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If that's what it is, I would feel much better about things. Looking forward to a letter from the CEO.
Rocks'
http://research.fdic.gov/bankfind/
Put the name of the bank in "CIBM Bank"; then click on "find"; then click where it says "latest financial information"; then click on "FFIEC call/TFR report 09/30/2013 latest available"; then look at page 4, item 10. of the pdf report.
Ron
Hope you're right Joey. This is my largest position.
3rd qtr. net income loss widened from 2nd qtr. to -$534,000. Getting a little impatient with this one. Since having a nice improving earnings run from the 2nd qtr. of 2012 through the 1st qtr. of 2013, the last 2 qtrs. have not been very impressive. They need to start showing some positive improvement in operations soon! Maybe they are more heavily involved in SF mortgages then some of the other small banks that we follow which is hurting the bottom line due to rising interest rates.
Based on the past, 341K of net income should work out to either a slight loss or slight gain. But improvement none the less from the last horrible quarter.
Once again, I couldn't agree more. I'm not greedy. A valuation of around a dollar a share is fine with me since I've cost averaged in at .24. I'm satisfied to hold onto this and watch the OPCB and ACBC story unfold!
Chevy, your calculations make perfect sense and would agree that the value of each share would be around what you say, given that the O/S was around 1.07 mil. Now a big question is if the 9 mil. plus shares are restricted insofar as selling in the open market. Is there a lock down period for selling?
I don’t think that OPCB would want to sell any shares at this time, and maybe not for along time, until the PPS reached some respectable levels. More information from both banks regarding this deal would be very helpful.
CIBH trades on avergage about 17k in volumne a day. The last three days of last week, selling occurred (26k, 170k & 105k) respectively. And add today's 27k selling, I would say someone is "dumping" this stock.
I must admit I’m a little surprised by the drop in PPS over the past week now down to .53 as of this writing. Especially, after the runup we recently had to .80 before the fall. I thought we had a winner here, and maybe will still do. But someone definitely has been dumping the stock. Hope there’s no rough seas brewing in “marine land”.
Looks to me like a conscience effort to bring the PPS down. Not big volume today like last week, but just enough to keep lowering the bid and ask along the way. Maybe someone is setting it up for either a big runup... or rundown.
IA: you are absolutely correct! I did some extra DD today and found out that indeed One Pacific has been issued new stock in Albina representing 90.1% of the commons shares O/S. I assume the remaining 9.9% that Albina owns is the current float (including our shares) which is approximatly 1.2 mil. shares. Also, One Pacific has formed a holding company as a result of purchasing the Albina shares.
Now the million dollar question is how many shares did Albina issue for the 8.75 mil.????
The selling continues...
If Pacific actually bought the stock. How much did they buy? How much stock does Albina have? I know the current O/S is about 1.1 million. So if one were to go by that, then 90.1% of 1.1 mil. shares at a purchase price of 8.75 mil. would equate to $7.19 a share? We really need clarification from the banks!
WOW a lot of selling going on. XM... is that you lightening up?
What the heck is going on with CIBH? The last couple of days it looked like it was going to breakout to the upside. Now the sell off today... back down into the .60's. Oh well, back to being patient again. :(
Yeah, I was in FMAR a while back when it made its run. Made a small chunk of change when I sold it before the drop. Problem now is it’s heavily into residential loans and with interest rates spiking and people backing off of buying homes, it has been a challenge for this bank to keep profits up. But it’s still worth watching for a turnaround as management works through these issues.
ACBC .60 x .65... maybe the details of the deal is close to becoming public knowledge.
And my 2nd largest holding. :)
XMR, I'm still hear. I know nothing more than you do at this point. Marking time until the deal is closed and 3rd quarter numbers come out, which should be in the next 3-4 weeks.
I’ve noticed that BCAR has been creeping up lately on light volume. Maybe it’s getting ready for a run back to recent highs.
Me thinks our little bankie poohs are still sleepy poohs.... for awhile now.
Yeah, your right. That angle slipped my mind.
Thanks for the response. But I thought rights offering were to bring a bit of a premium in order to entice buyers. With this one, you could simply buy in the open market and do just as well or better then taking the rights offering. I guess with larger companies it works better.
Well so much for my JAXB experience with the rights offering that was a complete flop. Rights were offered to buy shares at .50. During the 30 day rights offering period, the price meandered between .49 to .52 with the rights offering period ending and the bank only selling 21% of the allotted shares for sale. I did however get out with a small profit. ;)
Thanks!
Okay, I just snagged 3300 shares of NCAL at. $0.76. Does anybody on the board own this? They have a definitive agreement with a private investor to infuse 23.5 mil. into the bank by purchasing shares at a value of .55 a share. Directors will infuse an additional 1.5 mil. for a total of 25 mil. The money will be used to pay off TARP to meet regulatory consent order requirements as well as for other bank business. Troubled asset ratio is very good at 10.0 in line with the national average.
Zzzzzzzzzzzzzzzzzzzz... very quite recently for all of our little babies. :)
Yeah. It's coming from NITE mostly. Yesterday for a while NITE had a .385 bid. Today 1k traded at .40 and next up to the plate is .64 on the ask. I agree with Salty, a move up in the bid and ask may set in soon. Maybe the deal is getting close to closing and NITE is jockying for position when it's announced.
I was in UAN and RNF as a fertilizer play due to the juciy dividends but got out, scared off with those LLP's. Will revist when interest rates settle down. But yes, I agree that potash and others such as UAN and ammonia appear to have bottomed.
I was in UAN and RNF as a fertilizer play due to the juciy dividends but got out, scared off with those LLP's. Will revist when interest rates settle down. But yes, I agree that potash and others such as UAN and ammonia appear to have bottomed.
I was in UAN and RNF as a fertilizer play due to the juciy dividends but got out, scared off with those LLP's. Will revist when interest rates settle down. But yes, I agree that potash and others such as UAN and ammonia appear to have bottomed.
Yes. Short-term, that's a good sign.
Why don't you go ahead and buy another 10k this morning and take out the .60's for us. :>)
I also own OPK and SFES. The good doctor's in these too!
Oh, so you're a Dr. Frost follower as well. ;)
CIBH is my biggest holding now after I purchased all of the .58's offered yesterday. I feel the same way about the prospects.
In general, things have been really quite lately for all of our little bank stocks. Hopefully, that will change as we go into the the 4th quarter.
Couldn't resist and took out the $0.58's. Shares are a steal at these prices given the bright future for CIBH.
Thank goodness I didn’t have a lot of skin in FFIS so I figure to lose about 200 bucks. I’m excited about ACBC as well. That’s my third biggest holding. I thought CIBH still owed TARP money? So if they don’t, that’s great!
I agree that if you do you DD, some of these banks will work out great. Most of my holdings are in CIBH and BCAR and I’m hopeful for good outcomes with those. But I did my DD on FFIS and almost bought a lot more a few days ago! Glad I didn’t do that. Going from $1.20 to $0.35 in the blink of an eye... I certainly didn’t see that coming.