My apologies for posting this here, it has nothing to do with bonds or CD's, so stop now if you want. However...

Since some of the posters here have a lot more experience in looking at annual/quarterly reports of banks/savingsandloans than me, I thought I'd throw this out here on this board and see what happens.

In lieu of lousy bonds yields, one of my buy-stock/sell-out-of-money-calls choices has been HCBK, I've owned it for about a year and a half. The last call options I sold on it expired in january.

One day about mid-january, HCBK went down about 25% with all the other banks. It has not come back up since. The new call option prices are very bad...i.e, the stock is around $10 plus change a share, and the $12.50 call option for january 2012 is 35 cents. Present dividend is 5% plus. Last quarter earnings were about 25 cents.

So I'm just wondering if anyone else has ever looked at this one, and if they think it was a case of throwing the baby out with the bath water and this is undervalued? Or if the shoes are going to start dropping this year? Thanx for reading.