January: Mike Bell Can Make Us Money / An Interview with FINW CEO

December: You Don't Have to Pick the Perfect Merger Target to Win

November: A 13% Day for Banks and What's Next

Coastal's Moonshot

October: Why does Esquire print money? Why can't Ponce do the same?

Mid September: An end to bad bank regulation?: Why Axos has outperformed 2000%; why humans can beat machines in bank investing; the bank / private credit opportunity as practiced by Newtek; Avoid the Northways.

September: The Fidelity Conversion and Other Oddities: Rick Wayne: capital management maestro; Blue Ridge (BRBS) tangible book value, Park National's itch to acquire; my Catalyst (CLST) mistake

Mid August: Key's Disease: The Key to misery, Dilution affairs, CARE upside, Would SFBC sell? Webster's insight

Quick Note: Banks Getting Get Out of Jail Free Cards: And other banks looking to "make a killing"

August: The Trade Created from Rotation into Banks: Banks are not necessarily "overbought". A look at Bayfirst's (BAFN) incentives for independence. Does FFBB have further to go? Farmers and Merchants (FMBL) tries to pick up the ball.

Mid July: Inflection Point Thinking: Cheap rally candidates, Why large banks rallied, The housing market, FFWM, "Great" Ajax

July: Credit Blowups are Already Here: Evolve fallout review, Credit risk transfers, Newtek and the bank risk horizon, Homestreet's merger, what banks looked like in 2007.

Mid June Weekend Reading: The Bank of Fukushima and other Japanese banks, FCNCA math, Lending Club math, what is not sustainable? Banks vs Nasdaq

June: Banks and Wealth, California relative value, OZK, DAVE

Mid May: Special Situations: Why shorting OZK has been hard, the CASS story, TD Bank issues, Sprott, early-stage credit starting to worsen faster

May: Why Does NU Trade at 8x book?: A 5 Points scorecard, Citi's potential, Triumph Financial, Capital Bank's acquisition

Mid April: A Tour of Higher Rates Jail: also: banking as a service survivors, CCB, FIBK, and the rate sensitive screen

April: With Banks, Private Equity are Our Friends: The coming BaaS oligopoly, mortgage insurance

Mid March: The Rarity of the "Isolated Credit Issue": What Now for NYCB? Credit at TBBK, MYFW and SSBI; Dogwood State Bank, FCNCB

March: Why Capital One is Doing This: The return potential from BANC's preferred; AI and banks

Mid February: The Regional Bank Existential Question: NYCB's ace, Primis' gain, bank directors getting sued, is Ares worth it?

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 parsing $100bn banks. But given NYCB is what everyone wants to talk about, it’s easier to write this follow-up than answer individual questions. This post will be without a paywall. Feel free to forward it to anyone asking you about the topic.

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

Mid January: Conversion targets, a recent 50x, : Also Interactive Brokers, the expert market, and rent-stabilized loans

January: A latent catalyst re-emerges: Blue Ridge (BRBS), lessons from a microcap outperformer, broker activism