Mistakes Were Made
The good news is that this one is short, specific, and—mercifully—limited in scope.
While reviewing the BVR universe, we found a handful of idiosyncratic issues where odd quarterly results or data quirks quietly snuck into forward run‑rate estimates. Nothing dramatic, nothing systemic, and nothing that changes the broader picture. But seven companies did end up with estimates that needed to be corrected.
All seven have now been fixed, the logic has been tightened, and the offending gremlins have been escorted off the premises.
I’ll also note, for the sake of professional anthropology, that analysts almost never send emails like this. The standard industry playbook is to blame “the data provider,” “the disclosure timing,” “the unusual seasonal pattern,” “the moon phase,” or just hope it is overlooked--no harm, no foul. However, the right answer is simple: I made the issue, I found the issue, I fixed the issue, and now the numbers are cleaner.
If you’d like details on any of the adjustments, I’m happy to walk through them with you. Reach out to me at mcs@bvr.llc
The banks in question are:
Landmark Bancorp, Inc. (LARK)
Century Next Financial Corporation (CTUY)
Bancorp 34, Inc. (BCTF)
Gouverneur Bancorp, Inc. (GOVB)
BayFirst Financial Corp. (BAFN)
First Farmers Financial Corporation (FFMR)
Quaint Oak Bancorp, Inc. (QNTO)