Not sure why you think this is a high valuation. Book value is >$19/share even though a lot of that is good will. Take out the good will and it still has a book value above 9/share. Dividend yield is 3.6% which is nice. Finally my personal experience with the bank is very positive. Finally almost 10% of the shares are short which may be enough to create a short squeeze.
The big concern is the performance in the second quarter. Not sure I can explain it and that worries me.
Now is the time to buy. Interest income will begin to explode. All Banks are resenting their lines of credits with floors that are resulting in 20% to 70% increases in their interest income. I would expect to see good numbers in the next couple of quarters if they do not have to add much to the loan loss reserves