Comments for 0 at http://boombustblog.com , comment 1 to 29 out of 20 comments http://boombustblog.com Thu, 08 Jan 2009 08:05:56 +0100 FeedCreator 1.7.2 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1469 Technically they are recourse, but effectively they are non-recourse 'cause the bank is not going to see most of that high LTV money again. They will have to attach judgements on other assets if they can. - Reggie Middleton Fri, 13 Jun 2008 01:08:24 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1467 :)Thanks for the very thorough analysis of WFC.I presume that most,if not all, of the home equity loans are non recourse. - john english Fri, 13 Jun 2008 00:44:04 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1449 Thanks, and the banks are in no particular order. - Reggie Middleton Thu, 12 Jun 2008 14:22:51 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1447 Reggie, kudos on your great analysis. :) I have been short the financials for quite a while. Before I discovered your blog I sometimes felt like I was really out on a limb. I was wondering if the order of your list of 32 banks has any significance? Are they ordered from weakest to strongest or using some other metric? TIA. - Brett Fromme Thu, 12 Jun 2008 11:55:19 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1372 Good job. I actually had this test run against the Texas ratio and my own homegrown brew. Very similar results. Now that we know NCC received an MOU (don't you hate this alphabet soup), I have simply used them as a benchmark and am about 80% confident I know who else recieved those MOUs. I will post my findings some time this weekend. - Reggie Middleton Fri, 06 Jun 2008 17:45:23 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1371 [url]http://boombustblog.com/images/stories/bkshort-eyles_test.xls[/url] - Arun Raja Fri, 06 Jun 2008 17:40:44 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1370 RBC Bank Shorts based on Eyles Test. Now in Excel format. http://boombustblog.com/images/stories/bkshort-eyles_test.xls - Arun Raja Fri, 06 Jun 2008 17:39:59 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1363 Create a personal web site and upload the file to you file repository page. You can also cut and past out of Excel easily, just make sure the table width is 680 px or less. You can use the table icon in the toolbar in IE or right click the table in Mozilla to accomplish this - table properties command. Once you have uploaded the spreadsheet or create an html table, just link to it from here. This and example of my personal file repository page: http://boombustblog.com/component/option,com_uhp2/Itemid,60/task,viewpage/user_id,62/pageid,4/ - Reggie Middleton Fri, 06 Jun 2008 04:49:31 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1362 Reggie, Is there a way to attach a spreadsheet here? The html post did not come out well. Top 50 Commercial Banks By Asset Size Eyles Test Shortfall As % of Tangible Book Value 2008Q1 2007Q4 2007Q3 2007Q3 2007Q1 2006Y Company Name Ticker (%) (%) (%) (%) (%) (%) 1 First BanCorp. FBP (33.2) (31.0) (29.7) (25.9) (20.1) (24.5) 2 UCBH Holdings, Inc. UCBH (19.7) (11.7) (5.7) (4.5) (4.7) (2.2) 3 National City Corporation NCC (17.6) (18.3) (15.7) (12.4) (10.4) (7.8) 4 Citizens Republic Bancorp, Inc. CRBC (14.8) (10.2) (4.7) (0.9) 0.3 1.6 5 Popular, Inc. BPOP (14.7) (14.9) (18.4) (16.2) (14.1) (16.1) 6 Fifth Third Bancorp FITB (14.1) (11.7) (7.3) (5.3) (4.2) (4.3) 7 SunTrust Banks, Inc. STI (13.2) (10.7) (8.4) (7.4) (6.0) (5.0) 8 Colonial BancGroup, Inc. CNB (13.0) (2.5) (2.2)(0.8) 0.4 1.1 9 Wachovia Corporation WB (13.0) (9.6) (6.6) (4.4) (3.1) (2.5) 10 Sterling Financial Corporation STSA (11.8) (7.9) (3.0) (0.4) 0.3 1.0 11 South Financial Group, Inc. TSFG (11.0) (3.9) (2.1) (0.6) (1.3) (1.2) 12 First