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

To: Spekulatius who wrote (51183)	3/27/2013 10:31:35 AM
From: Paul Senior	Respond to of 78525

TOT. I continue to add. More today.

To: Spekulatius who wrote (51183)	5/1/2013 9:54:50 PM
From: Spekulatius	Respond to of 78525

CAC@33$ reduced position and sold out the holding in my IRA. The earnings release was so so, mostly because of added cost from the BofA branch purchase. Initially advertised as "immediately accretive" from CAC, they know admit that the added deposits (which also shrank from ~400M$ to 290M$) don't carry the cost unless accompanied by an increasing loan book. That's the problem for most banks, plenty of deposits, but no loan growth and putting the deposits into mortgage papers yields too little NIM to justify the cost burden. CAC us a good bank but I see that they have to deal with depressed earnings for several quarters and the stock is not cheap enough to justify holding.