Discount was not significant. Tangible book value was $4 and share price was $3, We get 25% discount from tangible book.
operating matrix is sub-par. Pretax, pre-provision operating income($6.5 million) on asset ($1,500 million) was around 0.4%. This PT-PP ROA measure was 1.1% at JFBI, though still sub par, a far earning capacity.
JFBI's tangible book is around $7.5 per share. Even after the run up, it's still more attractively price.
I did not look further because by this point I know I won't sell JFBI to buy ASRV.