The number of shares outstanding, shown on a company’s balance sheet under the heading “capital stock” is used to calculate key metrics including market capitalization figures, earnings per share (EPS) and share stakes for regulatory reporting levels. The Share Outstanding service consists of two datasets, Official Shares Outstanding and Daily-Adjusted Shares Outstanding.

Official Shares Outstanding Providing official figures sourced directly from local exchanges or company sources, as soon as they are published. The frequency of official updates varies from market to market. Updates can also range from daily to annually.

Adjusted Share Outstanding When corporate actions occur prior to the release of official updates, the number of shares outstanding can be impacted drastically. Use the adjusted shares outstanding dataset to provide the figures for events including:
Bonus Bonus rights Buyback Capital Reduction Consolidation Conversion Demerger Divestment Entitlement Redemption Rights Sub-division

Once the official figures have been released by the exchange, then receive reverted figures. The Worldwide Shares Outstanding service provides up-to-date figures from over 100 countries worldwide enabling companies to efficiently calculate figures to comply with exchange regulations or portfolio holding levels.

Our Financial API provides access to a vast collection of historical financial statements for over 50,000+ companies listed on major exchanges. With this powerful tool, you can easily retrieve balance sheets, income statements, and cash flow statements for any company in our extensive database. Stay informed about the financial health of various organizations and make data-driven decisions with confidence. Our API is designed to deliver accurate and up-to-date financial information, enabling you to gain valuable insights and streamline your analysis process. Experience the convenience and reliability of our company financial API today.

Dataset Information

This dataset includes quarterly income statement reports for various US stocks.

  Instruments Included

7000+ US Stocks

  Dataset Columns

symbol: The stock ticker or financial instrument identifier associated with the data. date: The end date of the fiscal period for which the financial data is reported. reported_currency: The currency in which the financial data is reported, typically reflecting the company's primary operating currency.… See the full description on the dataset page: https://huggingface.co/datasets/paperswithbacktest/Stocks-Quarterly-BalanceSheet.

Financial Statements Dataset for FinGPT Fine-Tuning

  Overview

This dataset contains 3000 records, specifically designed for fine-tuning a FinGPT model to generate insights from financial statements. The dataset includes:

1000 Balance Sheets 1000 Income Statements 1000 Cash Flow Statements

Each record consists of:

Input: The text of a financial statement (Balance Sheet, Income Statement, or Cash Flow Statement) Output: Corresponding insights, analysis, or advice based on… See the full description on the dataset page: https://huggingface.co/datasets/MudassirFayaz/financial_statements.

Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_8b7c10d27e1fcdf375dd7efbf230232a/view

S2 Dataset. Balance sheet. for paper entitled “Several Explorations on How to Construct an Early Warning System for Local Government Debt Risk in China”

This table contains 78 series, with data for years 1961 - 2011 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada);  Valuation (2 items: Book value; Market value);  Categories (39 items: Total assets; Non-financial assets; Residential structures; Non-residential structures; ...).

This table contains 60 series, with data for years 1961 - 2011 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada);  Valuation (2 items: Book value; Market value);  Categories (30 items: Total assets; Non-financial assets; Non-residential structures; Machinery and equipment; ...).

The dataset provides a comprehensive overview of Adani Group's financial and operational metrics, spanning key aspects such as cash flow, balance sheet, profit and loss, shareholder information, and results. It is designed to serve as a resource for analysts, investors, and researchers, offering a detailed view of the company's performance during the specified period. Below is a breakdown of the dataset's contents:

Dataset Structure

The dataset is organized into multiple Excel files, each containing one or more sheets with structured and summarized data. The key features include:

Factsheet

This section provides detailed information about key personnel, positions, and departmental roles, likely linked to the company's management or operational hierarchy. It includes columns such as: Name Age Position Department

Financial Details

=> Potential inclusion of key financial metrics such as: * Revenue * Expenses * Net Profit * Cash Flow * Assets and Liabilities

Summary or Aggregations

Highlights the company's performance over time, offering a high-level view of financial results and trends. Includes metrics such as growth percentages, year-over-year comparisons, and profitability indicators.

