Hey all:

I have been reading the latest 10Q (ending 6.30.09) and have noticed that there are lots of one time and unusual expenses. The unusual expenses are as follows:

FDIC "special" assessment $300,000
NBM acquisition expenses $407,000
RDSI spinoff $190,000

These expenses total $897,000, or about .18/share. These are arguably one time "special" expenses. I would think that the NBM acquisition fees should definitely be a one time expense.

The FDIC charge is a "one time" charge. There are rampant rumors that the FDIC insurance fund is depleted. There are DEFINITELY going to be more bank failures in the future. It is questionable as to whether the current assessment is sufficient to cover future bank failures. I don't think that it is. I think there is a STRONG possibility that the FDIC will have future assessments on member banks. I don' think there will be another in the 3rd quarter of 2009. I do think there will be another "special" charge in 2010.

The RDSI charge will probably continue until RDSI is successfully spun off. I hope that this will occur sometime in the next twelve months.

If you add back the .18/share to the reported .20, you would have .38/share in earnings.

The loan loss reserve was also expanded by about $580 thousand dollars. This equates to about .12/share. Add this back in, and now earnings is about .50/share.

Add earnings growth over 2 years, and you might get another .05 to .10/share.

Under ideal conditions, RBNF could have earned .60/share.

If RBNF could earn $1.50/share per year in a couple of years, this stock is SEVERELY undervalued. Add back in the value of RDSI being spun off, and I think you have a compelling investment situation.

Any thoughts?