overlay DNBK and PBCT on a two year chart and look at the performane. DNBK is up 70% and PBCT is down 20%. Management is awful. They had a pile of cash during the downturn and did nothing and are now using their discounted equity for lousy deals. Sorry to be so negative but they are supposed to return cash to shareholders and should be measured by stock performance. GRADE F
Bought a $2.9 Billion Bank with 28 branches for $493 million and funded 55% of the purchase in PBCT stock.Hats off to management. This banks earnings go str8 to the PBCT bottom line for $222 million in cash.
you are right on. smart bankers waiting to purchase solid assets using cash and stock. a great plan to use leverage and grow the bank with established markets and bankers. lets use our assets to expand with quality.
for you guys that are always bad mouthing PBCT, sell your stock now.
Yeah, from share price point of view, this company's management has done badly. Though I am hoping that at some point in next couple of quarters, they will start to get a good earnings momentum due to these acquisitions. BTW, why don't they pickup some failing banks from FDIC? Those should come much more cheaply.
How is expanding the bank, on long island, Mass. and all over the east coast a bad thing. Also, they bought a very successful company in first federal, and they still have free cash, and earnings are already on the rise.