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TierOne Corp. Message Board

  • follyfullnut follyfullnut Feb 24, 2009 12:42 AM Flag

    Good Report?

    Any thoughts on their last quarter?

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    • The report was good in that it appears the bank is still surviving capital-wise. It appears their expenses have fallen appreciably due to closures and internal salary reductions. It appears at this time TONE has no brush with bankruptcy coming.

      Unfortunately there was also unsettling news. With the loss in the 4th quarter, the Yahoo reported book value will be 15.00 ... exactly. There was a sizable increase in delinquet loans of 20.3 mil. This could well be the next batch of NPLs. Their overall NPLs increased 1.2 mil to 142.2 mil. Nothing in this data is company threatening IMHO, just still indicating a slumping market.

      Nevada is still killing them. Nevada NPLs that total 71.3 mil make up 50.1 percent of ALL the NPLs. 17.3 mil in new delinquet loans are also from Nevada. Toxic is the wrong word for these assets, I'd say more like strangling.

      My final takeaway from the report was the bank is still safe. It's priced right now (1s) like a company going under...... GL