Total earnings for the third quarter increased by a whopping negative $3.6 million. It is a good thing shares were bought back at an overpriced 2x TBV, or per share earnings wouldn't have looked as spectacular as they do. Also, the CEO should be commended for increasing TBV to $8,14 today, all the way up from a very low $8.77 at this time last year. Maybe he can get TBV up into the mid $7 range by the end of the year.
It is also nice to see that the bank is driving off all of those checking account customers that they pay no interest to. Who needs that free money anyway. At least loan loss reserves are up.
Everyone in the executive offices should be getting their full performance bonuses this year.
A colleague from Sandler told me that you can make a lot of money off of PBCT. Just short the stock. He says People's United Bank has the lowest customer satisfaction among all of the banks they cover. Obviously they know what they are doing up in Bridgeport.