again - unaffiliated outside director, could have many reasons for selling ... the window for insider transactions was open and maybe he needed the money.
We both know the shares are quite undervalued at this time and in the current market, it's rare that you find a company with a solid balance sheet like we have here and is a good turnaround play. Investors today simply have no patience.
I'm going to just keep picking up small batches for as long as they want to take the shares lower. Lower basis is fine by me - I have plenty of time.
I'm sure that there are a few good announcements in the coming months/quarters.
He's an outside independent director...who knows why he may have needed the money?
Steven M. Anderson Biography
Brigadier General, US Army (Retired)
Retired Brigadier General Steve Anderson is the Chief Marketing Officer and one of the principal owners of RELYANT LLC, a Service Disabled Veteran Owned Small Business based in Knoxville, Tennessee, that provides key construction, munitions response, energy technology and logistics services to US and NATO forces in the combat zone. His present focus is spearheading business development efforts in Libya, where RELYANT became the first US company with an office in Benghazi in March 2013, and he is directing complementary efforts in other locations on the African continent such as Gabon, Somalia, Rwanda and Kenya.
Additionally, Anderson serves as a director for Ultralife Corporation...
Director who only held a small number of shares to begin with.
If Popielec, Fain, or Whitmore/Sunray sell shares I might be more interested.
google for the title and choose the Barron's link that begins with "online"
"Provident has a solid balance sheet, with plenty of excess capital. In addition to dividends, the bank could use its cash for buybacks or another deal.
The company could become an attractive takeover target. Kelley notes that in northern and central New Jersey, the number of "commercially oriented franchises" with more than $5 billion in assets is limited. In a deal, he puts the value at $21 to $22 a share."
Another 14,000+ shares purchased last week at prices between $4.66 and $4.79. Apparently someone made a mistake entering the transaction dates, but clearly they were last Thursday/Friday.
He now owns over 105,000 shares.
After this recent share price drop, they are now undervalued. CEO has purchased shares, and other insiders are purchasing as well.
Setting aside money for loan loss provision is standard practice for banks/financials and needs to be done every now and then. It comes out of EPS, however, should it later be determined that more than enough was set aside, when re-analyzed they will come back into EPS in a later quarter.
At this time, shares are trading below book value - and there is no reason for that. Aside from the loan loss reserves, earnings were fine. Asset quality is strong. Earnings will be increasing going forward.
Use this opportunity to acquire (more) shares and even more if they continue lower.
As the Fed allows interest rates to rise, the entire banking sector is going to be getting a boost in profits. And TSC, as indicated, has much of its portfolio in variable rate loans with deposits at fixed rates. What could be better in a rising interest rate environment?
There's very little to think about on this - shares are a buy at the current price, and a strong buy if they go lower.
I went by the tangible book value figure of $5.46 given in the July 31 presentation.
In it, it says straight BV is $5.86, so TBV is slightly lower.
Earnings this past quarter were exceptionally strong.
CEO bought shares two weeks ago.
Interest rates will be going up next year, and banking profits are likewise going to go up as spreads will (finally) be increasing.
Any price below $24 is a bargain.
Look for $30/share again within the next 9 months.
You'll sleep comfortably with HTLF while the market continues to be jittery.
I guess I need to acquire a significant ownership position so that if/when there is a 1 for 10,000 reverse split, I still own 1.0 or more shares.
I saw the 100,000 share block yesterday...knew it had to be them. I guess shares will stay at current level until they're done.
$4.52 ... 100,000 ... NDD ... 14:33:27
Ted bought the 500,000 shares - you cannot rely on the Y! Insider Transactions - use the SEC website directly.
I don't follow. Of course distributing shares to the fund shareholders was to give them (the shareholders) greater flexibility with their shares and the ability to sell if they wanted. Hovde still holds the bulk of the shares. Whether he has total control or not isn't an issue - we have a public corporation and as time goes on, it's going to grow, and there are going to be new/more shareholders. In my mind, that's what growing is all about. There are going to be more capital raises and shares issued along the way - because we are going to continue acquiring more banks and you need currency of one form or another to purchase things.
Their interests are still aligned with shareholders - that's why Joe is Chairman. The objective is to make it successful - certainly not to keep share price low to acquire more shares. You think Caplan and Cashen have invested a good chunk of their own money to see the share price kept low? Preposterous.
Earnings and press release speak for themselves.
Red ink to flow, lots more shares to be issued and thus dilution. More legal fees coming.
Thanks for the gains/profits over the past year Ted - I really appreciate it, but I'm not going along for this ride with you.
Good luck to all who stay - I wish you nothing but success with this investment and all others.
if you back out that one time gain, you get bottom line EPS of roughly 13 cents and that's not bad. last year they did 15 cents for the quarter, but that had the bargain gain included - so it was much worse...really a loss without it.
if they do a clean 13 cents/quarter that's 52 cents/year and puts us at PE of 9 right now with the $6.01 book value. undervalued still. most bank PEs are in the 12 to 14 range right now.
This is where the bulk for the quarter came from:
"This decrease was substantially offset by the recognition of the remaining interest rate mark-to-market adjustment on IRA deposits of $2.40 million during the first half of 2014."
In any event, the bottom line for the quarter looks good and as we go forward that's what people will focus on for a while.