* $277 million loan loss reserve recognized as a reversal and positive GAAP income over 8 quarters (add 25 cents to earnings)
* Approximately $0.25 in GAAP earnings per quarter after balance sheet cleanup. Approximately $68 million in income versus $41 million in expenses nets to $26.5 million in operating earnings and approximately 102 million shares. (Add another 25 cents from operations)
Thus, GAAP earnings could potentially be around $0.50 per share each quarter and a P/E range of 10 to 15 would put this stock at $20 to $30 per share.