Most banks report significant numbers in their earnings press release so as to appear to be very forthright in their presentation...and to avoid any kind of bad PR. Topics of the day tend to include loan growth, deposit growth, problem assets, revenue, income, balance sheet growth, capital...AND CHARGE OFFS!

You have to dig way down to page 46 of the 10-Q to find the first mention of loans charged off for the 3Q and for the 9 months of 2008 & 2009.

Upon reading this, you will discover that Clown Bank charged off (net of recoveries, laugh) $3.324 million in 3Q 2009 and $6.504 million for the first 9 months of 2009.

The allowance for loan losses were $3.475 million in 3Q and $8.16 million for the full 9 months.

That means that contributions to the loan loss reserve only outpaced charge offs for the 3rd quarter by $151 thousand!!!!! WHAT!!!!

This is rediculous considering that NPAs have increased 100 times since the same quarter last year and especially rediculous with $3.7 million in loans sitting 90+ days past due and still accruing.

Most of the super-regionals have NPA numbers above the 2% mark now. HMPR and CWBS have NPA numbers in excess of 6%. I'm no expert statistician...but it is most likely statistically impossible for Clown Bank to have a number of 77 bps.

Everyone knows the magic that can be created with demand notes. There is no real maturity...the loan is "due on demand." Pretty hard to have a 90 day past due on anything more than interest in this situation...because the principal never comes due. We all also know about Clown Bank's tendency to make unsecured interest only loans to customers so that they can keep that interest current.

Again, someone please find a statistician...it is not freakin' possible to have NPAs at 77 bps in this market...IMPOSSIBLE!