No "rainy day" provision.

The commitments in a loss sharing agreement are not optional. FCNCA doesn't have a choice.

<from the 10-k>

COMMITMENTS AND CONTINGENCIES

[....]

BancShares has recorded a receivable from the FDIC for the expected reimbursement of losses on assets covered under the various loss share agreements. These loss share agreements impose certain obligations on us that, in the event of noncompliance, could result in the delay or disallowance of some or all of our rights under those agreements. Requests for reimbursement are subject to FDIC review and may be delayed or disallowed for noncompliance. The loss share agreements are subject to interpretation by both the FDIC and FCB, and disagreements may arise regarding coverage of losses, expenses and contingencies.

The loss share agreements for four FDIC-assisted transactions include provisions related to contingent payments that may be owed to the FDIC at the termination of the agreements (clawback liability).The clawback liability represents an estimated payment by BancShares to the FDIC if actual cumulative losses on acquired covered assets are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition. The clawback liability is estimated by discounting estimated future payments and is recorded in the Consolidated Balance Sheets as a payable to the FDIC for loss share agreements.

==========

The most likely outcome over the life of the loss sharing agreement won't be FCNCA owing the FDIC...it will be the FDIC owing FCNCA more $$$.

Be prepared to have your bubble burst.

The paragraph you posted from FCNCA's 10-K is NOT exclusive to UWB.

FCNCA has 6 separate loss sharing agreements (LSA) with the FDIC. They're all listed on page 21 of the 10-K. The LSA with United Western bank is just one of those 6 and the total claw-back liability is spread out among those 6.

The claw-back provision doesn't kick in until the LSA terminates. When would that be and what does that mean? It means we won't really know if FCNCA has to pay back the FDIC-R anything until January 20, 2016 (on NSFR loans) ...and January 20, 2021 (on SFR type loans). That would be 7 years from now... AND since the FDIC has a claim on UWB for $266MM that imaginary $109MM windfall wouldn't even cover half what they're legally able to take.

...any light bulbs coming on New?

First National Community Bancorp, Inc. Reports First Quarter 2014 Net Income of $3.5 Million

Date : 05/12/2014 @ 4:12PM
Source : PR Newswire (US)
Stock : First National Community Bancorp, Inc. (QB) (FNCB)
Quote : $5.45 0.0 (0.00%) @ 4:26PM

DUNMORE, Pa., May 12, 2014 /PRNewswire/ -- First National Community Bancorp, Inc. (OTCQB: FNCB), the parent company of Dunmore-based First National Community Bank, today announced its operating results for the quarter ended March 31, 2014. The Company reported net income of $3.5 million, or $0.21 per basic and diluted share, compared to net income of $1.7 million or $0.11 per basic and diluted share, for the prior year first quarter. The improved performance for the first quarter 2014 was a result of higher non-interest income, primarily related to a net gain on the sale of securities, an increase in the credit for loan and lease losses, and lower non-interest expense compared to the first quarter 2013.

Performance Highlights:

•A 7.2% increase in net interest income after credit for loan and lease losses, compared to prior year quarter
•Continued improvement in asset quality metrics, with a 9.2% decrease in non-performing loans from December 31, 2013
•A 10 basis point improvement in the ratio of non-performing loans to total loans to 0.89%, compared to 0.99% at December 31, 2013
•$3.4 million in other real estate owned, representing a 19.4% reduction compared to December 31, 2013, and a 12.5% decline compared to March 31, 2013
•An increase of $4.3 million, or 4.7%, in the Bank's total risk-based capital to $94.3 million at March 31, 2014 from December 31, 2013.

"We believe our $3.5 million first quarter profit is indicative of our solid all-around performance, which included strong loan growth, improved asset quality and effective management of non-interest expense," said Steven R. Tokach, President and Chief Executive Officer. "This was our fifth consecutive quarter of positive net earnings, which started in the first quarter of 2013, and indicates to us that 2013 was an inflection point for the Bank's performance. During this 15 month period we have substantially strengthened our capital position, continuously improved our asset quality metrics, significantly reduced non-interest expense and realized strong organic loan growth across our portfolios. During the first quarter we completed the sale of our Monroe County retail banking presence, which allowed us to refocus our service area, and realize a gain of more than $600 thousand from the sale. We believe that the significant progress realized during the last five quarters positions FNCB for solid performance through the remainder of 2014."

Summary Results for the Three Months Ended March 31, 2014

Net interest income before credit for loan and lease losses was $6.6 million for the first three months of 2014, compared to $6.4 million for the same period in 2013, resulting mainly from a decrease in funding costs. Net interest margin for the three months ended March 31, 2014 was 3.10%, a decrease of 17 basis points from the same period in 2013. Interest expense was $1.6 million for the three months ended March 31, 2014, reflecting a decrease of $284 thousand, or 15.29%, compared to the same period in 2013,and resulting from an 18 basis-point decline in the Bank's cost of funds, partially offset by an increase in average interest-bearing liabilities.

