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Heritage Bankshares Inc. Message Board

maine1964 781 posts  |  Last Activity: May 12, 2015 6:54 PM Member since: Apr 25, 2011
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  • Reply to

    Another Solid Quarter!

    by maine1964 May 11, 2015 5:03 PM
    maine1964 maine1964 May 12, 2015 6:54 PM Flag

    For what it's worth (and I don't base my investment decisions on "expert" opinions) but found it noteworthy that a few outfits have reiterated/raised MRCC ratings/price target;

    5/12, National Securities - “buy” rating reiterated with a $17 target. Analyst comments - We still anticipate that another dividend increase will come by the end of 2015 although the company is mulling over whether to increase the regular dividend or declare a special distribution to avoid paying an excise tax. MRCC’s portfolio is now 58.8% senior secured compared to 45.7% a year earlier but is still earning higher coupons and effective yields on the overall portfolio.

    5/6, Zack's - Upgraded shares of Monroe Capital Corp from a “hold” rating to a “strong-buy” rating and set a $17.00 price target on the stock.

    5/1, MLV & Co. - Analysts reiterated a “buy” rating and set a $17.00 price target on shares of Monroe Capital Corp in a research note.

    4/8, JMP Securities - Initiated coverage on shares of Monroe Capital Corp in a research note. They set an “outperform” rating and a $16.00 price target on the stock.

    Sentiment: Strong Buy

  • No complaints here, keep up the great work! IMO - continued stable dividend and PPS.

    Sentiment: Strong Buy

  • - Net income for the three months ended March 31, 2015 rose 31.5%
    - Total assets increased to a company-record $488.01 million at March 31, 2015
    - Total deposits grew to a record $438.81 million at March 31, 2015
    - The company continued to demonstrate strong asset quality, including a 0.51% ratio of nonperforming loans to total loans and a decline in the dollar amount of total nonperforming loans even as the company's portfolio of loans grew.
    - Book value per share increased to $10.60 at March 31, 2015 compared with $9.31 at March 31, 2014
    - In the fourth quarter 2014, the company purchased a bank facility in Harrisonburg, Virginia, with plans to open a full-service branch in third quarter 2015

    Sentiment: Strong Buy

  • maine1964 by maine1964 Apr 24, 2015 4:46 PM Flag

    A few of the positives;
    - Non-performing assets to total assets decreased to 0.75% from 1.00% at December 31, 2014
    - Tangible book value per share was $8.96 at March 31, 2015, compared to $8.29 at March 31, 2014. An increase of 8.1% Y/Y.
    - During the first quarter of 2015, the Company repurchased 28,588 shares for a total of $244,000 - comes to $8.53 per share, very good value.

    Sentiment: Strong Buy

  • Reply to

    Div Increase

    by budfoxtrading Mar 6, 2015 7:58 AM
    maine1964 maine1964 Mar 6, 2015 5:08 PM Flag

    Stated back in December that I was surprised there wasn't more people latching on to this company and posting here, especially when message boards for other BDCs (not of the quality of MRCC) are quite active.

    Sentiment: Strong Buy

  • - Net income in fourth quarter 2014 was the highest quarterly earnings in the company's history, following record quarterly net income in third quarter 2014.
    - The Company's full year 2014 earnings were also a company record.
    - Robert R. Chapman III, President and CEO, commented: "It was gratifying to mark our company's 15th year of operation with record earnings and the highest asset, loan and deposit totals in our history. Our financial results reflect a companywide commitment to deliver strong results for all our stakeholders. This includes winning and retaining new business relationships, operating productively and efficiently, and delivering consistent and sustainable growth in our franchise value.

  • Reply to

    For the Record, went Long DFS

    by upup_n_away9 Jan 21, 2015 11:17 AM
    maine1964 maine1964 Jan 21, 2015 3:43 PM Flag

    I'm holding this for the long haul. Great company.

  • Interesting, nearest branch would be 80 miles away. Nice looking property, at least from the outside it doesn't appear much work will need to go into it.

  • Not buyout friendly, in my opinion. And secondly, why would he sell out.....he's getting paid/rewarded quite handsomely for a bank with only 5 locations and a minuscule number of employees. Great gig!

  • maine1964 maine1964 Dec 26, 2014 3:19 PM Flag

    How many "pros" trade OTC stocks whose average daily volume is 400+ shares?

  • maine1964 maine1964 Dec 21, 2014 7:31 AM Flag

    Going to stick my toe in on this one. Among everything else I like, the recent announcements got my attention as well;
    1) $2 million share repurchase
    2) Redeeming 50% of its SBLF Preferred Stock

  • Reply to

    Mtg. Reits

    by j_d_foxy Nov 24, 2014 10:41 AM
    maine1964 maine1964 Dec 8, 2014 6:24 PM Flag

    Thoughts, folks? These stocks are getting spooked by the drop in oil prices, outlook for the economy, potential rising rates, etc.....Good entry point?

  • Reply to

    Steep Drop Today

    by bigc1943 Dec 8, 2014 3:20 PM
    maine1964 maine1964 Dec 8, 2014 6:13 PM Flag

    PSEC announced drop in divvy before the opening bell....."Prospect Capital also reduced its monthly cash dividends to shareholders to 8.333 cents a share for February, March, and April 2015."....

