struggling economy brought to bear, management believes that the Company’s performance compared very favorably to its peer banks during the five-year period ending December 31, 2014:
· Net income totaled $116.1 million and never dropped below $21.0 million in any single year.
· Return on Average Assets never dropped below 1.17% in any single year.
· Total assets increased 32.5% to $2.4 billion.
· Total loans & leases increased 41.2% to $1.7 billion.
· Total deposits increased 37.8% to $2.1 billion.
More recently:
· In 2014, the Company earned $25.4 million for a return on average assets of 1.17%, and our return on average assets averaged 1.20% over the five-year period. Importantly, these strong results were generated at the same time the Company increased its credit loss allowance by $1.2 million, to $35.4 million or 2.06% of total loans & leases.
· In 2014, the Company increased its cash dividend per share by 2.0% over 2013 levels, and our strong financial performance has allowed us to increase dividends every year during this five-year period.
· The Company’s total risk based capital ratio was 12.93% at December 31, 2014, and the Bank achieved the highest regulatory classification of “well capitalized” in each of the five years. See “Financial Condition – Capital.”
· The Company began to diversify its: (1) geographic market by establishing new branches in Walnut Creek and Irvine, CA; and (2) lending products by introducing equipment leasing.
· Despite continuing sluggish economic conditions in the Company’s local markets, the Company’s asset quality remains very strong compared to peer banks at the present time, when measured by: (1) net charge-offs of 0.33% of average loans & leases during this five-year period; and (2) substandard loans & leases totaling 0.21% of total loans & leases at December 31, 2014. See “Results of Operations – Provision and Allowance for Credit Losses” and “Financial Condition – Classified Loans & Leases and Non-Performing Assets.”
As a result of this strong earnings performance, capital position, and asset quality, stockholders have benefited from the fact that cash dividends per share have increased 15.4% since 2009, and totaled $60.40 per share over the five-year period. The 2014 dividend of $12.70 per share represents a 2.7% yield based upon the December 31, 2014 ending stock price of $463 per share.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=65854641
*Decent yield 2.7% if that's what a person is looking for in a bank.
**Target bank for Ford & Co? ..yes...it's a NorCal bank ...with over $2B in assets...steady growth...profitable...no reason why it shouldn't be.
Marker:
Farmers & Merchants (FMCB)
$460.00 0.0 (0.00%)
Volume: 0
Presidio Bank Reports Net Income Growth of 29% for 2014
Date : 02/04/2015 @ 8:00AM
Source : Business Wire
Stock : Presidio Bank (san Francisco, Ca) (QB) (PDOB)
Quote : $12.30 0.0005 (0.00%) @ 4:37PM
Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited results for the fourth quarter and full year ended December 31, 2014 with net income for the year of $3.1 million, up 29% from 2013. The fourth quarter was highlighted by $31 million in core deposit growth and $14 million in loan growth resulting in record levels in both categories. Total assets increased $32 million for the quarter and just under $100 million for the year.
“2014 was another solid year for the Bank,” said Presidio Bank President and CEO Steve Heitel. “The Bank continued to grow loans, deposits, net income and new relationships while successfully executing a shareholder-friendly capital raise and launching our fifth office.”
Financial Highlights
• Total Loans outstanding increased by $14 million or 3.6% over the quarter ended September 30, 2014 and increased $42 million or 11.3% for the full year.
• Total Deposits increased by $31 million or 6.9% from the quarter ended September 30, 2014 and increased by $85 million or 21% for 2014. A number of Bank depositors are holding balances that are temporarily inflated. We had anticipated that some of these balances would run-off in the fourth quarter of 2014. Instead these temporary balances increased during the quarter. We now expect these balances to decline to more normal levels in the first quarter of 2015.
• Net interest income of $4.9 million in the fourth quarter was up 3% over the third quarter of 2014. This increase resulted from loan growth and the recognition of interest income on a classified loan which paid off during the quarter which more than offset $210 thousand in interest expense incurred during the quarter on the Bank’s newly issued subordinated notes. Net Interest Income was up 17% for the year.
• Operating Expenses increased 6% from the third quarter primarily due to a full quarter’s lease expense on our new San Mateo Office, and higher professional fees due to recruitment expense for our new East Bay Market President. Operating Expenses were up 11% for the year.
• Net Income was $3.1 million, up 29% in 2014. Net income applicable to common shareholders was $2.8 million for the year, an increase of 47.6% over 2013 as dividends on preferred stock declined; a result of the partial repurchase of preferred shares executed in 2013.
• Credit quality remains strong with a classified loan to capital ratio of less than 5%. The Bank added $220 thousand to the Allowance For Loan Losses during the fourth quarter due to growth in the loan portfolio. No loan loss provision was recorded in 2013 or the third quarter of 2014. The Bank’s largest classified loan paid off in full during the quarter. Non-performing loans totaled $1.3 million at December 31, 2014 or 0.3% of total loans. The Allowance for Loan Losses of $5.2 million covers non-performing loans by almost four times.
• Diluted earnings per common share were $0.14 for the quarter compared to $0.18 in the third quarter of 2014 and $0.19 in the fourth quarter of 2013. EPS for the fourth quarter of 2013 included a $152,000 gain on the retirement of preferred stock.
• Book value per share increased to $9.74 per share as of December 31, 2014 from $9.53 per share at September 30, 2014 and $8.99 per share at December 31, 2013.
“The Bank continued to successfully execute its organic growth strategy in 2014,” said Presidio Bank Chairman and Founder, Jim Woolwine. “The addition of new capital, improvement in our already strong credit quality and successful opening of our San Mateo Office positions the Bank well for continued growth in 2015.”
[....]
http://ih.advfn.com/p.php?pid=nmona&article=65354448
*Target bank?
Annual Report (10-k)
Date : 03/12/2015 @ 11:05AM
Source : Edgar (US Regulatory)
Stock : Sierra Bancorp (MM) (BSRR)
Quote : $16.38 -0.15 (-0.91%) @ 8:10PM
http://ih.advfn.com/p.php?pid=nmona&article=65828455
This bank is a BEAST!
Unprecedented growth in every category that matters - Assets, Deposits, Loans, Profit, Capital plus Reserves, etc. for the past 3 years running.
Here is the last 10-Q;
http://ih.advfn.com/p.php?pid=nmona&article=65280653
*A 3 year chart reveals quite a story and it shows no signs of slowing.
P/B is 0.85...which is a 15% discount to book.
Marker:
First Internet Banco (INBK)
$17.159 down -0.111 (-0.64%)
Volume: 7,715
Marker:
CU Bancorp (CA) (CUNB)
$21.19 up 0.13 (0.62%)
Volume: 27,335
*Up 8% the past 4 months.
Marker;
Temecula Valley Banc (TMCV)
0.0001 0.0 (0.00%)
Volume: 0
Marker:
Texas Pacific Land Trust (TPL)
$ 147.75 down -2.25 (-1.50%)
Volume: 3,713
CL\J15 Light Sweet Crude $47.02
Marker:
Disney (Walt) Co. (T (DIS)
$106.1623 up 3.2723 (3.18%)
Volume: 5,607,284
* ...a magnificent 3 and a half year run and still going!
Marker:
Sandridge Energy, In (SDRXP)
$42.25 down -2.25 (-5.06%)
Volume: 1,534
CL/H15 Light Sweet Crude: $47.50
SD common equity closing price today:
Sandridge Energy Inc. (SD)
$ 1.59 up 0.01 (0.63%)
Volume: 5,859,732
Western Alliance Bancorporation and Bridge Capital Holdings Agree to Merge
Date : 03/09/2015 @ 5:39PM
Source : Business Wire
Stock : Bridge Capital Holdings (MM) (BBNK)
Quote : $22.02 0.19 (0.87%) @ 6:15PM
PHOENIX & SAN JOSE, Calif., Mar 09, 2015 (BUSINESS WIRE) -- Western Alliance Bancorporation WAL, +0.16% and Bridge Capital Holdings BBNK, +5.43% announced today that they have signed a definitive agreement pursuant to which Western Alliance Bancorporation will acquire Bridge Capital Holdings. Immediately following the completion of the acquisition, Bridge Capital’s principal operating subsidiary, Bridge Bank, will merge with and into Western Alliance Bank, a wholly owned subsidiary of Western Alliance Bancorporation. Following the bank merger, Western Alliance plans to operate its Northern California offices and the existing Bridge Bank offices as a combined division under the Bridge Bank trade name.
The Agreement provides that each shareholder of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorporation and $2.39 in cash for each share of Bridge common stock owned. In aggregate, the transaction is valued at approximately $425 million, including certain unvested restricted stock awards and stock options previously issued by Bridge Capital that will be converted to Western Alliance equity awards under the terms of the Agreement.
Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, “We’re delighted to be combining our resources with Bridge Capital. Dan Myers and his team have built a fast growing, well-managed organization that substantially strengthens our Northern California presence, while providing new avenues for growth in technology and international services. Bridge Bank’s exceptional funding profile and low cost of deposits provide the rare opportunity to improve our liquidity and margins simultaneously.”
Sarver continued, “We believe this combination will create significant value for Western Alliance shareholders, both immediately and longer term, and are very excited to add Bridge’s innovative products and model to our platform.”
Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings, said, “We’re very excited at the growth opportunity this partnership with Western Alliance Bank represents for Bridge Bank. Our momentum is strong coming into this merger, and the additional resources it brings will allow us to better support our growing roster of business clients, and accelerate our expansion in all of our business lines and markets we serve.”
This transaction has been approved by the board of directors of each company and is subject to customary closing conditions, including approval by the shareholders of Bridge Capital Holdings and banking regulatory authorities. It is expected to be completed in the fourth quarter of 2015.
[....]
http://www.marketwatch.com/story/western-alliance-bancorporation-and-bridge-capital-holdings-agree-to-merge-2015-03-09
*By my estimation BBNK shareholders will receive $26.32 in value for each share. Todays closing price prior to the announcement was $22.02...this represents a 16% premium over the closing price.
**This offer came in at well over 2X Book. Impressive! The cost to gain growth via acquisition is high!
Western Alliance Bancorporation and Bridge Capital Holdings Agree to Merge
Date : 03/09/2015 @ 5:39PM
Source : Business Wire
Stock : Western Alliance Bancorporation (WAL)
Quote : $29.38 0.36 (1.24%) @ 3:59PM
PHOENIX & SAN JOSE, Calif., Mar 09, 2015 (BUSINESS WIRE) -- Western Alliance Bancorporation WAL, +0.16% and Bridge Capital Holdings BBNK, +5.43% announced today that they have signed a definitive agreement pursuant to which Western Alliance Bancorporation will acquire Bridge Capital Holdings. Immediately following the completion of the acquisition, Bridge Capital’s principal operating subsidiary, Bridge Bank, will merge with and into Western Alliance Bank, a wholly owned subsidiary of Western Alliance Bancorporation. Following the bank merger, Western Alliance plans to operate its Northern California offices and the existing Bridge Bank offices as a combined division under the Bridge Bank trade name.
The Agreement provides that each shareholder of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorporation and $2.39 in cash for each share of Bridge common stock owned. In aggregate, the transaction is valued at approximately $425 million, including certain unvested restricted stock awards and stock options previously issued by Bridge Capital that will be converted to Western Alliance equity awards under the terms of the Agreement.
Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, “We’re delighted to be combining our resources with Bridge Capital. Dan Myers and his team have built a fast growing, well-managed organization that substantially strengthens our Northern California presence, while providing new avenues for growth in technology and international services. Bridge Bank’s exceptional funding profile and low cost of deposits provide the rare opportunity to improve our liquidity and margins simultaneously.”
Sarver continued, “We believe this combination will create significant value for Western Alliance shareholders, both immediately and longer term, and are very excited to add Bridge’s innovative products and model to our platform.”
