- SNBC is a low quality bank priced at 1.74x tangible book value.
- The bank has no earnings and a history of credit surprises.
- The bank is downsizing and restructuring in a bid to achieve profitability.
- Assuming success, the bank can expect to make between $1m and $4m a quarter -- or only $4m to $16m million a year on a market cap of $330m.
- No upside, lots of downside.