Other Details

Additional contextual or supplementary information, possibly summarizing key points for stakeholders.

Financial data service providers offer financial market data and related services, primarily real-time feeds, portfolio analytics, research, pricing and valuation data, to financial institutions, traders and investors. Companies aggregate data and content from stock exchange feeds, broker and dealer desks and regulatory filings to distribute financial news and business information to the investment community. Recent globalization of the world capital market has benefited the financial sector and increased trading speed. Businesses rely on real-time data more than ever to help them make informed decisions. When considering a data service provider, an easy-to-use interface that shows customized, relevant information is vital for clients. During times of economic uncertainty, this information becomes more crucial than ever. Clients want information as soon and as frequently as possible, causing providers to prioritize efficiency and delivery. This was evident during the pandemic, the high interest rate environment in the latter part of the period and as the Fed cuts rates in 2024. Increased automation has helped industry players process large volumes of financial data, reducing analysis and reporting times. In addition, automation has reduced operational costs and reduced human data errors. These trends have resulted in growing revenue, which has risen at a CAGR of 3.2% to $21.9 billion over the past five years, including a 3.5% uptick in 2024 alone. Corporate profit will continue to expand as inflationary concerns begin to wane slowly. This will lead many companies to take on new clients as financial data helps them gain insight into operating their business amid ongoing trends and economic shakeups. With technology constantly advancing, service providers will continue investing in research and development to improve their products and services and best serve their clients. As technological advances continue, smaller players will be able to better compete with larger industry players. While this may lead to new companies joining the industry, larger providers will resume consolidation activity to expand their customer base. Overall, revenue is expected to swell at a CAGR of 2.7% to $25.0 billion by the end of 2029.

• Data from Dec 1989 to Dec 2020.
• Includes Income Statement, Balance Sheet, and Cashflow statement.
• Adjusted for restatements.
• Includes valuation metrics such as enterprise valuation and market capitalization.
• Over 30 ratios such as p/e ratio, EBITDA/sales, gross margin etc..
• Standardized categories for comparison between companies.

The dataset contains the annual report of US public firms filing with the SEC EDGAR system. Each annual report (10K filing) is broken into 20 sections. Each section is split into individual sentences. Sentiment labels are provided on a per filing basis from the market reaction around the filing data. Additional metadata for each filing is included in the dataset.

This release presents the main results from an analysis of the profitability and resilience of farms in England using data from the Farm Business Survey. Six measures have been examined; liabilities, net worth, gearing ratios, liquidity, net interest payments as a proportion of Farm Business Income and Return on Capital Employed (ROCE).

Link to main notice: https://www.gov.uk/government/collections/farm-business-survey#documents Survey details

The Farm Business Survey (FBS) is an annual survey providing information on the financial position and physical and economic performance of farm businesses in England. The sample of around 1,900 farm businesses covers all regions of England and all types of farming with the data being collected by face to face interview with the farmer. Results are weighted to represent the whole population of farm businesses that have at least 25 thousand Euros of standard output as recorded in the annual June Survey of Agriculture and Horticulture. In 2012 there were just over 56 thousand farm businesses meeting this criteria.

The data used for this analysis is from only those farms present in the Farm Business Survey (FBS) for 2010/11 to 2012/13. Those entering or leaving the survey in this period have been excluded. The sub sample consists of around 1490 farms.

For further information about the Farm Business Survey please see: https://www.gov.uk/government/organisations/department-for-environment-food-rural-affairs/series/farm-business-survey

Data analysis The results from the FBS relate to farms which have a standard output of at least 25,000 Euros. Initial weights are applied to the FBS records based on the inverse sampling fraction for each design stratum (farm type by farm size). These weights are then adjusted (calibration weighting) so that they can produce unbiased estimators of a number of different target variables.

All data in this release is based on farms present in the FBS for 2010/11 to 2012/13 and that have complete returns on their assets and liabilities. Those entering or leaving the survey in this period have been excluded. This sub sample consists of around 1490 farms. The results for this subsample have been reweighted using a method that preserves marginal totals for populations according to farm type and farm size groups. As such, farm population totals for other classifications (e.g. regions) will not be in-line with results using the main FBS weights, nor will any results produced for variables derived from the rest of the FBS (e.g. farm business income).

