I think tough part here is that the bank is a money loser... Even with the recent portfolio adjustments.. They really are not profitable... Even with this $3mm charge... Terrible efficiency
With that being said it was the right thing to do.. Even if they wished they had a do over...
Thank you for your nice write-up. I have been holding off on buying shares until after the second conversion and after rates stop going up. Their long-dated bonds will keep hurting them further and further until the Fed rate stops going up.
Thanks for the nice write-up and good info. I’m revisiting this as it’s now selling at about 50% of TBV. Any further thoughts?
I think tough part here is that the bank is a money loser... Even with the recent portfolio adjustments.. They really are not profitable... Even with this $3mm charge... Terrible efficiency
With that being said it was the right thing to do.. Even if they wished they had a do over...
Thank you for your nice write-up. I have been holding off on buying shares until after the second conversion and after rates stop going up. Their long-dated bonds will keep hurting them further and further until the Fed rate stops going up.