Non-interest income was $3.5 million for the three months ended March 31, 2014, compared to $2.5 million for the same period in 2013. The increase in non-interest income was primarily the result of $726 thousand increase in net gains on the sale of securities, and a $607 thousand gain on branch divestitures.

Non-interest expense for the three months ended March 31, 2014 was $8.0 million, a decrease of $314 thousand from $8.3 million in the same period in 2013. Professional fees, consisting of accounting and consulting expenses, decreased by $101 thousand for the quarter ended March 31, 2013 to $450 thousand for the same period in 2014. Professional fees are expected to continue to decline to more normalized levels in coming quarters, reflecting less reliance on outside advisors and consultants.

Improved Asset Quality

The Company's asset quality ratios continued to improve through March 31, 2014 as a result of aggressive problem credit resolutions. The Company's total non-performing loans were $5.8 million at March 31, 2014, a decrease of $587 thousand, or 9.21%, from December 31, 2013. The ratio of non-performing loans to total loans improved 10 basis points to 0.89% at March 31, 2014, compared to 0.99% at December 31, 2013. (The FDIC average for commercial banks with assets between $100 million and $1 billion at March 31, 2014 was 1.38%). The allowance for loan and lease losses as a percentage of loans was 1.93% at March 31, 2014 versus 2.18% at the end of 2013. (The above described FDIC peer group average was 1.59% at March 31, 2014). The Company's ratio of net charge-offs (recoveries) to average loans outstanding for the quarter ended March 31, 2014 was (0.02) % reflecting net recoveries of $142 thousand in the quarter. (The above described FDIC peer group had average net charge-offs of 0.03% for the quarter ended March 31, 2014.)

Financial Condition

The Company's total assets at March 31, 2014 were $974.1 million, a decrease of $29.7 million as compared to December 31, 2013, which reflected a decrease in cash and cash equivalents resulting from the decrease in deposits. Total loans (before allowance for loan and lease losses) at March 31, 2014 were $654.2 million, an increase of $10.3 million as compared to December 31, 2013. Total deposits at March 31, 2014 were $835.2 million, a decrease of $49.5 million from December 31, 2013, which resulted primarily from cyclical deposit trends of municipal customers and the Company's first quarter branch divestiture. Total borrowed funds of $69.8 million at March 31, 2014 were up $7.4 million from December 31, 2013.

At March 31, 2014, First National Community Bank's capital ratios were as follows: total risk-based capital ratio of 13.86%, tier 1 risk-based capital ratio of 12.60%, and tier 1 leverage ratio of 8.76%.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=62170662

* I do not own shares of FNCB at this time.

Quarterly Report (10-q)

Date : 05/12/2014 @ 4:06PM
Source : Edgar (US Regulatory)
Stock : First National Community Bancorp, Inc. (QB) (FNCB)
Quote : $5.45 0.0 (0.00%) @ 4:26PM

[....]

Equity

Total shareholders’ equity increased $6.9 million to $40.5 million at March 31, 2014 from $33.6 million at December 31, 2013. Net income of $3.5 million and a $3.4 million increase in accumulated other comprehensive income were the primary factors leading to the capital improvement. The increase in accumulated other comprehensive income was primarily attributed to appreciation in the fair value of securities held in the available-for-sale portfolio. Book value per common share was $2.46 at March 31, 2014 compared to $2.04 at December 31, 2013.

<page 54>

[....]

http://ih.advfn.com/p.php?pid=nmona&article=62170496

*P/B remains high at 2.2 . On average all banks in Pennsylvania sell at 1.2 X BV.... and nationally banks with $1B in assets sell on average 1.55 X BV.

Marker:
First National Commu (FNCB)
$5.45 0.0 (0.00%)
Volume: 725

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.

Marker:

Home Loan Servicing (HLSS)
$21.555 up 0.305 (1.44%)
Volume: 396,949

The revised Book Value is now .72

MV is $1

PPS needs to drop.

http://ih.advfn.com/p.php?pid=nmona&article=62096068

Marker:
Community Financial (CFIS)
$1.0 0.0 (0.00%)
Volume: 0

More than a double!

ARFS shareholders did real well in this merger. ARFS was selling for under $4 @ share prior to the acquisition announcement. Post acquisition ARFS shareholders received .44% of one HBOS share @ $19.20 = $8.45

Book value on ARFS at the time of the deal was $6.60...which means HBOS paid book value plus a 28% premium. Very nice!

https://alarionbank.com/news/articles/alarion-bank-agrees-to-merge-with-heritagebank-of-the-south

Congrats to the ARFS holders!

