So I sold off all my shares here, except for a small position in one of my IRAs (that I got on the cheap).
The shareholder letter sounds rosy but I go straight to the BOTTOM LINE.
First think I will say is that their quarterly statement has all the numbers except THE AMOUNT OF SHARES OUTSTANDING -- for that I had to call the bank which I havent done recently but last time I did the OS was just under300 million (I think they told me 299 million) - and I didnt ask if there were preferreds (my bad).
So the statement doesnt show the two most critical stats:
Outstanding shares EPS - or earnings per share.
So with the OS I can calculate the numbers; here they are: Total bank equity = 12,233,000 or ~ .041 per share bv
Loss on the quarter of $37k
Profit on 9 months of 395,000 or ~.00132 per share
So at .07 cents the stock is trading 1.7 X book value
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.