SFAS 107 fair value estimates are significant in explaining bank share prices beyond book values. In particular, securities, loans, and long-term debt are value-relevant, although deposits and off-balance sheet items are not. The core deposit intangible proxy also is value-relevant. Proxies for default risk and interest sensitivity also are significant explanatory variables, but their inclusion does not erode the explanatory power of the SFAS 107 variables. The findings also indicate that December 31 share prices partially reflect the SFAS 107 fair value estimates, but using April 30 prices improves their explanatory power, most notably loans.