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Strong Buy 
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Strong Sell 
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Average rating: 2.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

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Apr. 24 2008, 6:57 PM ET
Nearest price: 6.92 (04/24/08)
by martinroad (profile)
(all of martinroad's ratings)
I really like it as a long and think it is oversold. Short interest is 18.5% of the float. Trades much cheaper than CNB (CNB had to raise more capital). TSFG might have to do the same, but is in better capital position in my opinion and has a better franchise.


-Current stock price of $6.92 equals 56% of Tangible Book Value
-$13.7 Billion in Assets
-Valuable franchise with 80 branches in South Carolina, 65 branches in FL, and 27 branches in NC
-24% of deposits are checking/transaction accounts
-Took large provision this quarter 1.69% Reserves/Loans
-Tangible equity/assets of 6.72% - should have enough capital


-Significant credit deterioration 1.76% NPAs & 90+ past due / assets
-25% construction loans- exposure to FL where severity of loss could be high
-.98% NCOs/Average Loans last quarter

All that being said, I think the cons could finally get the Board of Directors to force Mack Whittle to put TSFG on the blocks for sale. Not many buyers exist for banks right now...but I think a few might have an interest in TSFG (i.e. PNC, JPM, RBC with strong Canadian dollar, and WFC if they wanted a cheap entry into the southeast).

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