But, the idea of raising cash via an equity offering, was to enhance the company through acquisitions. This didn't happen. Now NWBI is paying around $0.60-$1.20 above book value which results in lowering cash around $250 million, and dropping book approximately $0.25 to $0.30 per share. Also, just check out that NWBI's dividend payout/to earnings is at 80% which leaves very little cash flow for growth. Of course, taking the shares out will save 8 million$ per year, but it will tap earnings as well.
Saying they didn't raise cash with the equity offering is absurd, nobody in this is worried about book value. The ban has solid assets and isn't in jepordy of closing it's doors like most of the other banks around. And your numbers on dividend payouts are a little off. But the dips, reinvest the dividends, and quit complaining about a stock that is rated a Buy by top rated ratings firms. What credentials do you have to give such a dim outlook to a good company? And how could you ever expect to be taken seriously with a name like Smearjob.