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AUTHOR
DATE
SUBJECT
48
member
7/13/16 9:58AM
Re: Gone at $22.47
47
finally... price is blah but the new bank (cape, ocean shore, legacy ocean first) is actually pretty good.
Devlin from cape thinks in 2-3 years ocean first ends up selling.
it's dropped a bit in the past two months or so. i don't see any news. it's back to below TBV. do you see any news?
given where the most recent deals have gotten done (LI deal... login to read the rest
i was hoping for better ROE - but from my conversations with them it appears service fees are decling a bit. costs going up also.
in your write up you said a sale in 6-12... login to read the rest
alex - any thoughts on earnings that they released this week? i was kind of disappointed, they came in about 2 cents light of what i was expecting. (about 5% or so). hopefully this... login to read the rest
the pension plan is absurd. he is way overpaid. why are people voting for the executive compensation. Agree his age is around the time he should consider selling, although i strongly believe he will... login to read the rest
is it just me or is the compensation here excessive for a small bank. cape bank is about the same size and look at their compensation versus these guys.
has anyone raised the issue with
i wanted ocean first to buy ocean shore. think about the savings of only have to change one word on the branches. excellent synergies.
between this cape price and the continued high values on philly banks
alex - did you find any issues with the quarter? it seemed pretty good to me, actually pretty strong. i think they can do around 1.20 this year - with a run rate exit of... login to read the rest
good point on only being able to repurchase it 1x a year. didn't notice that.
earnings came out. they were pretty solid. they slowed down the share repurchase a fair bit from earlier - which isn't
you see the news on the pref paydown. i don't love it personally but it will help eps.
i would pref more share buybacks versus the pref paydown. would be interesting to get their take on
hi alex - did you see the insider sale by the CEO? it was back in the middle of May. i think he sold at 15 dollars. i found this disappointing given that i see... login to read the rest
hi alex - so we spoke to them recently. i think the credit issue i saw was really just a timing issue (number of days in the quarter which always screws it up they said).... login to read the rest
let me double check the credit quality. i graphed it over time and saw a small jump. my time periods might be wrong. but nothing i recalled to be worried about.
i would expect them to... login to read the rest
:-)
i suspect they are annoyed by the pop in the stock. i think they are pretty determined to buy significantly below book value. if this remains high, i suspect they stop. i think they really... login to read the rest
Does anyone have a good link for rules around repurchases...it is mentioned on here a lot and we've found some stuff on the internet but nothing that seems definitive. Thanks in advance and apologies for
nice quarter. tax rate was a little low which boosted the eps by roughly a penny. stinks that the stock price has gone up (since your write up!) as it hurts the buybacks. i... login to read the rest
Hi Alex - thanks for the discussion. While i think they could run at 8%, they mentioned 9% as a target so that is what i used.
I own CBNJ personally. I think the CEO is... login to read the rest
hi alex. thanks for the thoughts.
my take-out value is lower due to the FHLB advances and i do not see as much excess capital as you do (i am using excess capital that the bank... login to read the rest
fair enough.
i think you have to subtract the negative value for the substantially above cost home loan advances though. they are probably 200 bps underwater and they go out for a fair bit of time.
Nice write up. Hopefully third time is a charm.
just want to point out that ALLB was in a much better location than Ocean Shore. ALLB was the only independent bank in attractive Delaware County... login to read the rest
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