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  • ceoeagle ceoeagle Mar 4, 2011 8:14 AM Flag

    Negative equity

    A bit of optimism in the report but equity is negative. Conversion of Trust Pref debt must happen soon or else.

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    • Negative equity was caused by the one time goodwill write-off. Interesting strategy to bring down goodwill to Zero. Also allowance for loan losses was approximated 5.52 percent of portfolio loans at December 31, 2010, which is kind of high.

      It looks like they are setting themselves up for positive earnings in the 1st Q. How much more can they add to loan provisions in the 1st Q if the quality of loans is improving and it's already at a very elevated level? So loan provisions will be minimum and no more goodwill to write off.

      They are also putting the private pref shareholders into the corner, just in case they have doubts. Convert or lose everything and convert fast because the equity level is in the negative. Major pressure on the private pref to get with the program. I just got home and ran through the earnings fast. Now I'm going to go through them in detail. So far so good. Expecting the private pref conversion right behind the earnings.

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