Attracted by CFNL's past performance, favorable geography and customer base, and asset quality. Tried to find recent conference calls and didn't find any. Does this company hold quarterly earnings calls at all? Anyone has an idea what's the main reason revenue and earnings are expected to be down this year?
Quite a great quarter (Q2), particularly the commercial banking segment. Non-interest-bearing deposits grew 34%, much faster than the 6% growth of total deposits. In mortgage banking, loans closed of $1.4B was a record. Growth in seller-financed loans is monstrous. The addition of new offices should bear fruit in the future.
Overall, Q2 deserves an A-.
However, company's shareholder communication scores an F. No earnings calls, not even pre-announcement of earnings release dates. Email inquiries are ignored. Everyone should email them to request earnings conference calls and better communication.
"Growth in seller-financed loans is monstrous. " -- Wrong on this one. They're actually just purchase money (vs. refinancing) loans.
Good to see Q3 and Q4 EPS estimates move up a bit in the past couple of weeks. FY14 is expected to have flattish revenue and 7% or so EPS growth. Getting better. Ongoing market correction provides opportunity to build a decent-sized long position. Steepening yield curve is a tailwind.