1. Bobby Keogh passes on before the financial crisis, saving the bank from almost certain ruin.
2. Interim CEO not made permanent, saving the bank again.
How lucky can you get ... I would probably cash in some CD's and buy some lottery tickets or something!
I tend to agree more with Benjamin Graham. It really depends on two things: (1) Can the shareholder trust reported earnings?; and (2) Can the shareholder trust management to use the retained money wisely?
Yeah ... better look for a dividend.
Everyone who is a candidate for a short sale or refinance has already done it ... after 2013, debt relief will cause cancellation of debt income, so everyone left is going to hold on until they are foreclosed on:
"The Mortgage Forgiveness Debt Relief Act of 2007 (Pub L 110-142, 121 Stat 1803) and its extending amendment allowed exclusion of income realized as a result of debt reduction on the taxpayer's principal residence. See IRS, Ten Facts for Mortgage Debt Forgiveness (Mar. 3, 2011). See also IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (2011). Under the Act, taxpayers may exclude debt forgiven on their qualified principal residence up to $2 million ($1 million for a married person filing a separate return). IRC §§108(h)(2), 163(h)(3)(B)(ii). The law as originally enacted applied to debt forgiven in calendar years 2007, 2008, and 2009. Pub L 110-142, §2(a), (d), 121 Stat 1803. A 2008 amendment to the Act, applicable to discharges of indebtedness occurring on or after January 1, 2010, extended the Act through 2012. Pub L 110-343, Div A, Title III, §303, 122 Stat 3765. The fiscal cliff bill extended it through the calendar year 2013."
Just because it's so low, investors are willing to pay up. Common phenomenon: Totally bankrupt companies like GM could still sell for $0.40 or more. If this was trading for $153.00, I would put a fair value on it of about $80.00 - $90.00.
Right now you can deduct the interest on two residence mortgages up to $1,100,000. Likely Congress is going to limit it to one mortgage and cut the amount to maybe the cost of the average home. Maybe $250,000 or so.
Change in mortgage deduction rules could be coming under the new budget in Jan. ... interest deduction could be severely limited. That wouldn't be good for mortgage companies, especially if existing mortgages are grandfathered. No one moves ... whatever, less deductions, less mortgages, less earnings for mortgage banks.
10-Q: "The FRB modified its interpretation of the Written Agreement and now takes the position that it prohibits BOHR from accepting new brokered deposits. Based on prior guidance, BOHR accepted new brokered deposits after it became well capitalized, which technically did not comply with the Written Agreement under the FRB’s modified interpretation. We do not believe the new interpretation or our earlier actions will have any material adverse effect on the Company or our liquidity, expenses, or financial condition."
Well, duh ... the way the 10-Q is written will likely make the FRB mad ... so it won't lift the WA any time soon. "Technically"? Doesn't matter how HMPR spins it ... they violated the WA; that's a big no-no.
Dirty bed of rice ... in the recipe for Cajun Skillet dinner ... wow, looks like a real money maker!
But for Cajun Skillet dinner ... Darden a better bet ... could break off Red Lobster and Olive Garden.
Price is now raised to $12.55. Eventually they will need to keep jacking up the prices to make a profit; but that could turn customers off.
Less mortgages ... less junk fees.
Bank probably would have gone bust in the financial crisis ... only thing that protects you is that some executives take some pride in their work and reputation. Can't run things flat out ... you have to manage extreme unforeseen risks ... like the current CEO.
Read the 10Q ... guy died and bank received the death benefit ... that's the "life insurance benefit recognized."
Class action attorneys won't take a small settlement. Why? There's not many strip club cases left, if any ... arbitration agreements look like the "magic bullet" for management. This is the attorneys' retirement.
Unlikely we will ever need to fight the insiders .... but I lined up a Richmond law firm just in case.