"included a loss of $68.0 million related to the previously announced bulk sale of adversely classified loans and other real estate owned (OREO) properties and valuation adjustments to certain loans transferred to held for sale. "
And...FBP does it again. Another asset sale, another large loss. Like I said, one way to get your stock trading above book value is to reduce book value! All in all, though, recognizing a loss, finalizing it and moving on is very often not a bad thing.
Trade, DRLs 1Q was not good. I was warning you in a past post. The local newspapers are full of DRL repossessing properties. Taking care of those OREOs and marking them down for bulk sales will be a very difficult and costly task. I'm sorry if you were caught with a full bag today. I think we will see another consolidation.
FBP is holding on well. Even the MACD crossed up recently. I still hold my $7 soon.
Wish you luck.
Rin I traded DRL knowing about its financial situation and so far I have made two profitable trips taking advantage of its sudden and unexplainable spikes. This time around I sold half of my position the day before the Q1 report. Anyway my average on remaining share is very low and I may buy more if the price becomes real cheap. I agree with you on FBP on longer term and think more like $8.50, but I sold over $6.50 expecting stangnant short run performance. I have used the cash very well in NBG.
Trade, I think FBP will trade above $7 in a month from now.
They are on target and focus on plan.
Better loans in the pipeline is strong.
NII higher, as they get rid of NPA and issuing new loans.
NIM higher. Getting rid of NPA, part of them already priced down in 1Q in the marked to sale portfolio.
Things are looking better.