Archive - 5 Points

Mid April: A Tour of Higher Rates Jail

also: banking as a service survivors, CCB, FIBK, and the rate sensitive screen

Apr 11 •

March 2024

April: With Banks, Private Equity are Our Friends

The coming BaaS oligopoly, mortgage insurance

Mar 25 •

Mid March: The Rarity of the "Isolated Credit Issue"

What Now for NYCB? Credit at TBBK, MYFW and SSBI; Dogwood State Bank, FCNCB

Mar 11 •

February 2024

March: Why Capital One is Doing This

The return potential from BANC's preferred; AI and banks

Feb 29 •

Mid February: The Regional Bank Existential Question

NYCB's ace, Primis' gain, bank directors getting sued, is Ares worth it?

Feb 15 •

Addendum to Friday's Note: Answering The NYCB Questions

Hello again, I kept the New York Community commentary short on Friday because it’s much easier to find gold where nobody else is prospecting than in…

Feb 4 •

February: Bank investing and the election

Branch light banks - how CUBI manages it vs others, the wisdom of buying agencies, BAFN's BOLT program, The issue at OTCM

Feb 2 •

January 2024

Mid January: Conversion targets, a recent 50x,

Also Interactive Brokers, the expert market, and rent-stabilized loans

Jan 17 •

January: A latent catalyst re-emerges

Blue Ridge (BRBS), lessons from a microcap outperformer, broker activism

Jan 5 •

December 2023

Mid December: The banks trading under 6x earnings

Good morning, I’ve included some “brief notes” about the updraft in bank shares before discussing some valuation- and corporate governance-heavy topics…

Dec 14, 2023 •

November 2023

December: The Banc of California merger

and the banks in its wake. The bull case for 2024. How apartment issues are trickling to banks, 10yr winners, Classified assets, the minority bank…

Nov 29, 2023 •

Mid month: It's the forced selling

Looking at the deepest discounted banks, the bizarre story of Industry Bancshares, MCB vs CUBI, Repurchases

Nov 14, 2023 •

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