It's rare that a bank can raise $22 million to pay off TARP and then some. Capital ratio is fine.
What is not fine is that the bank continued to lose money. Year end 2012 CALL report showed $3.2 million loss. SEC 10-Q showed $1.9 million loss by 3Q12. The bank lost another$1.3 million in 4Q12! As new management comes in it's not unusual to record large loss to clean the sleigh for fresh start, I was not sure that operating matrix was that bad. Another look showed that Pretax, preprovision operating income was negative $1.4 million for 2012. This bank would have lost money even if it did not make provision for losses and booked no losses on selling repo's real estate. Still, I am convinced that there maybe things that I missed because It might not have been able to raise $22 million with such poor results.
On the other hand, it lost four directors in two months and the CFO resigned. Not all is well, I am sure.
The bank, selling at book value, offers no discount. I'd pass.
He got them from the FDIC call report. 4Q bank call reports were due Feb 1, and you can download them at the fdic website. Each bank submits 71-page report each quarter; for a quick scan go through pages 2-10+, 38, 61.