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18	member 8/06/07 3:36PM Round trip
any updated thoughts prior to earnings release? view available tags
17	member 7/09/07 2:09PM Re: Sterling (Trustar)
just an fyi on the competitive landscape front - I was informed that Trustar transferred all their self directed IRA accounts to Millenium Trust. I placed a couple calls to the Principal and was... login to read the rest view available tags
16	member 7/03/07 5:33PM RE: Sterling
Sorry I have not been very focused on this stock for a little while, but I want to ttry to address your questions. Sterling’s business is to custodian “non-traditional self-directed” IRA assets of its clients. ... login to read the rest view available tags
12	member 5/14/07 8:02PM Reply to Thistle
1) The reason I count Sterling’s earnings separate from the bank’s book value is because Sterling has no connection to the bank other than the bank happens to be the place Sterling’s deposits are... login to read the rest view available tags
10	member 4/04/07 5:21PM Reply to Conway
Just to be clear I think UWBK has a very strong management team from the top executives down through the community bankers they recently hired. Also, keep in mind that the bank isn’t struggling... login to read the rest view available tags
9	member 3/22/07 8:10PM All-In Borrow Costs
I like the idea. It is very similar to the idea I recently posted (CASH). Struggling core bank. Hidden asset that sources very cheap deposits. Lots of transfer pricing issues. Mgmt issues. Several questions: (1) Does your... login to read the rest view available tags
8	member 2/16/07 6:08PM Loan loss response
“Do you know why they have losses coming from the single family portfolio? Is it stemming form this ARM portfolio they purchased a few years back. If so, you'd think that the appreciation in real... login to read the rest view available tags
7	member 2/16/07 2:02PM Additional response about Ster
“In your analysis of Sterling, you don't lay out what the operating costs are. Is this included in the negative $1M "Non Interest Spread Income" in your second table?” Additional response: I answered this question before... login to read the rest view available tags
6	member 2/16/07 1:51PM follow up
Thanks for the informative answers. Do you know why they have losses coming from the single family portfolio? Is it stemming form this ARM portfolio they purchased a few years back. If so, you'd think that... login to read the rest view available tags
5	member 2/16/07 12:11PM Response to skyhawk887
“It seems that management is aware of the value in Sterling. Once they are done buying back stock and maximizing their own equity interest while the stock is still undiscovered, do you think they will... login to read the rest view available tags
4	member 2/16/07 12:10PM Response to roc924
“Can you provide some more detail on the downside case / risk to book value from the MSRs and ARM portfolio?” Response: My downside case basically implies that the growth of Sterling comes to a halt... login to read the rest view available tags
3	member 2/15/07 8:09PM follow up
Why is the mortgage business losing $752K on an operating basis. Are they actually servicing loans or is the loss occuring because of write-downs in the MSR? How serious is management about trying to sell... login to read the rest view available tags
2	member 2/15/07 7:12PM quesitons
Interesting write-up It seems that management is aware of the value in Sterling. Once they are done buying back stock and maximizing their own equity interest while the stock is still undiscovered, do you think they... login to read the rest view available tags
1	member 2/15/07 6:56PM MSRs / ARMs
Nice write up. Thanks. Can you provide some more detail on the downside case / risk to book value from the MSRs and ARM portfolio? Why do you think Wasatch is selling? view available tags

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			2007	2008
Price:	20.57	EPS
Shares Out. (in M):	0	P/E
Market Cap (in $M):	151	P/FCF
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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