Measures represent a three year average from 2010-2013, presented in 2012/2013 prices (uprated according to RPI inflation). This helps to stabilise the fluctuations in income that can significantly change the financial position of a farm from year to year. Accuracy and reliability of the results

We show 95% confidence intervals against the results. These show the range of values that may apply to the figures. They mean that we are 95% confident that this range contains the true value. They are calculated as the standard errors (se) multiplied by 1.96 to give the 95% confidence interval (95% CI). The standard errors only give an indication of the sampling error. They do not reflect any other sources of survey errors, such as non-response bias.

For the Farm Business Survey, the confidence limits shown are appropriate for comparing groups within the same year only; they should not be used for comparing with previous years since they do not allow for the fact that many of the same farms will have contributed to the Farm Business Survey in both years.

We have also shown error bars on the figures in this notice. These error bars represent the 95% confidence intervals (as defined above).

For the FBS, where figures are based on less than 5 observations these have been suppressed to prevent disclosure and where they are based on less than 15 observations these have been highlighted in the tables.

Availability of results

Defra statistical notices can be viewed on the Food and Farming Statistics pages on the Defra website at https://www.gov.uk/government/organisations/department-for-environment-food-rural-affairs/about/statistics. This site also shows details of future publications, with pre-announced dates.

Definitions

Mean The mean (average) is found by adding up the weighted variable of interest (e.g. liabilities or net worth) for each individual farm in the population for analysis and dividing the result by the corresponding weighted number of farms. In this report average is usually taken to refer to the mean.

Percentiles These are the values which divide the population for analysis, when ranked by an output variable (e.g. ROCE or net worth), into 100 equal-sized groups. For example, twenty five per cent of the population would have incomes below the 25th percentile.

Median The median divides the population, when ranked by an output variable, into two equal sized groups. The median of the whole population is the same as the 50th percentile.

Farm Type Where reference is made to the type of farm in this document, this refers to the ‘robust type’, which is a standardised farm classification system.

Farm Sizes Farm sizes are based on the estimated labour requirements for the business, rather than its land area. The farm size bands used within the detailed results tables which accompany this publication are shown in the table below. Standard Labour Requirement (SLR) is defined as the theoretical number of workers required each year to run a business, based on its cropping and livestock activities.

Farm size Definition Spare & Part time Less than 1 SLR Small 1 to less than 2 SLR Medium 2 to less than 3 SLR Large 3 to less than 5 SLR Very Large 5 or more SLR

Assets Assets include milk and livestock quotas, as well as land, buildings (including the farm house), breeding livestock, and machinery and equipment. For tenanted farmers, assets can include farm buildings, cottages, quotas, etc., where these are owned by the occupier. Personal possessions (e.g. jewellery, furniture, and possibly private cash) are not included.

Net worth Net worth represents the residual claim or interest of the owner in the business. It is the balance sheet value of assets available to the owner of the business after all other claims against these assets have been met. Net worth takes total liabilities from total assets, including tenant type capital and land. This describes the wealth of a farm if all of their liabilities were called in. Liabilities Liabilities are the total debt (short and long term) of the farm business including monies owed. It includes mortgages, long term loans and monies owed for hire purchase, leasing and overdrafts.

Tenant type capital Tenant type capital comprises assets normally provided by tenants and includes livestock, machinery, crops and produce in store, stocks of bought and home-grown feeding stuffs and fodder, seeds, fertilisers, pesticides, medicines, fuel and other purchased materials, work in progress (tillages or cultivations), cash and other assets needed to run the business. Orchards, other permanent crops, such as soft fruit and hop gardens and glasshouses, are also generally considered to be tenant-type capital.

Return on capital employed (ROCE) Return on capital employed (ROCE) is a measure of the return that a business makes from the available capital. ROCE provides a more holistic view than profit margins, focusing on efficient use of capital and low costs and allowing an equal comparison across farms of differing sizes. It is calculated as economic profit divided by capital employed.