Hampton Roads Bankshares Announces First Quarter Financial Results

Date : 05/08/2014 @ 4:50PM
Source : GlobeNewswire Inc.
Stock : Hampton Roads Bankshares (MM) (HMPR)
Quote : $1.655 0.015 (0.91%) @ 8:10PM

Hampton Roads Bankshares Announces First Quarter Financial Results

Year-to-date earnings totaled $3.9 million, a $3.3 million increase over the comparable period in 2013

• Non-performing asset ratio improves by more than 30% year-over-year
• Average core deposits grow by more than $24 million year-over-year

Hampton Roads Bankshares, Inc. (the "Company") (Nasdaq:HMPR), the holding company for the Bank of Hampton Roads and Shore Bank, today announced financial results for the first quarter of 2014. Net income attributable to Hampton Roads Bankshares, Inc. was $3.9 million for the three months ended March 31, 2014, compared to $0.6 million for the comparable period in 2013.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=62135319

Marker:
Hampton Roads Banksh (HMPR)
$1.655 up 0.015 (0.91%)
Volume: 71,465

This document is the Debtors CERTIFICATE OF NOTICE.

FCNCA was officially telling the court and the debtor that they wanted to be on the official list of people who will be electronically sent copies of court docs as they become available.

FCNCA is now the owner and has fiduciary responsibility over hundreds of millions of dollars worth of UWBK's old assets. FCNCA didn't originate those loans...they have no idea what's in every loan document UWBK put out. Keep in mind UWBK was closed down for making loans they shouldn't have and FCNCA doesn't want any surprises. What if, for example, there were clauses in some of those loans that for whatever reason cannot be honored now (by the borrower or the lender)... or maybe someone says they had verbal commitments. You never know what might come out in a BK when people legally wrangle over hundreds of millions of dollars. If I'm FCNCA I have a prudent legal responsibility to serve notice I have a huge interest in what happens in this BK.

The certiciate of Notice doesn't necessarily mean the person or company listed is an existing creditor...it simply means they want court docs and if they do get involved it would be as a creditor.

Actual creditors with existing claims in a BK are spelled out in schedules D, E and F.

Here is a link to see what these schedule docs look like.

http://www.uscourts.gov/uscourts/RulesAndPolicies/rules/BK_Forms_Official_2010/B_006E_0410.pdf

No go.

Nothing was ever "wiped out" of the records.

This is at the Bank level:

http://www.fdic.gov/bank/individual/failed/unitedwestern.html

<click on> XIV Balance Sheet Summary

see - Net Worth (Deficit) (266,117)

Think of that $266 Million dollar deficit as a black hole...and any free money (secret or otherwise) that happens to float by gets sucked into it.

The FDIC still wants their $266M back...and they want it more than you want your stip -- they've got the laws, the time and the precedent on their side to make it happen.

cry ...but to no avail.

Hey New

Show me where FCNCA is listed a creditor. I'm not saying it's not true...but show me. Provide the doc. I want to see how they're listed and the details.

But for right now New its important for you to forget all the conspiracy theories and baseless opinions that have been swirling around on Ihub for the past 3 years...and just allow some verifiable explanations to present themselves.

I've explained The Loss Sharing Agreement (LSA) connection before...but aside from the main purpose of an LSA they also do something else in that they form a temporary union between the bank that had their assets seized (UWBK) - the bank that acquired those assets (FCNCA) - and the agent that brought them together (FDIC)...and that LSA exclusivley tethers these 3 entities together for up to 10 years.

With or without an LSA the FDI Act of 1950 means the FDIC will be UWBK's judge and jury. It should be no surprise that the FDIC is in complete control of not only the recievership of the Bank but the BK process of the holding company end to end as well. The FDIC had legal authority here long before United Western was ever a bank... and the fact that the FDIC is driving this bus should not be looked upon as 'strange' or 'uncommon' or 'illegal' as many have asserted on Ihub...it's actually the law that they fill that role. The FDIC is a United States government corporation.

When UWBK decided to file BK...that meant FCNCA would be there too. If there was no LSA FCNCA could care less what UWBK does or where they go but the LSA keeps them bound together - hence why FCNCA requested to receive court notices involving UWBK. If they were trying to hide their interest in this case (to conceal what some think is proof of guilt) they wouldn't have publically requested to be notified when court docs came out...they could have privately read the docs the same way you and I do.

You simply cannot 'read between the lines' here New and assign a hidden meaning to it all just on the basis you see "linkage" between these 3 parties. The linkage you see SHOULD be there... its normal. What isn't normal is the lack of linkage supporting a settlement or a STIP or CSSA or whatever.

Not one shred of evidence supports a windfall for common equity holders from any source what-so-ever. No smoke...no fire.

FCNCA said in its last 10-K:

BancShares and various subsidiaries have been named as defendants in legal actions arising from their normal business activities in which damages in various amounts are claimed. BancShares is also exposed to litigation risk relating to the prior business activities of banks from which assets were acquired and liabilities assumed in the various FDIC-assisted transactions. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, any such liability will not have a material effect on BancShares’ consolidated financial statements.

<page 101>

https://www.firstcitizens.com/pdfs/bancshares/2013-annual-report.pdf

P.s. The UWB deficit stands at $266MM...which means the FDIC has a claim for that much and possibly more before thsi is over. Every penny recovered from any source will go to the FDIC up to $266MM dollars. That's alot of pennies...no?

