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FIRST CITIZENS SC CM Message Board

ramoswyandotte 2 posts  |  Last Activity: Oct 27, 2014 10:13 PM Member since: May 24, 2008
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  • ramoswyandotte by ramoswyandotte Oct 27, 2014 10:13 PM Flag

    Owned this one for several months. Just reported nice earnings. Anyone care to discuss? Ray

  • Reply to

    CMOH - Sweet little Ohio bank

    by ramoswyandotte Aug 30, 2014 1:14 PM
    ramoswyandotte ramoswyandotte Oct 7, 2014 6:41 PM Flag

    Understand the concern, but this is the same management team that capably guided the bank through the downturn six years ago. The bank lost ($300M) in 2007. In 2008, they sold a branch and pared expenses, resulting in a dramatic return to profitability. Since then, provision has dropped in every year and performance improved every year. LLR is a very healthy 1.6% of total loans. You can scoop it up for around book value, which I estimate is $27.75. In my opinion, this is a higher performing bank priced like a mediocre one. It's a little gem. Regards, Ray

    Sentiment: Strong Buy

FCBN
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