Liquidity ratio The liquidity ratio shows the ability of a farm to finance its immediate financial demands from its current assets, such as cash, savings or stock. It is calculated as current assets divided by the current liabilities of the farms.

Gearing ratio The gearing ratio gives a farm’s liabilities as a proportion of its assets

Farm business income (FBI) Farm Business Income (FBI) for sole traders and partnerships represents the financial return to all unpaid labour (farmers and spouses, non-principal partners and directors and their spouses and family workers) and on all their capital invested in the farm business, including land and buildings. For corporate businesses it represents the financial return on the shareholders capital invested in the farm business. Note that prior to 2008/09 directors remuneration was not deducted in the calculation of farm business income. It is used when assessing the impact of new policies or regulations on the individual farm business. Although Farm Business Income is equivalent to financial Net Profit, in practice they are likely to differ because Net Profit is derived from financial accounting principles whereas Farm Business Income is derived from management accounting principles. For example in financial accounting output stocks are usually valued at cost of production, whereas in management accounting they are usually valued at market price. In financial accounting depreciation is usually calculated at historic cost whereas in management accounting it is often calculated at replacement cost.

Net Farm Income (NFI) Net Farm Income (NFI) is intended as a consistent measure of the profitability of tenant-type farming which allows farms of different business organisation, tenure and indebtedness to be compared. It represents the return to the farmer and spouse alone for their manual and managerial labour and on the tenant-type capital invested in the farm business.

To represent the return to farmer and spouse alone, a notional deduction is made for any unpaid labour provided by non-principal partners and directors, their spouses and by others; this unpaid labour is valued at average local market rates

In the U.S. public companies, certain insiders and broker-dealers are required to regularly file with the SEC. The SEC makes this data available online for anybody to view and use via their Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database. The SEC updates this data every quarter going back to January, 2009. For more information please see this site.

To aid analysis a quick summary view of the data has been created that is not available in the original dataset. The quick summary view pulls together signals into a single table that otherwise would have to be joined from multiple tables and enables a more streamlined user experience.

DISCLAIMER: The Financial Statement and Notes Data Sets contain information derived from structured data filed with the Commission by individual registrants as well as Commission-generated filing identifiers. Because the data sets are derived from information provided by individual registrants, we cannot guarantee the accuracy of the data sets. In addition, it is possible inaccuracies or other errors were introduced into the data sets during the process of extracting the data and compiling the data sets. Finally, the data sets do not reflect all available information, including certain metadata associated with Commission filings. The data sets are intended to assist the public in analyzing data contained in Commission filings; however, they are not a substitute for such filings. Investors should review the full Commission filings before making any investment decision.

Finnhub is the ultimate stock api in the market, providing real-time and historical price for global stocks with Rest API and websocket. We also support a tons of other financial data like stock fundamentals, analyst estimates, fundamental data and more. Download the file to access balance sheet of Amazon.

This table contains 74 series, with data for years 1990 - 2012 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada);  Valuation (2 items: Book value; Market value);  Categories (37 items: Total assets; Non-financial assets; Residential structures; Non-residential structures; ...).

Company fundamentals data provides the user with a company's current financial health and when combined historically, the financial 'life-story' of the company.