Horizon National Corp FHN (9.9) (6.2) (3.7) (4.7) (1.7) (2.2) 13 Whitney Holding Corporation WTNY (8.9) (8.0) (5.4) (4.0) (3.7) (4.1) 14 Marshall & Ilsley Corporation MI (8.9) (7.3) (4.6) (4.3) NA (3.0) 15 Bank of New York Mellon Corporation BK (8.3) (6.6) (2.1) (1.4) (1.5) (1.5) 16 Bank of America Corporation BAC (7.5) (7.7) (5.3) (4.7) (4.7) (14.4) 17 Fulton Financial Corporation FULT (7.3) (6.6) (5.7) (4.0) (2.5) (2.9) 18 Zions Bancorporation ZION (7.1) (4.9) (3.5) (1.6) (1.6) (1.2) 19 Regions Financial Corporation RF (6.9) (4.0) (3.8) (2.8) (1.4) (0.7) 20 KeyCorp KEY (6.9) (4.0) (3.7) (1.3) (0.6) 0.1 21 Comerica Incorporated CMA (6.4) (4.8) (3.7) (3.0) (2.4) (2.4) 22 Wells Fargo & Company WFC (6.2) (5.7) (5.6) (4.6) (4.5) (6.7) 23 TCF Financial Corporation TCB (5.7) (4.5) (4.0) (4.7) (5.1) (4.7) 24 Associated Banc-Corp ASBC (5.7) (4.0) (3.3) (4.7) (3.2) (2.8) 25 BB&T Corporation BBT (5.6) (3.6) (2.8) (1.6) (1.1) (1.6) 26 Huntington Bancshares Incorporated HBAN (5.5) (4.6) (4.7) (4.5) (3.6) (3.3) 27 Susquehanna Bancshares, Inc. SUSQ (5.3) (4.2) (2.6) (2.3) (1.9) (2.4) 28 U.S. Bancorp USB (4.9) (4.1) (2.7) (1.8) (1.7) (4.9) 29 PNC Financial Services Group, Inc. PNC (4.2) (3.1) (1.5) (0.8) (0.3) (0.1) 30 BOK Financial Corporation BOKF (3.4) (2.9) (1.4) (1.9) (1.6) (0.8) 31 Wilmington Trust Corporation WL (3.2) (3.0) (3.8) (3.1) (0.5) (1.5) 32 Valley National Bancorp VLY (2.8) (2.7) (2.4) (2.4) (2.1) (1.7) 33 Citigroup Inc. C (2.1) (2.5) (3.1) (2.6) (3.3) (11.0) 34 East West Bancorp, Inc. EWBC (2.1) (4.7) (3.2) (1.9) (1.2) (1.5) 35 State Street Corporation STT (2.0) (1.9) (1.3) (1.3) (1.1) (0.9) 36 City National Corporation CYN (1.9) 0.3 2.4 3.1 3.1 3.0 37 Cullen/Frost Bankers, Inc. CFR (1.9) (1.4) (0.8) (2.6) (2.3) (2.9) 38 JPMorgan Chase & Co. JPM (1.8) (2.7) (2.2) (1.9) (2.1) (8.9) 39 M&T Bank Corporation MTB (1.7) (0.9) (1.8) (0.2) 0.6 1.8 40 Webster Financial Corporation WBS (1.5) 0.8 (0.2) 0.5 1.2 1.5 41 Commerce Bancshares, Inc. CBSH (1.5) (1.2) (1.2) (1.7) (0.7) (3.0) 42 Capital One Financial Corporation COF (1.0) (0.6) 0.6 0.7 (1.8) (14.4) 43 Northern Trust Corporation NTRS (1.0) (0.9) (1.1) (1.1) (0.9) (1.3) 44 UnionBanCal Corporation UB (0.1) 0.5 (0.0) 0.5 0.3 0.3 45 First Citizens BancShares, Inc. FCNCA (0.1) 1.1 0.6 0.7 1.3 0.6 46 BancorpSouth, Inc. BXS 0.8 1.2 0.9 1.4 1.1 1.2 47 International Bancshares Corporation IBOC 1.4 (4.1) 1.8 2.7 0.8 (0.8) 48 Synovus Financial Corp. SNV 2.0 (5.8) 1.7 1.4 (1.5) (1.4) 49 Bank of Hawaii Corporation BOH 4.4 3.6 4.3 4.3 4.3 4.1 50 W Holding Company, Inc. WHI NA NA NA NA (12.8) (11.4) Note: Data represents the tax-effected per share shortfall from current loan loss reserves as a percentage of tangible book value Source: SNL Interactive - Arun Raja Thu, 05 Jun 2008 23:04:13 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1361 Commercial Banks - ET is Suggesting Loan Reserves Will Need to be Built-Up A Measure of Loan Loss Reserve Adequacy • We believe the biggest issue confronting the banking industry over the next 12-18 months will continue to be credit deterioration. • Mortgage delinquencies are at record levels, home equity loan defaults are steadily rising and residential construction and land loan nonperforming assets are skyrocketing for lenders with excess exposure to weakest housing markets in the US. • In conjunction with a slower economy, we expect the credit problems will spread to the commercial real estate and leverage loan markets in 2008. • During this time period loan loss adequacy questions will raised by investors and analysts, in our opinion. Bank management teams will often claim loan loss reserves are adequate only having to boost reserves in subsequent quarters. • As a result, we introduced our a loan loss reserve adequacy test called ET (Eyles Test) in December, 