| Reality speaks - 11/3/2023 22:55
This is a 62 million dollar bank as of 9-30-23. They went from having a positive net worth of 2.3 million as of 12-31-22 to a negative 2.9 million net worth as of 9-30-23. They wrote of 4.8 million worth of loans in the 3rd qty out of a loan portfolio of about 35 million. This is a classic case of the bank not wanting to acknowledge how bad some loans were and they had a loan audit from some regulator that forced them to recognize reality. It appears that the biggest growth in reserves was in the commercial industrial loans, They had a very small ag loan portfolio.
I’m struggling to reconcile some of your statements.
You say they were a $62M bank but you also say they had a net worth of $2.3M and a loan portfolio of $35M
How do you get $62M out of the other two numbers? |
You NW Iowa farmers borrowing too much money for land and