Kindred Group - Write-Up Kindred Group is an event-driven situation with an imminent catalyst, offering an attractive risk-reward skew over a one-year time horizon. In a sale case, we see 21%-33% upside in the next ~3-6 months. If a sale doesn’t transpire, we see the shares trading modestly higher twelve months from now. We think the new activist-driven board “driving the bus” provides downside protection as it will likely force the company to immediately wind-down the loss-making U.S. business and utilize its overcapitalized balance sheet to aggressively repurchase shares or pursue accretive M&A. Situation Overview Kindred is a leading, pureplay online B2C sportsbetting and igaming business, operating primarily in continental Europe and the Nordics. It historically derived a large portion of revenue from unregulated markets but this mix has been steadily decreasing over time. Regulated markets represented 81% of total revenue in 1Q23, up from just 30% in 2015. This partly explains why the company is a popular choice for many big hedge funds. To name a few: Warren Buffett portfolio Carl Icahn portfolio Bill Gates portfolio Cathie Wood portfolio George Soros portfolio Bill Ackman portfolio In May 2022, Corvex (the U.S. activist fund run by a protégé of Carl Icahn, Keith Meister) disclosed a 10% shareholding (since increased to 15%) and put out a press release suggesting the company explore strategic alternatives. It should be noted that Corvex is also a large shareholder in MGM and Meister is on the board of MGM and BetMGM (Entain and MGM’s 50/50 online sportsbetting and igaming JV in the U.S.). Corvex’s view is likely that the online sportsbetting and igaming space is rapidly consolidating and Kindred is an under-levered, subscale but highly strategic asset. Kindred’s board appeared to not fully acquiesce to Corvex’s requests throughout 2022. During the year, Corvex appointed one representative to the board and Meister became head of the nominating committee and helped nominate an additional 5 independent directors in late December 2022 (one of which is a former gaming & leisure investment banker). All 5 new directors were voted in by shareholders on April 20, 2023. On April 26th, the newly assembled board of Kindred announced they were exploring strategic alternatives and hired three financial advisors (PJT, MS, Canaccord) to assist with the process. The press release noted, “such alternatives could include a merger or sale of the Company (in whole or in part) or other possible strategic transactions”. In the week of May 15th, Kindred’s CFO and long-tenured CEO both resigned. Last week Bloomberg ran an article stating that there is indeed a sale process being run and the timeline for first-round bids has been moved up following the executive resignations with bids due at the end of May. MGM, Flutter Entertainment, Entain and Evolution Gaming were cited as potential participants. Thesis We think it is quite likely that Kindred will be sold to a strategic acquirer. In a sale, we estimate the shares could be worth SEK 153 - SEK 168/share, or 21-33% upside. The upside and other metrics are from: DCF calculator WACC calculator Intrinsic Value calculator Fair Value calculator If a sale doesn’t take place, we think there is less downside to the share price than may be appreciated by the market. The shares today are still cheaply valued, trading at 8x EV / 2024E EBITDA (vs. an average of >10x from 2010-2021 despite having significantly higher unregulated exposure then) and a 9% unlevered 2024E FCF yield. Moreover, there are two obvious value-accretive levers we think the new board will pull in the event the sale process falls through: 1) leveraging the balance sheet to buy back stock or pursue accretive M&A, and 2) winding down the perennially loss-making U.S. business. Given Corvex’s shareholding and the new board, it seems highly likely that these levers would be pulled. The CEO resigning is likely also a sign that the above two initiatives are in late-stage discussions as his abrupt resignation came a few weeks after the board’s strategic alternatives announcement. We have heard here that country managers at Kindred operate quite autonomously and are well-regarded so we don’t see much near-term disruption from the CEO and CFO departures. It should be noted that Kindred’s net cash balance sheet is unique within the online gaming space. Flutter, Entain and MGM are levered 3.9x, 2.8x and 3.4x Net Debt/EBITDA, respectively. This is a very healthy level of debt when comparing with other leading companies such as: Apple Probability of Bankruptcy Tesla Probability of Bankruptcy Microsoft Probability of Bankruptcy Amazon Probability of Bankruptcy Best Buy Probability of Bankruptcy The strong balance sheet is a function of both Scandi management conservatism and Kindred protecting itself from the financial impact when the Netherlands decided to regulate sports betting. The...

