Nonperforming assets include nonaccrual loans (less government-guaranteed balances) and repossessed real estate. Our list of five includes two holding companies selling below tangible book value and two with dividend payouts over 4%. Limiting the group to the cheapest relative to book value excluded some very strong banks and thrifts with high dividend payouts. The following graphics show that all but one of these bank and thrift holding company stocks sold at much higher levels relative to book value at the end of 2007 and 2006, before the crisis hit. The numbers also show strong potential for some, based on price relative to projected earnings. While each of these banks has a different story to tell, the bottom line is that a profitable institution with good asset quality and prospects for growth should sell for considerably more than book value.