Daniel P. Myers, President and Chief Executive Officer of Bridge Capital Holdings, said, “We’re very excited at the growth opportunity this partnership with Western Alliance Bank represents for Bridge Bank. Our momentum is strong coming into this merger, and the additional resources it brings will allow us to better support our growing roster of business clients, and accelerate our expansion in all of our business lines and markets we serve.”
This transaction has been approved by the board of directors of each company and is subject to customary closing conditions, including approval by the shareholders of Bridge Capital Holdings and banking regulatory authorities. It is expected to be completed in the fourth quarter of 2015.
[....]
http://www.marketwatch.com/story/western-alliance-bancorporation-and-bridge-capital-holdings-agree-to-merge-2015-03-09
Marker:
Deutsche Bank Ag (DB)
$31.92 up 0.07 (0.22%)
Volume: 711,881
Book Value: $55.85
Price/Book: 0.57
Forward P/E: 8.91
*Europe still shakey? yes...but DB selling at a 43% discount to book is hard to ignore. Value found!
Pacific Commerce Bank and Vibra Bank Announce Agreement to Merge
First Merger for Pacific Commerce Bank as it Looks to Grow in Southern California
LOS ANGELES, CA / ACCESSWIRE / October 30, 2014 / Pacific Commerce Bank, "PFCI" (PFCI), and Vibra Bank "VBBK" (VBBK), today announced that they have entered into a definitive agreement to merge the two banks into Pacific Commerce Bank. Vibra Bank has one branch office located in Chula Vista, and had assets of $148.1 million, total deposits of $133.6 million, and total loans of $103.7 million as of September 30, 2014. Pacific Commerce Bank has three branch offices in Los Angeles, West Los Angeles and San Diego and has assets of $209.2 million, total deposits of $160.8 million and total loans of $187.7 million as of September 30, 2014.
"This is the first transaction for Pacific Commerce Bank and is the culmination of two years of hard work to improve the Bank's financial performance and establish a strong foundation on which to grow," said Thomas Iino, Chairman of the Board for Pacific Commerce Bank. "This merger, which illustrates our growth strategy, provides shareholders, customers and employees improved value, strength and opportunity. We look forward to joining forces with the Vibra Bank team to continue our strategy of growth, both organically and through acquisitions, throughout the lucrative Southern California market."
The combined bank will operate under the leadership of Frank Mercardante who will become CEO and a Director of Pacific Commerce Bank upon the close and the continued contributions of Scott Andrews who will serve as President. "This merger will enable us to strengthen our customer service, maintain the dedicated community-focused banking and high level of personal service that our customers have come to enjoy," said Howard B. Levenson, Chairman of the Board of Vibra Bank. "It also provides a solid opportunity for the shareholders and employees of both banks to become part of a growing organization with a keen focus on creating shareholder value in the future," he added.
Frank Mercardante, current President and CEO of Vibra Bank said, "I am confident this transaction will benefit the customers of the combined bank with an expanded array of deposit and treasury management products and services, as well as the ability to offer larger loans to our business clients. The combined footprint of the two banks will enable us to more effectively compete for business in the greater Southern California marketplace."
The transaction will be immediately accretive to PFCI's earnings in 2015 and subsequent years, adding to shareholder value, and is priced at 120% of Vibra Bank's adjusted tangible book value, to be determined as of the month-end prior to closing. PFCI will pay approximately sixty-seven percent in common stock and approximately thirty-three percent in cash on an aggregate basis. Within the foregoing limits on the mix of stock and cash, VBBK shareholders will be able to elect PFCI common stock, cash, or a combination thereof. The number of shares of PFCI common stock to be issued to VBBK shareholders is based on the closing adjusted tangible book value of both PFCI and VBBK.
