So the value of the stock boils down to a couple of things. Naturally, the value of any financial asset is the net present value of the cash flows to investors it can generate. Slapping a multiple on book value and saying that's good enough isn't the way to go about it. The multiple to book value that shakes out of a discounted cash flow analysis is the result of a proper valuation, not an attempt at valuation itself. That is to say that I can come up with a number of scenarios in which capital buildouts, return on capital, share buybacks, varying discount rates and the cost of capital, and the timing of these variables all affect the present value to an investor.
Intrinsic value is a necessarily variable data point that depends on one's individual return needs.
Development of noninterest rate spread lines of business. Management of net interest margin in variable interest rate environments. The ability of the company to service and retain the customer. Control of core overhead expenses. In conclusion, I think that readers should realize I'm looking at this company as a prospective investor and not as someone looking to spin a story either way.