BillinGA

@EWErickson ADM Fluckey took out a train in WWII, thank you very much.

Army is now tied with Navy in 21st century submarine kills.

@LeighWolf I will see your 2010 and raise you mid 1980's as a LT.

We were war gaming the Iranians closing the straight of hormuz as lieutenants back in 2010. You would be hard pressed to find a single officer in the entire US military that hasn't had a few conversations about this obvious tactic on the part of the Iranians. It is the fakest of news to claim somehow one of the most discussed eventualities of war with Iran among military officers somehow just slipped off the side of the conference room table during final preparations.

@Catahoula_Value @Colarion and faithful readers of 5 Points. ✅

$WCCB It took a very sharp eye to catch one single phrase in the bank’s 20 page fourth quarter 2025 earnings release on January 27th: “higher professional fees incurred in preparation of becoming an SEC registrant”.

@eriksen_tim Definitely should be on the illwill line

You find the craziest things in otc stocks. What the heck is this? You cannot have negative goodwill on the balance sheet $ECGS Tip: avoid companies who do not know how to do accounting.

@dirtcheapbanks The waiting is the hardest part Every day you see one more card You take it on faith, you take it to the heart The waiting is the hardest part

Community bank investing isn’t about stories. It’s about buying real balance sheets at discounts that only exist because nobody is paying attention. Local deposits. Boring loans. Tangible book value the market pretends doesn’t matter. No narratives. No momentum. Just math, time, and patience.

@dirtcheapbanks Nice article. In my mind, the ECIP windfall will be almost as good as buying a Mutual Conversion as a depositor.

I just wrote up Ponce Financial $PDLB. It is a special situation with a catalyst timed in Q3 2026. It could create over $8.00 per share of value overnight.

@PhilTimyan @TimyanBankAlert From your lips…🙏

@TimyanBankAlert Waiting on $NSTS which is now over a year past its 3 year anniversary.

Data Dispatch: Illinois bank M&A ignites as dealmaking picks up nationwide | S&P Global Market Intelligence spglobal.com/market-intelli…

@dirtcheapbanks @CoachGoodrich Hasn’t reported recently but will and also has ecip funds available. Should get the reporting in order trades at about 1/2 bv.

@billinga1 @CoachGoodrich What’s quick overview there

What bank should I cover next? Have a good one coming out tomorrow morning.

@CoachGoodrich @dirtcheapbanks We all know the Ponce story. If you want to cover an ECIP bank try BYFC.

@dirtcheapbanks Yes , with insider buying.

@dirtcheapbanks It doesn’t matter who the management team is. The chairwoman runs this show.

What are the idiots at $CBBI doing? Management turnover is insanely high. Losing non-interest bearing deposits to CDs. Very high CRE concentration. Sharp slowdown in SBA fee generation. Elevated operating expenses. Has done really dumb acquisitions above book value when their own equity is way below book. Stock is pretty darn cheap and this is overcapitalized. Will the new management team turn things around here or will they be fired and moved on in eight months. Need an activist investor badly here.

@eriksen_tim - It really depends on the bank, and how they execute. In general, for me, it has been IPO/Buyout. You see a bit of a pop at Year 2 when buybacks and divvys start, and they generally start to appreciate as they approach 3 year anniversary when they can sell. Also, don't forget g) Second Sale...some of these are taken out by other conversions, which are they themselves are taken out...Douglas Fed, bought by Carrolton Fed, bought by BBT is an example. HONE/EBC could end up this way.

Question for those who have invested in mutual conversions. At what stage do you usually generate the greatest returns? a) IPO/initial pop going public b) Yr 1 as it begins to trade c) Yr 2 when it can start repurchasing shares d) Yr 3 when it can accelerate share repurchases e) Execution years f) Buyout

@JoshACarpenter @SBJ @GolfonCBS Call us when they hire Paige @PaigeSpiranac @GolfonCBS

Johnson Wagner is set to join CBS’s golf broadcasts as a walking analyst, per sources, filling the role left by Colt Knost’s move to the booth. Wagner is not expected to continue with his “Live From” segments at Golf Channel, though similar executions could still happen at CBS

@TheLtColUSMC Come on man...Every Sailor a Squid is underrated.

Naval Academy seniors just found out their future jobs with a team-jersey reveal. Everyone else had titles — Navy Pilot, Supply Corps, Submariner, SWO. The Marine jersey? One word: “MARINES.” That’s what makes us different: Every Marine a rifleman — that’s our job! 🦅🌎⚓️

@The_Bank_Slate This reminded me that I posted this in Aug of 2021.

🚀 From crisis recovery to nearly $4B in assets — Colony Bank’s transformation is a masterclass in intentional culture, disciplined growth + bold leadership. Our latest newsletter goes deep with CEO Heath Fountain about promoting a sales-driven culture. open.substack.com/pub/thebanksla…

@The_Bank_Slate The CEO at TC was running up against the types of roadblocks you have with a bank of that size. He viewed our deal not as selling, but as an investment in somebody else for the benefit of his shareholders. Thank you Greg Eiford!

@EWErickson Thank you for this! Awesome show!

You should all be watching Slow Horses

HoldCo - Legendary analysis of the $EBC board and management grift 🫡 @easternbank mma.prnewswire.com/media/2800209/…

@EDSecMcMahon @DOGE Please make paying off our daughter's student loan easy. Stop using 3rd parties like EdFinancial Services that are unhelpful. Put a PAY Button on the Dept of Education website, that provides an easy interface to enter Name, DOB, SSN and Card/ACH information.

@EWErickson Sure, and I am going to listen to a 50 YO, who still has student loan debt, and gets most everything free from sponsors, on anything to do with household budgeting, finance or the economy.

Tariffs are working!

@NicoleKnightUSA More glasses 🤓