Synovus Financial Corp. Announces One-for-Seven Reverse Stock Split

Columbus, Georgia, April 24, 2014 – Synovus Financial Corp. (NYSE: SNV) announced today that a proposal authorizing Synovus’ Board to effect a one-for-seven reverse stock split of Synovus’ common stock, par value $1.00 per share, was approved by Synovus’ shareholders at Synovus’ 2014 annual meeting of shareholders, which was held on April 24, 2014. Following the annual meeting, Synovus’ board of directors formally authorized the one-for-seven reverse stock split.

Synovus anticipates that it will effect the reverse stock split on May 16, 2014, and that its shares of common stock will begin trading on a post-split basis on the New York Stock Exchange (NYSE) at the opening of trading on May 19, 2014. The reverse stock split is expected to lead to Synovus’ common stock trading at approximately 7 times the price per share at which it trades prior to the effective date of the reverse stock split.

“We believe that this anticipated increase in the market price per share will help make our common stock more attractive to a broader range of investors, which we in turn believe will benefit our existing stockholders by enhancing the liquidity of our common stock,” said Kessel Stelling, Synovus Chairman and CEO.

Synovus intends to issue a press release announcing additional details regarding the reverse stock split closer to the effective date of the reverse stock split. Additional information on the effects of the reverse stock split can be found in Synovus’ definitive proxy statement filed with the Securities and Exchange Commission on March 14, 2014.

In addition to the approval of the reverse stock split and certain other matters at Synovus’ 2014 annual meeting of shareholders, Synovus’ shareholders also approved an amendment to Synovus’ articles of incorporation to increase the number of authorized shares of Synovus’ common stock from 1.2 billion shares to 2.4 billion shares. Synovus effected this increase in the number of authorized shares on April 24, 2014. Upon the effective date of the reverse stock split, the number of Synovus’ authorized shares of common stock will be proportionately reduced from 2.4 billion shares to approximately 342.9 million shares.

https://www.synovus.com/?id=5002&catID=newsrelease&nrid=1467&year=2014

* FD - I do not own shares of SNV at this time.

Marker:
Synovus Financial Co (SNV)
$3.23 up 0.06 (1.89%)
Volume: 5,264,752

Banks in the Midwest region of the country have an average PE ratio of 14.25.

.41 X 4 = $1.64
$1.64 X standard PE ratio of 10 = $16.40
$1.64 X average PE ratio for banks in the midwest is 14.25 = $23.37
$1.64 X average PE ratio for banks nationally with $1B to $5B in assets is 15.21 = $24.94

BNCC remains to be a bona fide bargain among its peers...and very
few of those have a first class seat in the Bakken oil patch!

Marker:
Bnccorp, Inc. (QB) (BNCC)
$15.60 up 0.1 (0.65%)
Volume: 1,992

Capital City Bank Group, Inc. Reports First Quarter 2014 Results

Date : 04/28/2014 @ 7:00AM
Source : GlobeNewswire Inc.
Stock : Capital City Bank Grp. (MM) (CCBG)
Quote : $13.5 0.0 (0.00%) @ 1:34PM

Capital City Bank Group, Inc. (Nasdaq:CCBG) today reported net income of $3.8 million, or $0.22 per diluted share, for the first quarter of 2014 compared to net income of $2.8 million, or $0.16 per diluted share, for the fourth quarter of 2013, and net income of $0.8 million, or $0.05 per diluted share, for the first quarter of 2013.

Compared to the fourth quarter of 2013, performance reflects lower operating expenses of $1.3 million and income taxes of $1.4 million, partially offset by lower net interest income of $0.7 million and noninterest income of $1.0 million.

Compared to the first quarter of 2013, the increase in earnings was due to lower operating expenses of $2.8 million, a lower loan loss provision of $0.7 million, and a reduction in income taxes of $1.8 million, partially offset by lower net interest income of $1.6 million and noninterest income of $0.7 million.

"Capital City posted a solid performance in the first quarter," said William G. Smith, Chairman, President, and CEO of Capital City Bank Group. The board reinstituted the quarterly dividend and authorized the repurchase of up to 1.5 million shares of common stock over the next five years – two important events taking place during the quarter. Nonperforming assets fell 7.6% and, while it is too early to suggest the loan portfolio has stabilized, it was encouraging to report quarter-over-quarter growth for the first time since 2009. Improving our credit quality and stabilizing our loan portfolio remain primary areas of focus in our 2014 strategy, as will continued efforts to right-size our expense base and identify new revenue opportunities. The economic outlook continues to brighten, though the pace of improvement is slow. There is still work to be done, but I am proud of our accomplishments and like our momentum coming out of the first quarter of 2014."

The Return on Average Assets was 0.59% and the Return on Average Equity was 5.44% for the first quarter of 2014, compared to 0.43% and 4.33%, respectively, for the fourth quarter of 2013, and 0.13% and 1.36%, respectively, for the first quarter in 2013.

Discussion of Financial Condition

Average earning assets were $2.268 billion for the first quarter of 2014, an increase of $62.0 million, or 2.8%, over the fourth quarter of 2013, and an increase of $27.4 million, or 1.2%, over the first quarter of 2013. The increase compared to the fourth quarter of 2013 and first quarter of 2013 primarily reflects a higher level of deposits resulting from the influx of public funds and noninterest bearing deposits.

