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  • don_t_panick don_t_panick Feb 3, 2012 4:02 PM Flag

    Q4 prelim numbers

    Although Q4 is not out yet, you can see the interim reports for CBCR component banks such as Michigan Commerce at the FDIC web site. The report shows a 20 mil Q4 loss for Michigan Commerce (ouch) but an increase in capital levels at MI as the holding company injected 26 mil. I didn't check other component banks yet.

    My guess is that Q4 is looking like a "cleanup quarter". CBCR raised some capital from bank sales and probably wrote down bad loans aggressively in Q4 in an effort to show a Q1 profit.

    It's mixed news. Capital levels are off the 2% critical point a bit, but they still need to make progress on the earnings front. It's also possible IMO that they are cleaning up the MI balance sheet in preparation to sell it.

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