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SNAPSHOT
Best of the Bunch
{ TOP 100 MID-TIER BANKS AND THRIFTS RANKED BY 3-YEAR AVERAGE ROE }
Achieving a double-digit return on average equity is no small feat these days. Shrinking profits—brought on by loan losses, securities writedowns, higher deposit insurance premiums, you name it—reduced the industry average to the low single digits in 2008, and, with credit quality still weakening, conditions aren’t likely to improve much for at least several more quarters. As the rankings below illustrate, however, there are a number of mid-tier banks (with assets between $2 billion and $10 billion) out there that have largely avoided the land mines and are still delivering solid, if not spectacular, returns. Tops among them is Westamerica Bancorporation, the only company among the midtiers that still boasts a 3-year average ROE above 20 percent. One secret to its success is expense control—its 39.77 percent efficiency ratio in 2008 was among the industry’s best. The companies ranked second and third, Wilshire Bancorp and Bank of the Ozarks, also had efficiency ratios below 50 percent. How these and other top mid-tiers perform going forward remains to be seen, however. Most mid-tiers, Westamerica included, reported declines in ROE from a year earlier, and that trend is likely to continue throughout 2009, and perhaps beyond, as profits decline and banks, to satisfy investors and regulators, are forced to raise more common equity. —By Alan Kline
Total Assets ($000) Market Value ($M) Closing Price ($) ROE 2008 (%) 3–YR Avg. ROE (%) Net Interest Margin (%) Net Income ($000) Total Non-Interest ROAA Income ($000) (%) Profit Efficiency Margin (%) Ratio (%)
Rank/Institution
Location
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37
Westamerica Bancorporation Wilshire Bancorp Inc. Bank of the Ozarks Inc. TrustCo Bank Corp NY Hudson Valley Holding Corp. First Interstate BancSystem Inc. Southside Bancshares Inc. CVB Financial Corp. First Financial Bankshares Inc. S&T Bancorp Inc. Camden National Corp. Hancock Holding Co. City Holding Co. Virginia Commerce Bancorp Inc. Tompkins Financial Corp. Lakeland Financial Corp. Glacier Bancorp Inc. First Financial Holdings Inc. NBT Bancorp Inc. BancFirst Corp. Washington Trust Bancorp Inc. TriCo Bancshares United Bankshares Inc. Nara Bancorp Inc. Univest Corp. of Pennsylvania Old Second Bancorp Inc. WSFS Financial Corp. First Regional Bancorp W.T.B. Financial Corp. Trustmark Corp. Independent Bank Corp. Republic Bancorp Inc. Center Financial Corp. Anchor BanCorp Wisconsin Inc. First Bancorp Community Trust Bancorp Inc. First Midwest Bancorp Inc.