PDLB is a triple whammy on those three themes.ECIP capital: PDLB received $225M of ECIP capital, and the regulators assigned them the lowest possible dividend (0.5%) on this capital for the first year of payments (announced in June). If we assume PDLB continues to pay 0.5% on this preferred and they have a cost of preferred equity of 10%, then we can calculate the value of this $225M liability as just $11M, with the rest a write-up to equity.This adjustment brings P/TBV from 82% to 46%.Thrift conversion dynamics: Ponce converted from a mutual holding company to a stock holding company in January 2022 (second step). PDLB is an unprofitable and under-levered bank. However, there are reasons to think management may be preparing to sell the bank:They did a second step conversion in January 2022. Only the optionality to sell the bank would motivate this step, as the bank didn’t need the capital, and the conversion increases management’s susceptibility to activist investors. This is highly praised by the best stock analysis websites.Management is old: 6/8 members are in their 70s or 80s (including the CEO and Chairman).Together, the Directors and Officers own >2M shares of stock, worth ~$20M. The CEO owns 580,000 shares, worth ~$6M. His total compensation is ~$1.3M (and he'll need to retire soon anyway). Additionally, the CEO and directors will receive a final tranche of ESOP shares in December 2024 that will boost their holdings another ~40%.Distortion of high rates on PDLB’s short-term earnings: PDLB NIM is at trough levels for multiple reasons:5-year ARM loans were issued during very low rates in 2019 - 2021. 5-year treasury yields were between 0.2% and 1.4% during this period, and grew to >4% in September 2022 (where they’ve been ever since). Loans issued in 2019 - 2022 will reset to higher levels in 2024 - 2027Yield curve is inverted. Ponce lends based on the long end of the curve (five-year rates at 4.1%) and funds on the short-end of the curve (brokered deposits come in at ~5.3%). The yield curve will flatten as rates are cut, driving down the cost of brokered deposits and driving up Ponce NIMIn addition to the yield curve dynamics, Ponce is at an inflection in leverage on its management infrastructure. It built out management capabilities for a much larger bank, and is currently seeing decreasing Q/Q non-interest cost, while assets and interest income are growing nicely.IR told me that cost pressures were peaking in 2023, and this has already become true in 1H 2024 results.Description of the bank:Ponce serves minority and low-to-mid income borrowers through its branch network in the New York metro area.Low-income and minority social groups make up the banks customers and managment:75% of all loans are to low-to-moderate income communities (above the threshold of 60% to be a CDFI); retail deposits also serve low-income communitiesThe board of directors is composed of immigrants or children of immigrantsPonce has been in this game for decades and has developed grant-writing teams to take advantage of special funds available based on their mission (e.g. $4.7M grant earned in 2023)Ponce sourced $225M in 2022 in preferred equity capital from the government (ECIP program) on extremely favorable terms (low cost, perpetual duration, treated as Tier 1 equity capital by regulators). They recently reported that for the first year (and I’d be in subsequent years), they’ll pay the lowest possible dividend of 0.5% (the range is up to 2% for the program). This number is inline with the one quoted by the best stock websites.Ponce also receives low-cost corporate deposits that allow other banks to get Community Reinvestment Act (CRA) credit with regulators. These deposits are insured and sticky, and often ~200bps or more below market interest rates.Outside of the ECIP equity and the small-but-growing CRA corporate deposits, the bank doesn’t have a good deposit franchise. The blended total cost of interest-bearing liabilities in 2023 is 4.0%.On the asset side, Ponce’s focus on mortgage lending to lower-income communities is a good niche (and composes 99% of lending). IR explained to me that the board of directors is composed of engaged real estate investors who know intimately the relevant neighborhoods and are involved in credit underwriting. Ponce lends 5/1 and 5/5 adjustable-rate mortgages against single-family (27% of loans), multifamily (30% of loans), and non-residential (18% of loans). Construction (23% of loans) properties are 36-month fixed-rate loans. LTVs on all these segments are ~55% and debt service coverage ratio >1.25x. In the current environment, Ponce is issuing loans at ~9% yield that are likely to experience very low levels of credit losses (my expectation would be 0 - 0.1% per year in annual credit cost). Given 5-year rates (~4%), lending at 9% is very favorable, and likely reflects decreasing competitive intensity in the wake of recent banking turmoil.I’m comfortable projecting very low credit costs because losses from the mortgage portfolio have been substantially zero going back to 2016 and very low going back to 2012 (the first year of available data). Charge-offs seemed to peak in 2013 at 0.7% of outstanding loans (charge-off happen years after delinquencies, so