OK anybody else flinch when this Net Income number came up? Let's just call it an even $3 Million bucks! Shut the fffront door..whats up with that!
We saw a -$2.4MM loss last qtr but it was for a good reason - they paid off TARP and some 3rd party debt - fantastic ..NO problemo.. love it! ..but to see this $3MM loss jump up this qtr was completely unexpected.
Naturally I went on a rant about it with my good friend EI. And as usual he was not as animated nor alarmed as I was ...(don't you just hate a guy who can remain calm when panic and outrage are clearly warranted).. ';~]
UBPR & Call Reports don't come with notes or explanations...just numbers...and what you see is what you get.
So the bank has some splainin' to do! ...$3mm bucks worth!
Whatever it was I'm hoping it cleans up the balance sheet to pristine condition!
...despite this nasty hit, the bank remarkably remains On Sale!
*Three hundred thousand dollars in retained earnings may not sound like much but this is the first qtr the bank has recorded positive earnings since 2007...and my guess is that $300K has some people doing the happy dance back in the boardroom of this bank. One year ago in the 1st Qtr of 2013 the bank lost -$2.266MM.
The bank is far from being out of the woods ...the pps is still too high and needs to come down...this report is an encouraging sign they're heading the right direction.
Marker: Community Financial (CFIS) $1.14 0.0 (0.00%) Volume: 0
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