Well, HCBK's actual second quarter numbers weren't too bad:
EPS: $.15 NIM: 2.12% LLP: $25 million NPL Ratio: 3.88%
Their Net Interest Margin held up pretty well in the face of historically low mortgage rates, and their Nonperforming Loan Ratio only creeped up ever so slightly versus the first quarter.
At least they're FINALLY beginning to realize that low interest rates are going to be with us for quite some time, and thus their old business model isn't going to cut it for a while. I'm a little concerned about them entering the "originate to sell" arena, but it seems they have little choice. Let's hope they don't drop their underwriting standards too far.
Bottom Line: HCBK is still likely "dead money" for a while longer, but at least they're attempting to put a floor under the stock price. I think the stock will trade in a range between $5.50 and $6.50 until the November election results are in.....