the timing seems reasonable following ‘08/’09). Given the peak of 0.7% and the more common experience of 0.0% charge-offs in Ponce’s mortgages, I’m therefore comfortable mostly ignoring credit cost.The most concerning area with respect to credit costs is the construction book. Although they scaled the construction business in 2023, it's not a new business for PDLB (they've been doing construction loans on the order of ~100M per year since 2017, and on a smaller scale before that). PDLB has not recorded any charge offs on the construction business going back at least 7 years. PDLB had no new delinquencies on this book in 2023 (I.e. from loans made in 2020). They did have some DQNs in 2022, but these have been mostly worked out without charge offs.Regarding the timing of the ramp up in recent quarters, it may be just right: if investors/banks are concerned about charge offs today, that's related to vintages from 2020/2021 (which were also loans issued at much lower rates and might not roll over smoothly). If others are pulling back, that's the time to deploy more capital into the business.The bank is currently very under-leveraged: Tier-1 equity / RWA is 21% (vs. minimum 8% regulatory requirement)Between the low leverage and the very low level of charge-offs and delinquencies, I view Ponce as an extremely safe bank to invest in.Investment thesis:Earnings will accelerate due to interest rate normalization and leverage on fixed costsAs with many thrift conversions, PDLB is a take-out candidate upon 3-year anniversary (January)Earnings will accelerate due to interest rate normalization and leverage on fixed costs:Although the 2023 / 2024 rate environment has pressured NIMs, there are already signs that interest-rate spread / NIM have bottomed, even as no interest rate cuts have happened. Interest rate spreads have leveled out in the past three quarters at ~1.7%. Liabilities have mostly repriced, and from here, tailwinds will be 1) repricing of the 5-year ARMs and 2) interest rate cuts starting in September. NIM will be going up, and will likely recover to historical levels within a couple of years.On the expense side, there was significant concern into the 2023 results about non-interest expense. Compensation and benefits grew by 13% CAGR from 2019 - 2023. Growth was 10% in 2023, showing deceleration but still to a high level. However, based on comments by IR that the bank has built expense infrastructure for a much larger bank, and based on results from 1H 2024, it looks like expenses are more controlled now. Non interest cost was in the 17.0M - 17.9M range for the last four quarters (prior to recently announced Q2). Q2, on the other hand, showed non-interest expense at 16.1M. Meanwhile, interest earning assets continued to grow at ~12% Y/Y. The combination of flat / decreasing costs and double-digit asset growth is very favorable for expense leverage.Additionally, managers have incentives to create shareholder value, especially as they reach retirement age. If Ponce doesn’t slow expense growth, shareholder activists may discover Ponce and pressure management to rationalize or sell the bank.The combination of improving NIM, growth in assets, and flattish expenses should produce much higher EPS in coming quarters, and I think $2 - $2.50 in EPS by 2026 is likely (if the bank isn’t sold).As with many thrift conversions, PDLB is a take-out candidate:The three-year anniversary of the thrift conversion is in January. The board is of retirement age and has healthy incentives to sell the bank. A buyout is likely a home-run from today’s stock price of $10.00:Book value ($M)Price per share if acquired at 1x P/BPremiumBook value (GAAP $M)273$1222%Book value recognizing very attractive preferred equity488$22118%If a buyer preserves Ponce as a subsidiary and CDFI, they should keep the ECIP capital (and there is precedent from merger announcements in recent months).Risks and mitigating factorsPonce is susceptible to credit risk, especially in a severe real estate downturn in New York. However, from what we can see of the wake of 2008/2009 financial crash, realized losses on the portfolio were quite low. Additionally, current credit metrics are pristine. 90-day delinquencies are just 0.5% of loans. Construction loans were the worst performers at 1.6%, followed by (counter-intuitively) owner-occupied at 1.4%. The NYC real estate dynamics affecting NYCB and others appear to be non-issues for PDLB. However it’s worth keeping a close eye on credit metrics.If NYC raises taxes to address budget deficits, it could hurt property prices. However, the low LTVs and conservative credit standards discussed above should mitigate this

Dataset Card for Financial Fraud Labeled Dataset

  Dataset Details

This dataset collects financial filings from various companies submitted to the U.S. Securities and Exchange Commission (SEC). The dataset consists of 85 companies involved in fraudulent cases and an equal number of companies not involved in fraudulent activities. The Fillings column includes information such as the company's MD&A, and financial statement over the years the company stated on the SEC… See the full description on the dataset page: https://huggingface.co/datasets/amitkedia/Financial-Fraud-Dataset.