2007, which can be uniformly applied to all banks and thrifts in the US. Our test is based on a proven formula that enabled Fleet Financial to withstand the severe credit crisis that leveled hundreds of banks in the late 1980s and early 1990s. Though managements and investors may quibble with some of the components, the beauty of ET is that it allows investors to compare on an apple-to-apple basis, loan loss reserve adequacy based upon the riskiness of a company's balance sheet. • To determine ET (for the adequacy of loan loss reserves) investors need to add the following figures together: 0.25% of total mortgage and home equity loans + annualized credit card charge-offs + 1.00% of the remaining loan portfolio + nonaccrual loans and loans 90+ past due but still accruing. • The resultant figure will give you a company's ET. The ET should be compared to the company's existing loan loss reserve and the difference, assuming the ET is greater than the company's existing loan loss reserve, should be subtracted from tangible book value (on an after-tax basis.) If the company's loan loss reserve exceeds ET, the excess should be added back to tangible book value (on an after-tax basis.) • The attached exhibit details the 1Q 08 ET for the top 50 commercial banks as ranked by total assets. The institutions at the top of the list are at a higher risk from a capital perspective than those banks near the bottom of the list, in our opinion. Priced as of prior trading day's market close, EST (unless otherwise noted). 2 Details We believe the biggest issue confronting the banking industry over the next 12-18 months will continue to be credit deterioration. Loan loss reserve adequacy will become a "hot" investment topic during this time period. Our ET has been designed to determine which companies are conservatively reserved and therefore, are less vulnerable to an earnings shock. We believe as credit deteriorates further over the next 12-18 months, some companies may short change the loan loss reserves suggesting their book values are over stated, in our opinion. ET shows which companies may be short changing its reserves and are most vulnerable to an earnings shock that would result from a build-up in its loan loss reserve. Commercial Banks - ET is Suggesting Loan Reserves Will Need to be Built-Up June 2, 2008 Top 50 Commercial Banks By Asset Size Eyles Test Shortfall As % of Tangible Book Value 2008Q1 2007Q4 2007Q3 2007Q3 2007Q1 2006Y Company Name Ticker (%) (%) (%) (%) (%) (%) 1 First BanCorp. FBP -33.20 -31.00 -29.70 -25.90 -20.10 -24.50 2 UCBH Holdings, Inc. UCBH -19.70 -11.70 -5.70 -4.50 -4.70 -2.20 3 National City Corporation NCC -17.60 -18.30 -15.70 -12.40 -10.40 -7.80 4 Citizens Republic Bancorp, Inc. CRBC -14.80 -10.20 -4.70 -0.90 0.30 1.60 5 Popular, Inc. BPOP -14.70 -14.90 -18.40 -16.20 -14.10 -16.10 6 Fifth Third Bancorp FITB -14.10 -11.70 -7.30 -5.30 -4.20 -4.30 7 SunTrust Banks, Inc. STI -13.20 -10.70 -8.40 -7.40 -6.00 -5.00 8 Colonial BancGroup, Inc. CNB -13.00 -2.50 -2.20 -0.80 0.40 1.10 9 Wachovia Corporation WB -13.00 -9.60 -6.60 -4.40 -3.10 -2.50 10 Sterling Financial Corporation STSA -11.80 -7.90 -3.00 -0.40 0.30 1.00 11 South Financial Group, Inc. TSFG -11.00 -3.90 -2.10 -0.60 -1.30 -1.20 12 First Horizon National Corp FHN -9.90 -6.20 -3.70 -4.70 -1.70 -2.20 13 Whitney Holding Corporation WTNY -8.90 -8.00 -5.40 -4.00 -3.70 -4.10 14 Marshall & Ilsley Corporation MI -8.90 -7.30 -4.60 -4.30 NA -3.00 15 Bank of New York Mellon Corporation BK -8.30 -6.60 -2.10 -1.40 -1.50 -1.50 16 Bank of America Corporation BAC -7.50 -7.70 -5.30 -4.70 -4.70 -14.40 17 Fulton Financial Corporation FULT -7.30 -6.60 -5.70 -4.00 -2.50 -2.90 18 Zions Bancorporation ZION -7.10 -4.90 -3.50 -1.60 -1.60 -1.20 19 Regions Financial Corporation RF -6.90 -4.00 -3.80 -2.80 -1.40 -0.70 20 KeyCorp KEY -6.90 -4.00 -3.70 -1.30 -0.60 0.10 21 Comerica Incorporated CMA -6.40 -4.80 -3.70 -3.00 -2.40 -2.40 22 Wells Fargo & Company WFC -6.20 -5.70 -5.60 -4.60 -4.50 -6.70 23 TCF Financial Corporation TCB -5.70 -4.50 -4.00 -4.70 -5.10 -4.70 24 Associated Banc-Corp ASBC -5.70 -4.00 -3.30 -4.70 -3.20 -2.80 25 BB&T Corporation BBT -5.60 -3.60 -2.80 -1.60 -1.10 -1.60 26 Huntington Bancshares Incorporated HBAN -5.50 -4.60 -4.70 -4.50 -3.60 -3.30 27 Susquehanna Bancshares, Inc. SUSQ -5.30 -4.20 -2.60 -2.30 -1.90 -2.40 28 U.S. Bancorp USB -4.90 -4.10 -2.70 -1.80 -1.70 -4.90 29 PNC Financial Services Group, Inc. PNC -4.20 -3.10 -1.50 -0.80 -0.30 -0.10 30 BOK Financial Corporation BOKF -3.40 -2.90 -1.40 -1.90 -1.60 -0.80 31 Wilmington Trust Corporation WL -3.20 -3.00 -3.80 -3.10 -0.50 -1.50 32 Valley National Bancorp VLY -2.80 -2.70 -2.40 -2.40 -2.10 -1.70 33 Citigroup Inc. C -2.10 -2.50 -3.10 -2.60 -3.30 -11.00 34 East West Bancorp, Inc. EWBC -2.10 -4.70 -3.20 -1.90 -1.20 -1.50 35 State Street Corporation STT -2.00 -1.90 -1.30 -1.30 -1.10 -0.90 36 City National Corporation CYN -1.90 0.30 2.40 3.10 3.10 3.00 37 Cullen/Frost Bankers, Inc. CFR -1.90 -1.40 -0.80 -2.60 -2.30 -2.90 38 JPMorgan Chase & Co. JPM -1.80 -2.70 -2.20 -1.90 -2.10 -8.90 39 M&T Bank Corporation MTB -1.70 -0.90 -1.80 -0.20 0.60 1.80 40 Webster Financial Corporation WBS -1.50 0.80 -0.20 0.50 1.20 1.50 41 Commerce Bancshares, Inc. CBSH -1.50 -1.20 -1.20 -1.70 -0.70 -3.00 42 Capital One Financial Corporation COF -1.00 -0.60 0.60 0.70 -1.80 -14.40 43 Northern Trust Corporation NTRS -1.00 -0.90 -1.10 -1.10 -0.90 -1.30 44 UnionBanCal Corporation UB -0.10 0.50 0.00 0.50 0.30 0.30 45 First Citizens BancShares, Inc. FCNCA -0.10 1.10 0.60 0.70 1.30 0.60 46 BancorpSouth, Inc. BXS 0.80 1.20 0.90 1.40 1.10 1.20 47 International Bancshares Corporation IBOC 1.40 -4.10 1.80 2.70 0.80 -0.80 48 Synovus Financial Corp. SNV 2.0 -5.80 1.70 1.40 -1.50 -1.40 49 Bank of Hawaii Corporation BOH 4.40 3.60 4.30 4.30 4.30 4.10 50 W Holding Company, Inc. WHI NA NA NA NA -12.80 -11.40 Note: Data represents the tax-effected per share shortfall from current loan loss reserves as a percentage of tangible book value Source: SNL Interactive - Arun Raja Thu, 05 Jun 2008 23:02:30 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1281 Great analysis Reggie. It is almost beyond great and into the realm of superb! I'm not being sarcastic at all. I recognized Wells had massive problems quite awhile ago, I didn't do near the amount of analysis you did. I decided to short the stock before earnings, figuring that they would finally have to fess up. And like you detailed here they BS'd their way through earnings. I did the same thing with Lehman, exact same story with them. What is your sense that they could keep covering this up? It seems like somebody has to blow a whistle eventually, or that the losses will build up to such an extent that a fraction of them have to be recognized. I'm just cautious about shorting these guys again knowing full well they are a bunch of liars and can manipulate their earnings how they please. What do you think about this? Thanks for your time. - Shabba Fri, 30 May 2008 17:30:55 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1253 Hey Reggie, I am making a great profit on WAMU by buying and selling, at a 1% profit, into any puny mid-day rally the stock tries to muster as it drifts lower and lower. - Stan Muse Thu, 29 May 2008 08:04:14 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1248 I will be commenting briefly on most of the banks on the list over the next few posts. - Reggie Middleton Wed, 28 May 2008 23:32:20 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1244 New reader here. Regarding the banks, Reggie, I'd appreciate anything