Hold - Price 22.80 on April 8
by Sterne Agee

Due to...lower short-term rates and potential for continuing asset-quality slippage...at least for the next several quarters, we see the margin coming under significant pressure. Problem loans...for this bank holding company with $9 billion in total assets...increased substantially in the fourth quarter; given the exposure to the Florida Panhandle, we believe further increases are possible. With the stock trading at 218% [of] tangible book value, we believe the price could be vulnerable....We look for EPS of 40 cents, down 9.1% from last year and two cents from the fourth quarter....Loan losses to average loans are forecast at 0.45%. Market cap: $1.28 billion.