Our bank models are really based off of a handful of drivers: NIM, average earning assets, provision, growth in fee income (QoQ or YoY), growth in operating expenses (QoQ or YoY), and tax rate. It is pretty simple to jus forecast earnings that way. Slap a multiple on that based on loan growth, credit quality, capital adequacy, etc. and you get your target price. Remember for bank valuation: P/E x ROTCE = P/TBV. P/E reflects that company's growth. ROTCE (Return on Tangible Common Equity) measures profitability. And those two generate a reasonable book multiple to use. Most banks these days are trading off of tangible book