[....]

Book Value Per Diluted Share $ 16.02

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61982475

BV is $16.02
MV is: $13.50
The average P/B for all Florida banks is: 149.95%

Mr. Market has Capital City Bank Grp. on sale at a 16% discount to BV.

EPS was .22
.22 X 4 = .88
.88 X a standard PE ratio of 10 = $8.80
.88 X average PE ratio southeast region 17.13 = $15.07
.88 X average PE ratio for Florida of 29.34 = $25.82

Marker:
Capital City Bank Gr (CCBG)
$13.50 0.0 (0.00%)
Volume: 7,340

The rights offering evidently hasn't passed the SEC sniff test...hopefully it gets the green light soon.

Opps...I meant $741K divided by the number of O/S 4,976,521 = 0.1489 EPS.

I'll take your word for it norweger1979..thank you for the info...so let's do some basic math.

$741K retained earnings X 4,976,521 share outstanding = 0.1489 EPS

Rounded off our EPS for 2014 Q1 is .15

.15 x 4 gives us estimated annualized earnings = .60

.60 X a conservative & standard P/E ratio of 10 = $6

.60 X 29.38 (the actual average P/E for ALL Florida banks) = $17.62

On the low end we have a $6 bank ...and on the high end we have a $17.62 bank.

Let's split the difference and go with a P/E of 20 = We have a $12 Bank

Pick a P/E....no matter how you slice this there is nothing but blue skies above.

* Keep in mind Q1 is typically not the best qtr for banks.

Marker:
Community Bank Of So (CBKS)
$5.75 0.0 (0.00%)
Volume: 0

Banking financial reports don't get any better!

These guys have a "problem"... but its a problem every other banker in the country is green with envy over.

BNCC is literally 'rolling in dough'...it needs to be put to work.

But where, when and why.

Any thoughts on that?

Marker:
Bnccorp, Inc. (QB) (BNCC)
$15.50 0.0 (0.00%)
Volume: 9,400

Proxy Statement (definitive) (def 14a)

Date : 04/29/2014 @ 4:29PM
Source : Edgar (US Regulatory)
Stock : M&f Bancorp, Inc. (QB) (MFBP)
Quote : $4.25 0.0 (0.00%) @ 3:53PM

When and Where is the Annual Meeting?

The Annual Meeting will be held at 6:00 p.m. local time on June 3, 2014 at the M&F Bank Corporate Center Auditorium, 2634 Durham Chapel Hill Boulevard, Durham, North Carolina 27707. Directions are available on the Corporation’s website at www.mfbonline.com, or by calling the Corporation’s toll-free number, 1-800-433-8283.

http://ih.advfn.com/p.php?pid=nmona&article=62012952

Banktracker snap-shot

http://banktracker.investigativereportingworkshop.org/banks/tennessee/chattanooga/fsgbank-national-association/

First Security Group, Inc.

Chattanooga, TN

TARP Transactions

Original TARP investment amount: $33,000,000.00 (on Jan. 9, 2009)
Outstanding investment $0.00 (Footnote 87)

Total cash back: $16,315,362.00 (May include dividends and interest payments not shown below)

Investment status: Sold, in full; warrants not outstanding

Repayment of $14,912,862.00 on April 11, 2013 - realized loss of $18,087,138.00

Data current as of Oct. 16, 2013

Footnotes

(87) On 4/11/2013, Treasury completed the exchange of its First Security Group, Inc. (FSGI) preferred stock for common stock, pursuant to an exchange agreement, dated as of 2/25/2013, between Treasury and FSGI, and sold the resulting FSGI common stock, pursuant to securities purchase agreements, each dated as of 4/9/2013, between Treasury and the purchasers party thereto.

http://banktracker.investigativereportingworkshop.org/tarp/tennessee/chattanooga/first-security-group-inc/

Marker:
First Security Grp., (FSGI)
$1.90 down -0.01 (-0.52%)
Volume: 156,515

Higher Revs Drive SVB Financial Earnings Beat

April 25, 2014 12:55 PM

Consistent growth in the top line enabled SVB Financial Group’s (SIVB) to keep its earnings streak alive. Following the impressive performance in 2013, the company reported first-quarter 2014 earnings per share of $1.95, which beat the Zacks Consensus Estimate by 20.4%. Results also showed significant improvement from 90 cents earned in the year-ago quarter.

Better-than-expected results were driven by substantial rise in revenues and further supported by drastic decline in provision for loan losses. Further, growth in loans and deposits, and improvement in profitability ratios were the quarterly tailwinds. However, higher operating expenses and deterioration in capital ratios were the negatives, while credit quality was mixed bag.

Net income available to shareholders came in at $91.3 million in the reported quarter, significantly up from $40.9 million in prior-year quarter.

Performance Details

SVB Financial’s net revenue came in at $506.5 million, reflecting a considerable increase from $241.8 million in the prior-year quarter. Further, it substantially outpaced the Zacks Consensus Estimate of $319.0 million.

