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TierOne Corp. Message Board

  • follyfullnut follyfullnut May 6, 2009 9:59 AM Flag

    Thoughts on their last Quarter?

    I wish management would have a Q/A call on their performance.


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    • It would be nice to see TONE have one solidly good quarter. Another mixed bag of crap for the first three months. I don't have time for the numbers at present, but there were a couple of promising developments during the quarter I think they should have mentioned sometime before now:

      1. "The current low interest rate environment combined with the Bank’s strategy to increase production of residential mortgage loans either for portfolio or for sale into the secondary market with servicing retained has resulted in elevated loan origination and purchasing activity. For the three months ended March 31, 2009, the Bank originated or purchased from correspondent lenders $304.5 million of 1-4 family residential loans, an increase of 95.9 percent, or $149.1 million, compared to the same period in 2008. Residential loan production activity during the first three months of 2009 represented the most active quarterly period since the fourth quarter of 2002."

      2. "At March 31, 2009, other real estate owned and repossessed assets were $50.8 million compared to $37.2 million at year-end 2008. The increase in OREO for the first three months of 2009 was primarily attributable to the foreclosure of a $4.4 million 1-4 family residential development in Florida, a $3.6 million land development property in Nevada and a $1.7 million commercial real estate property in Nebraska. As part of its nonperforming asset resolution process, the Bank is actively working with potential buyers on these and other OREO-related properties."

      I'd assume focus on the promising this quarter myself. GL

    • No analysts are following the them if you have questions.

    • Definitely it is better. Wait for few weeks it will go like rocket.