GAAP minus derivatives net of tax minus unrealized gains net of tax minus forward contracts net of tax. GAAP is 17.9 million, derivatives and unrealized gains after tax come out to about 12 million, looks like .60 to me.
That's about what I got too, using their effective tax rate. Great news on the non-performing assets and reduction in ethanol exposure, slightly offset by the moderate increase in the past-due loans. Nevertheless the increase was offset by $3MM in provision expense without any chargeoffs. All in all a great report. Worthy of a $12-$14 price, not $20 yet at this point. If commodity prices continue to increase, it may make it there by next spring.
So going forward, without postiive adjustments, we should expect .60+ core earnings/quarter = $2.40 year * 8 P/E = $19.20/share minimum (very conservative P/E here - should be like 10 to 12 IMO, which means roughly 5 to 10 dollars more per share, ie. 24 to 29/share). SCREAMING BUY. One never knows with this market, but I can see a $14 to $15 stock this week.