At least there were no surprise losses from "out of nowhere" like last year.
I don't expect to ever see significant growth here. The best case scenario in my view is to see GFED grow book value, initiate a dividend, and hopefully be able to command a typical market P/E ratio of 15 +/-
The bank logged decent earning in 3Q13. However, operating income, the single most important factor for future grow and/or pay out, was not so hot.
For the past 7 quarters, begin with 1Q12, they were $1.879 million, $2.253 million, $2.358 million, $2.581 million, $1.799 million, $2.367 million, and for 3Q13 $ 2.000 million.
Funding cost continued to come down, still nowhere near where it needs be. Loan actually shrank by $10 million.While overhead was well contained and resulted in 68% efficiency ratio, the raw income was weak thus keeping operating income--$2.000 million--below that of last quarter or 3Q12.