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Hey Brewer ~ how about APAB!!??
Old 01-24-2008, 08:13 AM   #1
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Hey Brewer ~ how about APAB!!??

.....small independent bank (?) that has a book value of $13+, currently selling at $8.25/share.....insider buying by more than one officer.....hmmmmm

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Old 01-24-2008, 12:07 PM   #2
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Well, no dividend and a volume of 8,000 shares per day is not exactly what I like to see.

But book value is good, capital ratios good. A NIM of 4.5%?!?! Wow. It shows their loans as having an overall yield of 9.6%. Remind me not to go there for a loan. 60% of their deposits are time deposits which is probably fine with rates heading lower. Their NPLs jumped from .4% to .8% of loans, but they lowered their loan loss provision (as a percentage) a bit. Seems reasonable since it's still 1.5x non-performing assets.

I read a little more, but I don't know . . . I have a hard time imagining investing in a bank where only $30k of share have traded hands today . . . and a bank with no dividend, well, I don't know, that's just kind of weird. With about 20% inside ownership you'd think they'd have some incentive to pay themselves a dividend too.

Also on the bright side if you buy this you won't have to listen to any technical analysis about candles and upside down elephants and such . . . just look at that chart. The TA is more like "well, here where it went up when I tried to buy 500 shares on Monday and here is where it went down when I tried to sell it on Tuesday."
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