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How Big Banks Earned So Much Money This Quarter

Thu, 23 Apr 2009 00:22:22 GMT

We are a few weeks into earnings season and it should be abundantly clear that financial institutions are firing on all cylinders. In fact, financials are leading the broader market for the first time since 1993. Yet, loan losses have been absolutely enormous. What gives? The Great[More...]

Notable Bankruptcies of 2008: Final Tally

Mon, 05 Jan 2009 23:35:00 GMT

In mid-August I predicted that “major” bankruptcies for 2008 would reach 225 (see Bankruptcies Revisited). Through October there had been 172 such bankruptcies, as reported by Bankrupctydata.com. That implied a pace of around 210 bankruptcies, well short of my prediction. At the time however, I suggested that the filing pace was likely to quicken in November and December as the economy deteriorated at a more rapid clip. Sure enough, the final numbers bear out my prediction. According to Bankruptcydata.com, “major” filings reached 231 in 2008. 231 bankruptcies falls far short of the 289 “major” bankruptcies in 2000 and 383 in 2001[More...]

Uncle Ben Once Again

Wed, 02 Apr 2008 14:08:49 GMT

Good morning. Premarket futures are indicating a higher open as investors remain impressed with yesterday's big rally and hope that Ben Bernanke will inspire more buying when he speaks to Congress today.[More...]

NASDAQ Technical Picture - Modest Recovery

Thu, 26 Jul 2007 04:21:12 GMT

As you can see from the NASDAQ intraday chart, we gapped up into pivot point resistance from yesterday's morning swing l[More...]

Former Employees Sue PFF Bank

Mon, 25 Aug 2008 14:49:00 GMT

Aug. 25--What PFF Bank & Trust lacks in capital it more than compensates for in litigation.
Former employees have filed suit against the Rancho Cucamonga based-bank at a time when the bank is in the process of settling a lawsuit filed by shareholders in June.
In the most recent lawsuit, employees who took part in the bank's 401(k) and employee stock-ownership plan seek to "recover millions of dollars in losses arising from the imprudent purchase and investment in the common stock of PFF Bancorp Inc."

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PFF Bancorp to Move Trading of Its Shares to the Over the Counter Market

Tue, 15 Jul 2008 16:54:00 GMT

PFF Bancorp, Inc. , the holding company of PFF Bank & Trust , Glencrest Investment Advisors, Inc., and Diversified Builder Services, Inc., today announced that the Company's Board of Directors has determined to move the trading of its common stock from the New York Stock Exchange to the OTC Bulletin Board . The Company will announce the effective date of the transfer and the new ticker symbol when advised by the OTCBB. The Company's stock will continue to trade on the NYSE until the transition is complete.[More...]

California National Bank Parent Agrees to Acquire PFF Bancorp

Mon, 16 Jun 2008 11:56:00 GMT

PFF Bancorp, Inc. , the holding company of PFF Bank & Trust , Glencrest Investment Advisors, Inc., and Diversified Builder Services, Inc., today announced the signing of a definitive merger agreement under which FBOP Corporation , the parent company of California National Bank, will acquire PFF Bancorp. Under the terms of the agreement, upon the consummation of the transaction the stockholders of PFF Bancorp will receive $1.35 in cash for each share of PFF Bancorp common stock held. In addition, in order to maintain the Bank's "adequately capitalized" regulatory status, FBOP will immediately loan $7 million to PFF Bancorp in exchange for a secured note convertible into preferred stock of the Company with voting rights equivalent to 19.9% of the outstanding voting stock of the Company. Also, in connection with the merger, the maturity date of the Company's secured commercial bank loan with a current outstanding principal balance of $44.0 million was extended from June 16, 2008, to June 16, 2009.[More...]

PFF Bancorp Proposes Up to $460 Million Private Placement Offering of Units, Consisting of Convertible Senior Secured Notes and Common Stock

Thu, 05 Jun 2008 12:26:00 GMT

PFF Bancorp, Inc. , the holding company for PFF Bank & Trust , Diversified Builder Services, Inc. and Glencrest Investment Advisors, Inc., today announced that it intends to commence a private placement offering of Units, consisting of Convertible Senior Secured Notes due 2009 and shares of common stock of the Company. The aggregate gross proceeds to the Company from the offering are expected to be approximately up to $460 million. The proceeds are intended to be used to strengthen the Bank's capital levels and provide for the retirement of the Company's secured commercial bank loan with a current outstanding principal balance of $44.0 million and a maturity date of June 16, 2008.[More...]

PFF Bancorp Announces Amendment of Term Loan

Mon, 02 Jun 2008 12:26:00 GMT

PFF Bancorp, Inc. , the holding Company for PFF Bank & Trust , Diversified Builder Services, Inc. and Glencrest Investment Advisors, Inc., announced today that effective May 31, 2008, it entered into an amendment and waiver in connection with the restructuring of its secured term loan agreement with a commercial bank. The secured term loan has a current outstanding principal balance of $44.0 million.[More...]

PFF Bancorp, Inc. Provides Preliminary Financial Information for Quarter Ended March 31, 2008

Thu, 01 May 2008 02:03:00 GMT

PFF Bancorp, Inc. , the holding company for PFF Bank & Trust , Diversified Builder Services, Inc. and Glencrest Investment Advisors, Inc., today announced that it expects to report a consolidated net loss of approximately $159 million for the quarter ended March 31, 2008. The operating results for the quarter include an estimated $196 million consolidated provision for loan and lease losses and an estimated $44 million valuation allowance established against the Holding Company's consolidated deferred tax asset.[More...]

PFF Bancorp, Inc. Announces Sale of DBS Loans and Preliminary Credit-Related Information for the Fourth Fiscal Quarter

Tue, 01 Apr 2008 20:54:00 GMT

PFF Bancorp, Inc. announced today that its subsidiary, Diversified Builder Services, Inc. has completed the sale of substantially all of its loan portfolio. The risk profile of this portfolio was significantly greater than that of the Bank's loan portfolio, with second trust deeds and unsecured loans comprising a significant portion of the portfolio. As part of its overall risk reduction strategy, the Company undertook an accelerated disposition program that included negotiated payoffs and principal reductions, culminating in the sale of substantially all remaining loans in a single transaction on March 31, 2008. DBS recorded a provision for loan losses of approximately $48 million in the March quarter, reflecting the write-downs associated with the expedited disposition of the portfolio. The proceeds from the payoffs, principal reductions and sale of the portfolio, together with refunds of prior year income taxes arising from the carryback of net operating losses, will be utilized by the Company principally to retire short-term debt.[More...]