Replies to post #1092 on Doral Financial Corp. (DRLCQ)

[kinggeorge13]

Yep, I get that but a big part of it was this Tax benefit which (and I'm simply quoting):
Recognized an income tax benefit of $50.2 million for the quarter ended December 31, 2012 compared to an income tax expense of $550 thousand for the third quarter of 2012. The improvement of $50.8 million is due mainly to the conversion of Doral Insurance Agency to a limited liability company and the related release of a portion of Doral Financial Corporation's valuation allowance.

To me, that's a one-time positive hit as they converted the Insurance Agency business to an LLC. Next quarter won't have that benefit. I do like their overall positive direction but it's not like they have totally turned the corner yet, if I'm correct on this item.