Earnings were great, but there could be some dilution of the common down the road as the bank swaps common for the TARP preferred and probably some of the trust preferred issues like OSBCP. Listen to the mgt discussion of this. This is why the common is probably down.
No confidence in this bank. Management has spent the past 5 years writing off the loans they made the previous 5 years. Best option for all would be if a stronger bank bought IBCP. They still have to address the bailout funds thay owe.
People are taking profits as they should but you must look how far it's went up over
the last past year . I'm in this for another year and I think I will double my money again .
Gives an immediate value of about $10.80 a share. I agree still looks good, with the improving real estate market in Michigan, the stock has been undervalued for quite awhile. This year should be pretty solid. Boring old business as usual, buy and hold, come out at the end of the year up 40/50%. I'll take it.
Only one more week to wait. The only estimate for 1st quarter earnings I have found is for 9 cents a share. After the sale of 21 branches and consolidation of another 7, that sounds about right. If they should beat estimates, $10.00 a share should be in the picture. It has been a long road to recover to here. Hopefully , the worst is behind us and the recovery will continue. I have bet it will. Good luck to us all.