NYCB
I will still pass. I was worried about loans going bad, and I was worried about being under reserved and both of them have come back negative, maybe even more negative than I thought. This was the worst quarter I've seen in the banking space and it isn't even close. I don't see it as cheap. Based on guidance of Lower NIMS next year, higher expenses, probably higher provision, this stock isn't gonna be that profitable in 2024. I actually think based on guidance we are looking for .25-.35 for the fy. And that is assuming more loans don't go bad. So I ask you if my estimates are approximately correct is buying a regional bank who just cut the divy huge, and has all these problems cheap, trading at probably 20+ times next years earnings. The answer is no. I think this bank is still waaaaaaaaaaaaaaaaaay too expensive. And trust me there have been alot of bad/medicore earnings reports in the regional bank space this quarter, but this one, is the worst of all in my opinion. All is just my opinion, and I could always be wrong though.
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