My concern is the recent Preferred stock sale. Why would they do that unless they wanted to bolster equity to meet legal standards. They have that big investment portfolio. If they met all the legal equity ratios, why dilute more? Why not just liquidate some securities to fund loan growth?
I think they either have a chargeoff of some size coming or they are anticipating some weakness down the road in the portfolio.
As we have discussed, the interest on the preferred is substantial and will have a significant effect on future eps. I can't see them issuing more voluntarily unless there is a reason. Bobwins
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