The transaction is expected to close in the first quarter of 2015, and upon closing the Bank will have approximately $350 million in assets and operate four branches in Los Angeles and San Diego counties. Max Freifeld and Luis Maizel, currently directors of VBBK, will join the PFCI board of directors. PFCI and VBBK's board of directors have approved the merger agreement, and Directors and executive officers of VBBK have entered into agreements whereby they have committed to vote their shares in favor of the transaction. The closing of the merger is subject to satisfaction of customary closing conditions, including regulatory approvals and approval of both PFCI and VBBK shareholders.
http://finance.yahoo.com/news/pacific-commerce-bank-vibra-bank-142000885.html
===================================
Pacific Commerce Bank and Vibra Bank Announce Approval of Merger Application by the Federal Reserve Bank of San Francisco
Date : 01/22/2015 @ 6:00AM
Source : Business Wire
Stock : Pacific Commerce Bank (ca) (QB) (PFCI)
Quote : $5.71 0.0 (0.00%) @ 9:12AM
Pacific Commerce Bank, “PFCI” (OTCQB: PFCI), and Vibra Bank “VBBK” (OTCQB: VBBK), today announced that they have received written approval by the Federal Reserve Bank of San Francisco for their proposed merger, which was announced on October 30, 2014.
The merger is expected to close early in the second quarter of 2015, and upon closing the Bank will have approximately $350 million in assets and operate four branches in Los Angeles and San Diego counties. The closing of the merger remains subject to approval of the California Department of Business Oversight and both PFCI and VBBK shareholders. Shareholder meetings for both banks will be held February 23, 2015.
Vibra Bank has one branch office located in Chula Vista, and had total assets of $140.0 million, total deposits of $125.2 million, and total loans of $89.1 million as of December 31, 2014. Pacific Commerce Bank has three branch offices in Los Angeles, West Los Angeles and San Diego and had total assets of $217.8 million, total deposits of $165.5 million and total loans of $195.8 million as of December 31, 2014.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=65191604
*This deal was announced last October Pagz...somehow I missed it. The pps when you posted back in late 2012 was $2 @ share.
Southwest Airlines Launches Service To Central America And Flies New Caribbean Route From Texas
Date : 03/07/2015 @ 4:00PM
Source : PR Newswire (US)
Stock : Southwest Airlines (LUV)
Quote : $43.30 -0.8 (-1.81%) @ 7:02PM
DALLAS, March 7, 2015 /PRNewswire/ -- The People of Southwest Airlines® (NYSE: LUV) today inaugurated two international routes that brought new long-haul service for Customers using two of the carrier's growing gateways, Baltimore-Washington International Thurgood Marshall Airport and William P. Hobby Airport in Houston. Each of the new routes is longer than 2,000 miles each-way and marks historic milestones for the carrier both by connecting Central America to the Southwest network of destinations and by offering its longest-ever nonstop scheduled service from any of Southwest's Texas Triangle of original cities of Dallas, San Antonio, and Houston.
Beginning today, Southwest Airlines operates nonstop service between:
•San Jose, Costa Rica, and Baltimore/Washington on a once daily basis, and
•Aruba and Houston (Hobby) seasonally, once every Saturday through Aug. 8, 2015
[....]
http://ih.advfn.com/p.php?pid=nmona&article=65764387
Marker:
Southwest Airlines (LUV)
$43.30 down -0.8 (-1.81%)
Volume: 5,322,436
*LUV pps up over the last 2 years over 200%.
A new 52 week HIGH
Retractable Technolo (RVP)
$5.5601 up 0.3601 (6.92%)
Volume: 285,632
*Includes actual F&D costs (not including land costs), taxes and royalties.
North American Tight Oil Breakeven Prices ($/Bbl)
Utica Shale ---------- $68
Anadarko Tight Oil - $64
Alberta Bakken-------$55
Niobrara Shale -------$51
Cardium Shale -------$51
Permian Midland -----$50
Eagle Ford Shale ----$50
Bakken Shale ---------$44
Permian Delaware---$44
Matador Resources Company Announces Closing of Delaware Basin Combination
Date : 03/02/2015 @ 6:00AM
Source : Business Wire
Stock : Matador Resources Company (MTDR)
Quote : $22.7092 -0.2308 (-1.01%) @ 3:09PM
DALLAS, Mar 02, 2015 (BUSINESS WIRE) -- Matador Resources Company MTDR, -0.87% (“Matador” or the “Company”), an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources, with an emphasis on oil and natural gas shale and other unconventional plays and with a current focus on its Eagle Ford operations in South Texas and its Permian Basin operations in Southeast New Mexico and West Texas, today announced on Friday, February 27, 2015 it completed the previously announced combination of its Delaware Basin assets with Harvey E. Yates Company (“HEYCO”), a subsidiary of HEYCO Energy Group, Inc. As a result of the transaction, Matador will assume operatorship of all of HEYCO’s operated properties in the Northern Delaware Basin.
