It's only the 14th of July. That's fast.

The results are not surprising, yet slightly worse then I anticipated.
Apparently loan loss was a bit heavier, but I am not certain. I was hoping for a slight improvement of the interest income. At least it didn't appear to be shrinking.

All and all, it was not disastrous. And if my other banks can hold up this well...

Valuation is not so clear cut. It's ROAA was not impressive in the past. The Service First acquisition seems to be the bulk of the problem loans. Given the price and headache thus far, CVCY may have gained a little though this deal, but didn't get a bargain. Based on its historical returns, it may be worth 1.5 x book, or $10. Given the rather cyclical customer base, the uncertain timing of recovery, I'd rather buy it near $4.

Good luck, all.