The go-go days of banking with risk and leverage are over in my opinion, along with your higher P/Es. With more normal demographic growth, a reasonable regional community bank deserves a P/E of about 10x-12x, from my experience. In my personal opinion, I am also not sure that this management has demonstrated that they are in the top tier to justify an above average P/E that would come with superb A/L, strategy, credit, and operational management. In fact, one slip in commercial real estate or A/L management, and some of my profit projections may go out the window. The stock just ran up to $2.35 so I am less bullish now.
last four quarters in a row have had losses, but analyst' estimated eps beaten by actual pps for a surprise of between positive 12 and 66%. Hope BANR keeps on performing better than expected. They indicated some of the capital raise was for growth. If that were immediately accretive, the time frame would be shortened. bwdik dyodd