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Posted on 9/17/24 at 10:22 am to Big Scrub TX
Looks to me like Fidelity is pricing at around .6 of TBV (and this is before we even consider whether or not this TBV is "real" or not) - so, not really that great of a deal as they don't appear to have any real earnings. In the old world, that actually was decent pricing, but community banks trade at lower valuations now and I personally believe they will never go back to how they were.
Looks like Fifth District Savings and Mutual Savings and Loan are also doing conversions. Offhand, looks like FDS is probably worth doing.
Looks like Fifth District Savings and Mutual Savings and Loan are also doing conversions. Offhand, looks like FDS is probably worth doing.
Posted on 9/17/24 at 7:13 pm to Big Scrub TX
More:
--probably not a long-term hold, but could be worth playing the pop since it will have enough market cap to be added to the Russell 2000
--total assets of $1.17B. TE/assets = 12.85%
--pro forma TBV of $20.15 to 16.06 (depends on how many shares issued)
--earnings have been pretty volatile, with a run rate loss of ~$900K/quarter
--NIM = 4.2% (down from 5.22% 18 months ago)
--$60M of cash/$250M of total securities; total loans of $750M
-$250M mortgage book, 93% fixed rate, vast majority in NOLA area
--$100M of HELOC
Commercial Real Estate - 32% of all loans
--19% retail
--32% office - almost all fixed rate
--9% C&I
--consumer - 4% of loans
non-performing assets = 1.15%
Insiders buying just over 3% of the offering, with only one subscribing for the max (not great to see)
13% TCE, so no immediate need for more capital
A declining rate environment should ease up the negative earnings
Nonaccrual loans are increasing
Verdict: at the "super-max", it probably makes sense to buy for the pop
PS: this bank to me is a perfect example of how shitty community banks are and how they almost just don't even have a reason to exist. SO MANY brick and mortar branches!
--probably not a long-term hold, but could be worth playing the pop since it will have enough market cap to be added to the Russell 2000
--total assets of $1.17B. TE/assets = 12.85%
--pro forma TBV of $20.15 to 16.06 (depends on how many shares issued)
--earnings have been pretty volatile, with a run rate loss of ~$900K/quarter
--NIM = 4.2% (down from 5.22% 18 months ago)
--$60M of cash/$250M of total securities; total loans of $750M
-$250M mortgage book, 93% fixed rate, vast majority in NOLA area
--$100M of HELOC
Commercial Real Estate - 32% of all loans
--19% retail
--32% office - almost all fixed rate
--9% C&I
--consumer - 4% of loans
non-performing assets = 1.15%
Insiders buying just over 3% of the offering, with only one subscribing for the max (not great to see)
13% TCE, so no immediate need for more capital
A declining rate environment should ease up the negative earnings
Nonaccrual loans are increasing
Verdict: at the "super-max", it probably makes sense to buy for the pop
PS: this bank to me is a perfect example of how shitty community banks are and how they almost just don't even have a reason to exist. SO MANY brick and mortar branches!
Posted on 9/19/24 at 8:59 pm to Mariner
quote:
Does Fidelity eventually call me to ask which financial institution to transfer the stock to?
No. You’ll have an account with the transfer agent involved. Once you get that statement, you can work with your brokerage to get it transferred into your account there.
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