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Strategies & Market Trends : Turnarund Investing -- Ignore unavailable to you. Want to Upgrade?

To: Covenant who wrote (352)	4/24/2012 10:57:19 PM
From: bankbuyer	1 Recommendation Respond to of 1876

Re HEOP Now that is interesting with both + and - after a cursory review. Tis a huge commercial loan book and the size and granularity needs further study. I would be concerned about individual loans of too great a size. They bought a bank at a bad time(2007). Their market penetration is terrible. Their loan officers better be stud given what they concentrate on The efficiency ratio is poor and while the NIM is stellar they may be making high risk loans at initial high margin that others wont take,again further study. I dont think the are out of the woods yet but at $4 you would be buying at a decent P/TBV and P/EA. Page 21 of their February presentation shows a very concentrated ownership position.