These are the numbers I think important, correct me if I am wrong or missing something.

1. $122.8M in NPLs, ie bad loans, which is around a 5% ratio and down from $174M, a 7% or so ratio, in Q2. Thus it appears that over $50M of the losses were used to reduce overall NPLs.

2. $121M in reserves.

3. $218M in NTBV, which I gather would be roughly the same as TCE in banking terms since there are no preferred outstanding here.

That would leave a rough calculation of a Texas ratio of between 35% to 40% which is better than a fair number of regional banks lately.

Backing out the charges, this company would have still been operationally positive indicating maybe $.10 to $.40 in quarterly profits. Assuming things stabilize and the writeoffs slow a lot or turn around on them, this means they will be able to sustain themselves for a while until they can refine their business model, find financing for growth and take advantage of any opportunities after commercial RE turns around, maybe in a three quarters to a few years from now.