[....]

http://finance.yahoo.com/news/higher-revs-drive-svb-financial-165545978.html

Marker:
Svb Financial Grp. (SIVB)
$108.01 up 0.8 (0.75%)
Volume: 571,562

CNBC's interview with SIVB's CEO Greg Becker 4/28/2014

http://www.bing.com/videos/search?q=Silicon+Valley+Bank+CNBC+&qs=n&form=QBVR&pq=silicon+valley+bank+cnbc+&sc=0-21&sp=-1&sk=#view=detail&mid=94824114263730972FEF94824114263730972FEF

The average LTM P/E for bank's in Florida is an eye-popping 29.38.

I'm anxious to see what Q1 earnings will look like.

Thanx for posting the 2013 Annual Report Pagz.

A couple of encouraging statements From Mr. Epling:

2014 looks to be the breakout year for these guys.

BV: $8.38
MV: $5.75

CBKS is selling at a 32% discount to BV.

Snap-shot view from Banktracker:

http://banktracker.investigativereportingworkshop.org/banks/florida/homestead/community-bank-of-florida-inc/

Marker:
Community Bank Of So (CBKS)
$5.75 0.0 (0.00%)
Volume: 0

Coast National Bank - Termination of Consent Order by Office of the Comptroller of the Currency

Date : 04/21/2014 @ 8:05PM
Source : Marketwired
Stock : Coast Bancorp (QB) (CTBP)
Quote : $2.10 0.0 (0.00%) @ 8:06AM

SAN LUIS OBISPO, CA--(Marketwired - Apr 21, 2014) - Coast National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB: CTBP), today announced it has received the official effective Order Terminating the Consent Order entered into by the bank's Board of Directors on February 9, 2011 and issued by the Comptroller of the Currency of the United States of America and terminated on April 9, 2014.

The official document states "the Comptroller believes the protection of the depositors; other customers and shareholders of the Bank, as well as the Bank's safe and sound operations do not require the continued existence of the Order." The Bank is subject to several continuing conditions imposed by the Comptroller in connection with the termination of the Order under an informal letter agreement.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61906032

*I'm not sure I understand this termination of the C O ...but ok.

ACBC all over again.

Wilshire Bancorp Reports Net Income of $13.1 Million or $0.17 per Share for First Quarter 2014

Date : 04/21/2014 @ 4:05PM
Source : GlobeNewswire Inc.
Stock : Wilshire Bancorp, Inc. (MM) (WIBC)
Quote : $10.66 0.1 (0.95%) @ 5:20PM

Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the holding company for Wilshire Bank (the "Bank"), today reported net income available to common shareholders of $13.1 million, or $0.17 per diluted common share, for the quarter ended March 31, 2014. This compares to net income available to common shareholders of $11.6 million, or $0.16 per diluted common share, for the same period of the prior year, and net income available to common shareholders of $10.9 million, or $0.15 per diluted common share, for the fourth quarter of 2013. Financial results for the first quarter of 2014 include $3.4 million in merger-related expenses attributable to the acquisition and integration of BankAsiana and Saehan Bancorp.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, "We are seeing a strong increase in our core earnings power as a result of the acquisitions of BankAsiana and Saehan Bancorp late in 2013. Compared to the first quarter of 2013, our total revenue increased 34%, and our pre-tax, pre-provision income increased by 17%. We are also seeing an improvement in our deposit mix resulting from our focus on developing more core deposit relationships. Our non-interest bearing deposits now represent the largest component of our total deposits, which has resulted in a decline in our cost of funds. We are pleased that the increase in our core earnings power and strong financial position has enabled us to increase the amount of capital we can return to our shareholders, with a 67% increase in our quarterly dividend."

Q1 2014 Summary

•Net income available to common shareholders totaled $13.1 million, or $0.17 per diluted common share, for the first quarter of 2014
•Total revenue of $50.3 million, an increase of 34% from the first quarter of 2013
•Return on average assets of 1.44% and return on average equity of 11.73% for the first quarter of 2014
•Loans receivable (net of deferred fees and costs) totaled $2.87 billion at March 31, 2014, an increase of 40% from $2.05 billion at March 31, 2013
•Total deposits were $2.92 billion at March 31, 2014, an increase of 35% from $2.16 billion at March 31, 2013
•Continued low credit losses and stable trends in assets quality resulted in no provision for losses on loans and loan commitments for Q1 2014
•Quarterly cash dividend payable on April 15, 2014 increased to $0.05 per common share

[....]

Book Value Per Common Share: $5.77

http://ih.advfn.com/p.php?pid=nmona&article=61904473

*A 3 year chart tells the story on this blue ribbon bank. Since Enterprising Investor called a market bottom in Oct of 2011 the bank has been going up ever since. Great call EI.

Marker:
Wilshire Bancorp, In (WIBC)
$10.66 up 0.1 (0.95%)
Volume: 317,423

Quote from : Thursday, 02/27/14 12:46:03 PM

No surprise. In this proposed merger CBIN is offering FFKY shareholders 114% X BV or approx $3.42.

