The aquisition is a huge boost to potential earnings. should add around 15MM after non interest expense reduction. Given the unwinding of repos and potentially swaps on the existing balance sheet earning should be around 40-50 cents a share per quarter in 2013. TBV at 12ish and BV at 15ish with goodwill. If puerto rico economy continues to improve these metrics should support a much higher price than 14-15. Look at comparable community banks. Low to mid 20s would make sense and with the huge short a squeeze could push it higher.