San Rafael, CA Los Angeles, CA Little Rock, AR Glenville, NY Yonkers, NY Billings, MT Tyler, TX Ontario, CA Abilene, TX Indiana, PA Camden, ME Gulfport, MS Charleston, WV Arlington, VA Ithaca, NY Warsaw, IN Kalispell, MT Charleston, SC Norwich, NY Oklahoma City, OK Westerly, RI Chico, CA Charleston, WV Los Angeles, CA Souderton, PA Aurora, IL Wilmington, DE Century City, CA Spokane, WA Jackson, MS Rockland, MA Louisville, KY Los Angeles, CA Madison, WI Troy, NC Pikeville, KY Itasca, IL
4,032,934 2,450,011 3,233,303 3,506,813 2,540,890 6,628,347 2,700,238 6,649,651 3,212,385 4,438,368 2,341,496 7,167,254 2,582,446 2,715,922 2,867,722 2,377,445 5,553,970 2,973,994 5,336,088 3,867,204 2,965,466 2,043,190 8,102,091 2,672,054 2,084,797 2,984,605 3,432,560 2,465,141 4,088,909 9,790,909 3,628,469 3,939,368 2,056,609 5,149,557 2,750,567 2,954,531 8,528,341
1,432.7 179.4 336.2 445.1 445.2 NA 346.4 509.1 1,031.3 355.6 238.8 1,058.8 505.2 71.0 466.0 234.4 902.4 112.7 746.4 544.0 295.2 234.4 890.5 125.0 253.5 88.1 170.4 15.9 152.2 1,108.0 421.6 451.9 46.0 23.3 213.9 408.9 299.5
49.08 6.10 19.93 5.84 42.00 NA 23.33 6.11 49.57 12.86 31.25 33.28 31.65 2.66 48.04 18.88 14.67 9.63 21.79 35.56 18.44 14.85 20.52 4.76 19.46 6.37 27.53 1.34 72.00 19.31 20.16 24.51 2.74 1.08 12.86 27.02 6.16
14.77 14.14 15.96 14.28 14.55 13.97 21.44 13.75 15.27 14.77 9.15 11.18 9.27 7.18 14.29 13.04 11.63 12.16 14.16 11.33 11.12 8.70 11.12 1.15 10.09 6.03 7.30 -14.08 4.04 9.53 8.20 12.58 0.13 9.17 10.44 7.48 6.45
20.09 18.66 17.72 16.96 16.91 16.83 16.32 16.07 15.78 15.70 15.30 14.71 14.70 14.48 14.43 14.11 13.82 13.77 13.74 13.70 13.20 13.17 12.67 12.57 12.52 12.48 12.35 12.32 12.27 12.15 11.91 11.80 11.71 11.69 11.68 11.48 11.34
5.13 3.76 3.96 2.98 5.10 4.25 3.64 3.40 4.67 4.07 3.37 3.80 4.64 3.28 3.81 3.15 4.71 3.41 3.95 4.06 2.64 4.96 3.67 3.96 3.55 3.45 3.10 4.07 3.71 4.01 3.95 4.20 3.76 2.72 3.74 3.88 3.61
59,835 26,473 34,690 34,077 30,877 70,648 30,696 63,073 53,164 60,203 15,335 65,366 28,109 13,084 30,131 19,701 65,657 22,638 58,353 44,358 22,172 16,798 86,954 2,755 20,590 11,824 16,136 -23,641 13,236 92,417 23,964 33,652 220 31,132 22,005 23,073 49,336
54,899 20,649 20,635 17,990 20,003 98,482 27,968 34,457 48,396 38,703 17,284 126,122 56,912 6,431 43,919 22,647 66,679 63,146 68,971 65,647 44,233 26,640 76,721 15,849 27,625 33,391 44,234 9,566 35,203 169,853 35,909 60,218 15,376 51,073 20,365 36,064 89,618
1.42 1.14 1.15 1.00 1.29 1.12 1.29 0.99 1.74 1.52 0.67 1.02 1.12 0.51 1.14 0.91 1.31 0.79 1.11 1.17 0.82 0.85 1.09 0.11 1.02 0.40 0.50 -0.99 0.34 1.01 0.73 1.04 0.01 0.63 0.89 0.79 0.60
39.77 46.27 40.42 51.59 52.17 65.01 55.16 46.78 50.39 43.58 50.88 61.22 46.72 50.05 62.85 53.97 50.05 64.52 54.38 65.06 63.14 58.36 48.03 50.07 60.75 61.97 66.39 56.23 59.06 56.10 65.20 56.46 52.55 59.70 57.44 57.96 52.04
54.03 41.40 38.46 43.41 36.85 23.23 28.53 37.59 42.23 47.56 42.05 25.21 45.74 21.59 31.14 32.85 37.56 23.77 31.77 28.85 30.26 22.86 40.45 4.67 29.32 10.74 15.75 -46.04 9.20 26.36 25.94 34.88 18.21 27.69 32.58 32.72 21.31
26 usBanKer
August 2009