  • maine1964 maine1964 Dec 6, 2014 5:47 PM Flag

    200K? Drop in the bucket. About 2 or 3 months pay/bonus of the bigwig at HBKS who made 836,840 in 2012, who knows what he's making this year.

  • Reply to

    Done very well this year

    by cypersonic Nov 28, 2014 11:26 PM
    maine1964 maine1964 Dec 5, 2014 7:53 PM Flag

    Congrats! Like what I see, performing my DD right now before jumping in. Potential rate impact seems to be spooking the market, however, it could over a good entry point.

  • Who knows what interest rates have in store for BDCs and their dividends in the coming months/years, but I like this little gem. From the latest quarterly report dated 11/10;

    "This represents the fourth consecutive quarter of per share Adjusted Net Investment Income growth for MRCC. In an environment where many other BDCs are experiencing declining per share net investment income and are not covering their dividends, we are pleased that we have been able to grow our per share net investment income for each of the last four quarters and are comfortably covering our third quarter dividend of $0.34 per share."

    Sentiment: Strong Buy

  • The company, which introduced a 5-cent dividend for stockholders in May, paid out the same rate for the third quarter. The company’s stock price has been rising steadily since the release of its third-quarter earnings last week to a peak of $10.10 from $9.08 the day of the release.

    The company also was authorized to buy back 100,000 shares through October next year by its board of directors. Stock repurchases bring shares back into the company’s holding, increasing the earnings-per-share of the remaining stock.

    The stockholder’s equity, which is the bank’s total assets minus its liabilities, has increased by about 9.6 percent year-over-year to about $33.5 million in the third quarter.

    The company was started just over 15 years ago by Scruggs and Chapman, who said at the time there was a need in the area for a local bank. Today, their future plans simply are to grow.

    “If you want to stop to pat yourself on the back,” Scruggs said, “you’re going to get passed.”

    The gap between future growth and the bank’s current standing, Chapman said, can be bridged by both the economy’s room for improvement and the bank’s own initiatives.

    “I think there’s room to definitely continue the march,” Scruggs said.

    For the bank’s own part, its improvement mostly began, Chapman said, with a “strategic initiative we’ve taken on that started about three years ago ... getting the right people to push” commercial and industrial lending.

    “Just changing the entire lending culture, really,” he said.

    The bank is still looking for places to expand in new markets within the commonwealth, so long as it’s a smart choice, Chapman said. “We [still] feel like there’s a lot of ground to plow here,” he said.

    Sentiment: Strong Buy

  • The Bank of the James has broken another company record on its balance sheet, its third consecutive quarter to do so for the year.

    CEO Bob Chapman and chief financial officer Todd Scruggs attribute the good year to a growing economy, quality loans and an excellent staff.

    Net income for the local bank also has broken company records this year for the second and third quarter, ending Sept. 30, rising 12 percent year-over-year to $914,000. Total assets, which have broken records each quarter this year, have increased to about $451.7 million for the third quarter, an increase of about 3.75 percent year-over-year.

    “We’re not just floating rates out there,” to draw in new clients, Chapman said. “That just doesn’t happen by putting an ad in the paper. It happens when employees go the extra mile.”

    A commercial lending officer took the time over one weekend to determine if a client was dealing with potential fraud in their account, Chapman said, adding he had dozens of similar stories.
    “You have to give superior customer service,” he said.

    In the meantime, the company has seen an improvement in the local economy, citing a rise in clients’ confidence. “They’re a lot more upbeat than they were five years ago,” Scruggs said.

    Local companies, Chapman said, have taken out loans to reinvest in new equipment. The loans are not always huge, he said, but it has been a sign of improvement.

    In the third quarter, net loans for the company rose 13 percent year-over-year to $373.39 million.
    Meanwhile, the quality of loans also has improved. Charge-offs — debt deemed uncollectible and written off — decreased by more than one-third year-over-year, to $326,000.

    Loan loss provision — money set aside to cover bad loans — was zero for the quarter. Meanwhile, loan loss provision year-to-date, currently at $55,000, is four-fifths less than it was during the same time last year.
    Nonperforming assets, where the bank is not yielding any income, has dropped by about 22.7 percent to $4.4

  • According to the World Property Journal;
    Based on the Mortgage Bankers Association's Builder Application Survey for October 2014, mortgage applications in the U.S. for new home purchases increased by 8 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.

    By product type, conventional loans composed 68.2 percent of loan applications, FHA loans composed 16.2 percent, RHS/USDA loans composed 1.5 percent and VA loans composed 14.2 percent. The average loan size of new homes increased from $298,274 in September to $300,289 in October.

    "Applications for new home purchases picked up in October, particularly for higher priced homes," said Mike Fratantoni, MBA's Chief Economist. "The continued improvement in the job market and still low mortgage rates are supporting the upper levels of the purchase market, while the tight credit environment continues to constrain sales at the entry level."

    The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 461,000 units in October 2014, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

    The seasonally adjusted estimate for October is an increase of 8.5 percent from the September pace of 425,000 units. On an unadjusted basis, the MBA estimates that there were 36,000 new home sales in October 2014, an increase of 12.5 percent from 32,000 new home sales in September.

    Sentiment: Strong Buy

  • Reply to

    When will this stock get over $5?

    by mjroskopf Nov 5, 2014 1:33 PM
    maine1964 maine1964 Nov 8, 2014 9:00 AM Flag

    Any thought to a dividend?

15.55-0.45(-2.81%)May 22 2:58 PMEDT