Marker:
First Financial Serv (FFKY)
$3.65 0.0 (0.00%)
Volume: 5,499

Community Bank Shares of Indiana, Inc. To Acquire First Financial Service Corporation of Elizabethtown, Kentucky

Date : 04/22/2014 @ 8:28AM
Source : Business Wire
Stock : First Financial Service Corp. (MM) (FFKY)
Quote : $3.69 0.04 (1.10%) @ 1:59PM

Community Bank Shares of Indiana, Inc. (NASDAQ GM: CBIN), the holding company for Your Community Bank and The Scott County State Bank, and First Financial Service Corporation (NASDAQ GM: FFKY), the holding company for First Federal Savings Bank of Elizabethtown, jointly announced today they have entered into an agreement and plan of share exchange (the “Agreement”). Under the terms of the Agreement, Community Bank Shares of Indiana, Inc. will exchange all of the issued and outstanding common shares of First Financial Service Corporation for 0.153 shares of CBIN’s common stock, subject to potential adjustments at closing. Based on CBIN’s 20 trading day average common stock price of $22.33 per share, as of April 17, 2014, assuming no exchange ratio adjustments, the transaction is valued at approximately $17.9 million. As part of the transaction, FFKY’s outstanding preferred stock, all of which was issued in the Troubled Assets Relief Program, will be redeemed at or promptly following closing of the acquisition for approximately $12.3 million, plus accrued but unpaid interest. In addition, CBIN has entered into subscription agreements with investors to purchase approximately $25.0 million of CBIN common stock immediately prior to the consummation of the share exchange transaction at a price of $22.33 per share. The transaction is subject to receipt of FFKY shareholder approval, CBIN shareholder approval and customary regulatory approvals. We expect the transaction to close in the late third or fourth quarter of 2014.

Upon the consummation of the transaction, First Federal Savings Bank of Elizabethtown will be merged with and into Your Community Bank. At that time, First Federal Savings Bank of Elizabethtown offices will become branches of Your Community Bank. CBIN estimates it will have approximately $1.6 billion in assets and 41 branch offices throughout southeastern Indiana and Kentucky after the transaction closes. CBIN expects the transaction to be accretive to earnings per share in the first full year of operations, excluding any one-time restructuring charges, and that all subsidiary banks will exceed “well-capitalized” thresholds under all regulatory definitions.

James D. Rickard, President and CEO of Community Bank Shares of Indiana, stated, “We are excited to add to our presence in the Louisville and Bardstown markets, while expanding into Elizabethtown and neighboring communities. We believe this transaction creates a dynamic community banking franchise across the entire Louisville MSA. Community Bank Shares enjoys strong market share in the northern counties of Louisville and the addition of FFKY adds a strong presence in Louisville’s southern counties. The acquisition of FFKY is the second transaction we have undertaken in the last twelve months. These activities are part of an integrated strategy to drive shareholder returns through both organic and acquisition related growth.”

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61912975

24 hours after the announcement this is where the individual stocks stand:

Markers: (mid-day)

First Financial Serv (FFKY)
$3.69 up 0.04 (1.10%)
Volume: 3,999

Community Bank Shares of Indi (CBIN)
$ 26.00 up 1.00 (4.00%)
Volume: 6,280

This would mean CACB is at the very least a $7.80 bank that Mr. Market has On Sale today for $4.88.

Value found!

Marker: (mid-day)
Cascade Bancorp (CACB)
$ 4.88 up 0.02 (0.41%)
Volume: 3,665

The number of shares outstanding of the issuer's Common Stock as of March 1, 2014 was 170,265,154 shares.

Source: 10-K

http://snl.hamptonroadsbanksharesinc.com/

Marker:
Hampton Roads Banksh (HMPR)
$1.675 up 0.005 (0.30%)
Volume: 29,856

Shareholders of Texas Bank Approve Hanmi Merger

By Deborah Crowe Thursday, April 17, 2014

Hanmi Financial Corp. on Thursday said that shareholders of Central Bancorp Inc. have approved a merger with Hanmi.

The Koreatown holding company for Hanmi Bank said the deal with the parent of United Central Bank in Garland, Texas, is expected to close in the second half of this year. Central Bancorp stockholders will receive $50 million in cash.

Central Bancorp had about $1.42 billion in assets and 23 branches in six states at the end of 2013.

Hanmi shares closed up 69 cents, or 3 percent, to $22.65 on the Nasdaq.

[....]

http://labusinessjournal.com/news/2014/apr/17/shareholders-texas-bank-approve-hanmi-merger/

AmeriServ Financial Reports Earnings For The First Quarter Of 2014

Date : 04/15/2014 @ 8:00AM
Source : PR Newswire (US)
Stock : Ameriserv Financial Inc. (MM) (ASRV)
Quote : $3.67 0.09 (2.51%) @ 12:46PM

[...]