Key attributes of HEYCO’s properties include the following:
• Approximately 58,600 gross (18,200 net) acres located in Lea and Eddy Counties, New Mexico.
• Approximately one-third of the acreage is operated, one-third is non-operated and operations on the remaining one-third will be pursued by Matador under various operating, farm-in and other agreements.
• Essentially all of the acreage is held by production from existing wells and production units with high net revenue interests greater than 75%.
• Average net daily production during the fourth quarter of 2014 of approximately 530 BOE per day (approximately 70% oil), including production from the recently drilled CTA State Com #3H and #4H wells.
• Net proved developed producing (“PDP”) oil and natural gas reserves of approximately 1.3 million BOE (approximately 60% oil) as of September 1, 2014, based on an independent reserves analysis prepared by Netherland, Sewell & Associates, Inc., excluding any contributions from the CTA State Com #3H and #4H wells. Notably, no proved developed non-producing (“PDNP”) nor proved undeveloped (“PUD”) reserves have been assigned to these properties.
The HEYCO assets strategically link Matador’s existing acreage in its Ranger and Rustler Breaks prospect areas. The acquired acreage increases Matador’s total acreage position in the Permian Basin at March 2, 2015 to approximately 152,400 gross (85,400 net) acres, providing Matador with an increased operational footprint throughout the northern Delaware Basin.
[....]
http://www.marketwatch.com/story/matador-resources-company-announces-closing-of-delaware-basin-combination-2015-03-02
*Matador Resources holds properties outside of the Permian Basin which have proven to be profitable but none beat the "breakeven" price per barrel wells in the Permian Delaware contain.
North American Tight Oil Breakeven Prices ($/Bbl)
Utica Shale -------- $68
Anadarko Tight Oil - $64
Alberta Bakken-------$55
Niobrara Shale ------$51
Cardium Shale -------$51
Permian Midland -----$50
Eagle Ford Shale ----$50
Bakken Shale --------$44
Permian Delaware-----$44
http://www.bing.com/images/search?q=permian+delaware+basin&qpvt=permian+delaware+basin&qpvt=permian+delaware+basin&FORM=IGRE#view=detail&id=3DB2C4CA2151562319998F92DE97CD9D7E4C479C&selectedIndex=30
Marker:
Penn Virginia Corp. (PVA)
$7.25 up 0.22 (3.13%)
Volume: 2,018,733
*CL\J15 Light Sweet Crude $51.23 ppb.
Marker:
Sandridge Energy, In (SDRXP)
$47.50 0.0 (0.00%)
Volume: 10,958
CL/H15 Light Sweet Crude: $51.83
LM!!!.....where in the world have you been! Long time no see my friend. This is a great surprise... glad to hear from you!
Banks banks banks...believe it or not, besides the big 5, there are approx 7,000 other ones that are publically traded to plow through as well. There's no shortage of banks to examine that's for sure and that's down from a list of 10,000 we had just a few years ago ":-0
Hundreds of banks have either failed or merged just since the banking crisis of 2008/09. EI has been a terrific coach/mentor in laying out the key points to look for in this post crisis environment when digging for value.
We were hoping the fed would raise interest rates long before now which would turbo charge earnings for all banks. It appears that may not happen until late 2015 or early 2016. In this low interest rate environment it really underscores the need to find banks selling at a discount.
Banks are money machines and the time to seriously put together a short list to invest in is now. There will come a day when these fairly unknown bank stock prices will jump up like scalded dogs. :)