you can tell us about Popular's situation. I remember that last August, Citibank sold their 17 branches on the Island to Popular. I guess Citi knew what was coming. - Mike Otero Wed, 28 May 2008 14:58:45 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1240 I notice you have M&T on there. End of last year they acquired Partner's Trust (who had just recently merged with Savings Bank of Utica) and I was wondering what the purpose of that was. Partner's Trust's interest income had not taken a hit from 2006 to 2007 and M&T probably saw them as a way of improving their portfolio. I have too many accounts with too many of these banks, compelling me to go re-read the FDIC FAQ. Thank god the gov can print money, that's all I can say. - Emmi Wed, 28 May 2008 00:41:34 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1233 From CNBC: U.S. thrifts are being urged to set aside more money for bad mortgage loans after reporting record loan loss provisions totaling $7.6 billion in the first quarter due to the deteriorating American housing market, the Office of Thrift Supervision (OTS) said Tuesday. The savings and loan industry, which includes many mortgage lenders, had loan loss provisions of $5.5 billion in the fourth quarter of 2007 and $1.2 billion in the first quarter of 2007, the OTS said. The OTS, which regulates more than 830 U.S. thrifts, said it encouraged institutions to set aside more loan loss provisions going forward. "I have been urging managers of OTS-regulated thrift institutions to be aggressive in setting aside provisions for expected loan losses," OTS Director John Reich told reporters at a briefing to release the quarterly industry data. "This forceful response to the housing market crisis continues to depress industry earnings, but it also strengthens institutions to withstand future challenges," Reich said. Troubled assets, which include noncurrent loans and repossessed assets, were 2.06 percent of assets in the first three months of this year, up from 1.66 percent in the fourth quarter of 2007, the OTS said. In a sign of the continued housing slump, total mortgage origination volume dipped 20 percent in the first quarter of 2008 from the last three months of 2007, according to regulators. Thrifts posted a net loss of $617 million in the first quarter, an improvement from a loss of $8.75 billion in the fourth quarter of 2007, the agency said. - Reggie Middleton Tue, 27 May 2008 13:36:02 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1227 I write them in advance and they pop up every day or so. There are two more on the front page and a the next one may appear today. Thanks for the encouraging words, BTW. - Reggie Middleton Tue, 27 May 2008 03:06:56 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1226 Hi Reg You got me sitting on the edge of my seat waiting for the follow up, am I missing something, can't seem to find it? Thanks for the great site and making it free (cast your bread on the waters......) It took me a long time to find you and I'm a real seeker. Best wishes from South Africa VandG - Grant Henderson Tue, 27 May 2008 03:02:59 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1217 For certain places such as inland CA, See this link [url=http://flippersintrouble.blogspot.com/2008/05/placer-part-1_24.html]Sacramento Area Flippers In Trouble [/url] - Reggie Middleton Sat, 24 May 2008 08:54:33 +0100 http://boombustblog.com/index.php?option=com_myblog&show=As-I-see-it-32-commercial-banks-and-thrifts-may-see-the-feces-hit-the-fan-blades.html&Itemid=92#comment-1215 Yes, they have less residential and more commercial real estate loans. But, if you dig into their 10-Q, you can find out, that their CRE is mainly construction and land. BTW, exellent article. - Klemen Vidic Sat, 24 May 2008 05:44:46 +0100