The Company had total assets of $1.05 billion, shareholders' equity of $115 million, a book value of $4.97 per common share and a tangible book value of $4.31 per common share at March 31, 2014. The Company has increased its tangible book value per share by 6.2% over the past twelve months. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status with a risk based capital ratio of 15.34%, an asset leverage ratio of 11.50% and a tangible common equity to tangible assets ratio of 7.80% at March 31, 2014.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61850446

*Stock remains to be on sale selling at 25% below it's book value.

Marker:
Ameriserv Financial (ASRV)
$3.69 up 0.11 (3.07%)
Volume: 5,452

AmeriServ Financial Reports Earnings For The Fourth Quarter And Full Year Of 2013 And Declares Quarterly Common Stock Dividend

Date : 01/21/2014 @ 8:00AM
Source : PR Newswire (US)
Stock : Ameriserv Financial Inc. (MM) (ASRV)
Quote : $3.649 0.069 (1.93%) @ 12:31PM

JOHNSTOWN, Pa., Jan. 21, 2014 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2013 net income available to common shareholders of $1,789,000 or $0.09 per diluted common share. This represented a 125% increase in earnings per share from the fourth quarter of 2012 where net income available to common shareholders totaled $683,000 or $0.04 per diluted common share. For the year ended December 31, 2013, the Company reported net income available to common shareholders of $4,984,000 or $0.26 per diluted common share. This represented a 23.8% increase in earnings per share from the full year 2012 where net income available to common shareholders totaled $4,211,000 or $0.21 per diluted common share. The following table highlights the Company's financial performance for both the quarters and years ended December 31, 2013 and 2012:

Glenn L. Wilson, President and Chief Executive Officer, commented on the 2013 financial results: "I was pleased that AmeriServ Financial finished 2013 with a strong fourth quarter that demonstrated both increased revenue and improved asset quality. This performance contributed to 23.8% earnings per share growth and 5.7% tangible book value per share growth during the full year of 2013. Specifically, an increase in net interest income resulted from continued strong growth of our loan portfolio, as total loans grew by $55 million, or 7.5%, during the past year. Non-interest income also increased by $801,000 or 5.4% between years, due largely to fee growth within our trust and wealth management businesses as a result of increased assets under management. Finally, we ended 2013 with excellent asset quality as our non-performing assets are only 0.52% of total loans and our allowance for loan losses provided 327% coverage of non-performing loans, even after a negative loan loss provision during the fourth quarter. "

[....]

The Company grew its total assets during 2013 by 5.5% to $1.056 billion at year end. Additionally, the Company had shareholders' equity of $113 million, a book value of $4.91 per common share and a tangible book value of $4.24 per common share at December 31, 2013.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=60738597

*The bad news is this report is 3 months late being posted on the board..the good news is - it's an excellent report. We've had nice increase in YoY earnings and book value.


Marker: (mid-day)
Ameriserv Financial (ASRV)
$3.65 up 0.07 (1.96%)
Volume: 1,752

Votes set for bank merger

Cascade Bancorp, Home Federal Bancorp shareholders to vote

Published Apr 12, 2014 at 12:01AM

Cascade Bancorp and Home Federal Bancorp announced Friday their respective shareholders will vote May 16 on the banks’ pending merger.

The directors of both Cascade Bancorp, parent company of Bend-based Bank of the Cascades, and Home Federal, based in Nampa, Idaho, agreed in October to merge their banks, a deal estimated to cost Cascade Bancorp $265.7 million in cash and stock. The merger would double Cascades’ assets to about $2.5 billion.

The U.S. Security and Exchange Commission reviewed the prospectus put before shareholders and declared it effective, said Cascades Bancorp President and CEO Terry Zink. The SEC does not approve or disapprove the merger, only review the filing to ensure the banks make the necessary disclosures.

“Obviously, we’re excited to get this thing closed,” Zink said Friday.

The banks initially expected to complete the merger vote by March 31, but unforeseen circumstances, such as the winter weather, intervened, he said. He said the two banks, if approved by stockholders, would become integrated as planned.

Cascades’ stock closed Friday at $4.87 per share, down 16 cents from the previous day. Home Federal closed Friday at $14.58, down 31 cents.

http://www.bendbulletin.com/home/1979495-151/votes-set-for-bank-merger#

Marker:
Cascade Bancorp (CACB)
$4.86 down -0.05 (-1.02%)
Volume: 17,319

Another successful rights offering wherein a backstop or standby investor was in the mix.

It's been 9 months since the capital raise. Assets, loans and profits are all UP significantly... while NPA's have been worked down 35%.

No TARP

BV is $9.14

MV is $8.56

This is a very healthy New Jersey bank.

http://banktracker.investigativereportingworkshop.org/banks/new-jersey/franklin/sussexbank/

Marker:
Sussex Bancorp (SBBX)
$8.56 down -0.11 (-1.27%)
Volume: 250

Coast Bancorp Capital Offerings:

http://www.snl.com/IRWebLinkX/capitalofferings.aspx?iid=4065986

http://www.coastnationalbank.com/

Latest CTBP snap-shot on Banktracker:

http://banktracker.investigativereportingworkshop.org/banks/california/san-luis-obispo/coast-national-bank/