INBK & INBKZ
Puked out INBK and my small position in INBKZ at losses. That quarter was perhaps one of the worst banking quarters I have ever seen. I was sold that lower delinquencies would mean lower previsions and lower chargeoffs. Instead we got much higher of everything. they released pro forma info in September. And didn't essentially hit on any of those. there provision estimate of 10-11 million was off by just a little bit, and by a little bit I mean miles and miles apart. There chargeoffs went through the roof, there non performing assets climbed significantly even with taking huge chargeoffs. The delinquencies did look better, there is a chance they could be kitchen sinking this quarter, but at this point, they are gonna have to prove to me they know what they are doing, I rather take a tax loss now and see if they can figure it out in q4, which I'm not sure they will, or do they simply have tons of bad loans on the books and this trend is gonna continue. I also didn't like the fact that they didn't issue a q4 out look either, hence you have to wonder if much higher provisions are around the corner keep in mind there NPA are almost as much as there allowance so they are no longer well reserved either here comparatively to there peers. shaking my head. onto the next. All is just my opinion, and I could always be wrong though.
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