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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.6x - 0.7x | 0.7x |
| Historical Pb Multiple | 0.5x - 1.1x | 0.7x |
| Fair Value | $17.98 - $19.87 | $18.93 |
| Upside | 18.2% - 30.7% | 24.4% |
| Benchmarks | - | Full Ticker |
| Plumas Bancorp | - | NasdaqCM:PLBC |
| Civista Bancshares, Inc. | - | NasdaqCM:CIVB |
| Cathay General Bancorp | - | NasdaqGS:CATY |
| Westamerica Bancorporation | - | NasdaqGS:WABC |
| Hanmi Financial Corporation | - | NasdaqGS:HAFC |
| RBB Bancorp | - | NasdaqGS:RBB |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| PLBC | CIVB | CATY | WABC | HAFC | RBB | |||
| NasdaqCM:PLBC | NasdaqCM:CIVB | NasdaqGS:CATY | NasdaqGS:WABC | NasdaqGS:HAFC | NasdaqGS:RBB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 13.0% | -1.3% | 0.5% | 11.5% | 13.6% | -7.4% | ||
| 3Y CAGR | 10.9% | -8.4% | -1.4% | 17.0% | -14.3% | -22.2% | ||
| Latest Twelve Months | -3.9% | -25.1% | -19.2% | -14.3% | -22.4% | -37.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 36.7% | 28.4% | 44.2% | 44.0% | 30.6% | 35.1% | ||
| Prior Fiscal Year | 38.3% | 26.2% | 45.2% | 49.8% | 31.9% | 32.4% | ||
| Latest Fiscal Year | 35.2% | 20.8% | 41.3% | 47.3% | 26.8% | 25.4% | ||
| Latest Twelve Months | 35.2% | 20.8% | 41.3% | 47.3% | 26.8% | 25.4% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 19.4% | 10.7% | 12.3% | 15.8% | 11.7% | 10.0% | ||
| Prior Fiscal Year | 22.4% | 11.7% | 13.6% | 23.5% | 11.9% | 8.5% | ||
| Latest Twelve Months | 17.6% | 8.2% | 10.2% | 16.7% | 8.6% | 5.2% | ||
| Next Fiscal Year | 14.7% | 9.0% | 10.2% | 12.6% | 9.8% | 5.7% | ||
| Two Fiscal Years Forward | 19.5% | 9.0% | 10.9% | 10.8% | 10.3% | 6.6% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.1x | 2.0x | 4.0x | 4.2x | 2.7x | 2.6x | ||
| Price / LTM EPS | 8.7x | 9.5x | 9.7x | 8.8x | 10.0x | 10.3x | ||
| Price / Book | 1.4x | 0.8x | 1.0x | 1.4x | 0.8x | 0.5x | ||
| Price / Fwd Book | 1.2x | 0.7x | 0.9x | 1.2x | 0.8x | 0.5x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.8x | 1.0x | 1.4x | |||||
| Historical P/B Ratio | 0.5x | 0.7x | 1.1x | |||||
| Selected P/B Multiple | 0.6x | 0.7x | 0.7x | |||||
| (x) Book Value | 508 | 508 | 508 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PLBC | CIVB | CATY | WABC | HAFC | RBB | |
| Value of Common Equity | 248 | 294 | 2,647 | 1,195 | 618 | 270 | |
| (/) Shares Outstanding | 5.9 | 15.5 | 70.3 | 26.7 | 29.9 | 17.7 | |
| Implied Stock Price | 41.81 | 19.00 | 37.66 | 44.72 | 20.63 | 15.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 41.81 | 19.00 | 37.66 | 44.72 | 20.63 | 15.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |