"Notice how tangible book value fell and they attributed it to buy backs? Buying above book value isn't the best way to return excess capital. Management should know that."
I think you have hit the nail on the head. I calculated BV at 12/31/2012 to be about $7.76/share. They have been buying above BV and it is showing up as being diluting the shareholders that are remaining. If they would take the 14 cents of earnings and distribute a portion as dividends I believe that they would get better results for us. Just my opinion. As a shareholder I want dividends.