$Sutherland Asset Management (SLD)$  $PN(PN)$  $ICBK(ICBK)$  

The 2015 IPO market kicks off with three finance companies including a mortgage REIT, an insurance service company and a Wisconsin dairy-focused bank. Financial offerings averaged three per month in 2014 and averaged 2% on the first day and 0.4% thereon. Insiders plan to float a portion of each deal on this week's IPO calendar.
Sutherland Asset Management (Pending:SLD) previously filed to raise $250 million in July 2009 but postponed its offering. In 2009, Sutherland invested in highly-rated non-Agency securities. Now the company, which is managed by Waterfall Asset Management, focuses on small balance commercial loans used by small businesses, including acquired sub-performing and non-performing loans. No mortgage REITs went public in 2014, and the eleven that IPO&#  39;d between 2011 and 2013 each trade below the offer price.
Patriot National (Pending:PN) previously filed to raise $  170 million at a $258 million market cap in February 2010 but postponed and later withdrew. In 2010, the company provided insurance services and wrote insurance policies for workers' compensation. The IPO candidate has since shed its insurance underwriting business, and now focuses only on higher-margin brokerage and administration services.
County Bancorp (Pending:ICBK) is set to raise $  20 million with a diluted market cap of $94 million - a lower valuation than any bank IPO in 2014. County has over $  700 million in assets and booked $30 million in net interest and noninterest income during the 12 months ended September 30, 2014. Midwest agribusiness bank Great Western Bancorp (NYSE:GWB) had the second highest return among regional banks in 2014. Anchor BanCorp Wisconsin (OTC:ABCW), the only Wisconsin-based bank in 2014, had the best first day pop (+17%) and total return (34%) of the group.