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.
As per Susquehanna, net tangible book value is $6.77 per share. This should decrease due to continued write offs. Tier one capital will probable decrease to less than than 8% over the next few quarters.. If the Federal Reserve tightens capital reserve requirments which they are debating, SUSQ could be in deep do-do..