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Aug. 16 2005, 10:24 AM ET
Nearest price: 26.23 (08/16/05) |
by abukini (profile)
(all of abukini's ratings) |
rating:
Hold |
(Previous rating: Hold,
on Jun. 30 2003, 2:56 PM ET)
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[ Comments shared with private group only ]
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Feb. 3 2004, 10:26 AM ET
Nearest price: 22.21 (02/03/04) |
by sbguy (profile)
(all of sbguy's ratings) |
rating:
Strong Buy |
(Previous rating: Strong Buy,
on Feb. 3 2004, 10:12 AM ET)
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hans has just put out 12/31/03 earnings and it is clear the fear some had that the calif fires would result in an inc in NPA's and loan losses, were unfounded. eps for the Q were $.24 and for the year = $.86. op exp ratio down to 206bp, which i think is laudable for a bank of $625mm asset size. looks to me hans is firing on all cylinders and at this point (1 1/2 yrs after stock sale, we are 1/2 way to heaven). i am mindful that Hawthorne, which operates in the same area, just agreed to a buyout at 2.75 X TBV. FPTB now at ~1.3 X TBV at $22/sh.........................................................................12 others have rated this SD, Cal. thrift over the past year (2.08 composite rating). the recent conversion of RPFG, also originally a cdt u, leads me to take a look. conclusion is i like it a lot better than its cousin from tacoma (disclosure- i own a mid size position in FPTB and a smaller, IPO position in RPFG). FPTB ("F") has $532mm in assets and a 9 branch network in SD county(6) & riverside cty(3). it raised $64mm in its IPO in 8/23/02. the ceo is an impressive guy and is focused on growth in branches, dep., loans, eps and stock price. he has completed a 4% buyback and has announced a 10% bb which is ongoing. he has said he will inc the div and is considering a tax free return of capitol. he is a swiss nat'l and it would not be a surprise if he sells out for the 1st good offer after he has been public for 3-4 yrs. my attraction is not ltd to those factors, tho. the guy is performing! dep growth avg >16% over last 3 1/2 yrs. loans on the B/S have more than doubled in last 2 1/2 yrs to $490mm while AT earnings are now running at 2.3 X those acheived in 2000. in the 3 Q's since "F" came public, eps have gone from $.15 to $.21and i est. they will be $.25 this Q which will be announced sometime next week. during the same period, the eff ratio has gone from 73% to 57% and the op exp ratio is well under 200bp. a rosey picture. there seem to be 3 issues holding back the stock ( tang BV = $18.35@ 6/30); liquidity, the SD economy which has shown some weakness in employment (tho not as bad as tacoma), and a fear that the rapid loan growth may lead to cdt quality issues in the future (none have appeared yet). at $21, "F" sells at 1.13x BV (at est for 9/30) and with a run rate of > $1.00 eps, the P/E ratio is acceptable for a recent convert and, in fact pretty good given demonstrated performance on a number of fronts since the IPO. i give it a strong buy.
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1
said yes (of 1 -- 100.00%)
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Jan. 27 2004, 4:06 PM ET
Nearest price: 21.98 (01/27/04) |
by Farmboy.. (profile)
(all of Farmboy..'s ratings) |
rating:
Buy |
(Previous rating: Buy,
on Jan. 26 2004, 4:18 PM ET)
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[ Comments shared with private group only ]
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Nov. 3 2003, 10:16 AM ET
Nearest price: 21.00 (11/03/03) |
by thriftinve (profile)
(all of thriftinve's ratings) |
rating:
Hold |
(Previous rating: Buy,
on Nov. 21 2002, 1:02 PM ET)
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[ Comments shared with private group only ]
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Jul. 1 2003, 9:23 PM ET
Nearest price: 18.44 (07/01/03) |
by fice (profile)
(all of fice's ratings) |
rating:
Hold |
(Previous rating: Buy,
on Nov. 21 2002, 12:44 PM ET)
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Jun. 16 2003, 3:34 PM ET
Nearest price: 18.55 (06/16/03) |
by Snowball (profile)
(all of Snowball's ratings) |
rating:
Buy |
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Jan. 31 2003, 8:16 PM ET
Nearest price: 15.81 (01/31/03) |
by convert (profile)
(all of convert's ratings) |
rating:
Strong Buy |
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Dec. 29 2002, 8:10 PM ET
Nearest price: 16.83 (12/30/02) |
by corvettekid (profile)
(all of corvettekid's ratings) |
rating:
Hold |
(Previous rating: Hold,
on Nov. 25 2002, 4:29 PM ET)
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Nov. 25 2002, 6:27 PM ET
Nearest price: 15.47 (11/25/02) |
by diehard5 (profile)
(all of diehard5's ratings) |
rating:
Strong Buy |
(Previous rating: Strong Buy,
on Nov. 21 2002, 3:12 PM ET)
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Nov. 22 2002, 12:10 PM ET
Nearest price: 15.41 (11/22/02) |
by eddie (profile)
(all of eddie's ratings) |
rating:
Buy |
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Nov. 21 2002, 8:17 PM ET
Nearest price: 15.48 (11/21/02) |
by poppy5 (profile)
(all of poppy5's ratings) |
rating:
Strong Buy |
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Nov. 21 2002, 2:09 PM ET
Nearest price: 15.48 (11/21/02) |
by doss2 (profile)
(all of doss2's ratings) |
rating:
Strong Buy |
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Nov. 21 2002, 12:55 PM ET
Nearest price: 15.48 (11/21/02) |
by Tier1 (profile)
(all of Tier1's ratings) |
rating:
Sell |
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Nov. 20 2002, 2:54 PM ET
Nearest price: 15.48 (11/20/02) |
by BEN (profile)
(all of BEN's ratings) |
rating:
Buy |
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