Annual rankings leverage Market Intelligence's
profitability, growth and risk profile data
NEW
YORK, March 20, 2024 /PRNewswire/ --
S&P Global Market Intelligence today released its annual
rankings for 2023's best-performing community banks with assets
between $3 billion and $10 billion, community banks with assets below
$3 billion, top-performing credit
unions and top performing U.S. public banks with more than
$10 billion in total assets.
Additionally, S&P Global Market Intelligence announced the
annual rankings of top performing community banks by region for the
Northeast, South Central, Southeast, West, and Midwest.
S&P Global Market Intelligence ranks institutions based on
returns, growth and funding but places a premium on the strength
and risk profile of balance sheets. The rankings were launched in
2011 to assess the performance of community banks and credit
unions.
"As banks and credit unions weather a higher for longer interest
rate environment, we are delighted to see them continue serving
their local markets," said Nathan
Stovall, director of financial institutions research at
S&P Global Market Intelligence. "During these volatile
times, quality data and insights continue to be vital, and we are
committed to providing transparency through these rankings to help
the market make informed decisions."
National Rankings:
- Best Performing U.S. Public Bank with more than $10 billion in assets: International Bancshares
Corp. The Laredo, Texas-based
bank recorded a performance score more than 50 percentage points
higher than the runner-up along with the highest adjusted tangible
capital ratio, the second-highest EPS growth and the second-highest
return on average assets (ROAA) among the 100 banks in the
analysis.
- Best Performing U.S. Community Bank with between
$3 billion and $10 billion in assets: Fidelity BancShares.
The Fuquay-Varina, North
Carolina-based bank outperformed the median for all eligible
banks in the analysis in five of the seven metrics analyzed.
Fidelity BancShares' cost of funds, at 0.44%, was only one-fourth
of the 1.89% median for all banks.
- Best Performing U.S. Community Bank with under $3 billion in assets: Security State Bank.
The Centralia, Washington-based
bank ranked higher than the top 100 median in five of the ranking
metrics. Gross loans and leases plus held-to-maturity securities
accounted for only 45.9% of Security State's total deposits at the
end of 2023, well below the top 100 median of 71.1%. The bank also
ranked as the Best Performing Community Bank in the U.S.
West in this year's regional rankings.
- Best Performing Credit Union: Kingsport, Tennessee-based Eastman Credit
Union was this year's top performing credit union, rising from
number 11 in the 2022 rankings. The credit union outperformed the
industry in each of the five ranking metrics compared to the median
for all 1,801 credit unions eligible for the ranking. Additionally,
Eastman Credit Union's member growth was more than double the
top-100 median and its shares-and-deposits per member ratio was
also higher than the top-100 median.
Regional Rankings:
- Best Performing Midwest Bank with under $10 billion in assets: Settlers Bank. The
Marietta, Ohio-based bank received
the highest overall performance score when evaluated against seven
performance metrics, partly aided by its negative 0.21% net
charge-off ratio, the fourth-lowest among the top 50
best-performing community banks in the Midwest.
- Best Performing Northeast Bank with under
$10 billion in assets: Fulton
Savings Bank. The Fulton, New
York-based bank recorded the highest year-over-year
operating revenue growth, 78.5%, among its top 50 regional peers,
compared to a median 1.6% decline in revenue for all 426 eligible
banks.
- Best Performing Southeast Bank with under
$10 billion in assets: Bank of
Southside Virginia, a
subsidiary of Bank of Southside Virginia Corp. The Carson, Virginia-based bank had the lowest
cost of funds and performed better in five other metrics when
compared to the median for the 50 best-performing Southeast
community banks as well as that for all 722 banks eligible for the
ranking.
- Best Performing South Central Bank with under
$10 billion in assets: First State
Bank of Odem. The Texas-based bank performed better in six
performance metrics compared to the median for the top 50
best-performing South Central community banks, as well as six
metrics versus the median for all qualified banks in the
region.
- Best Performing West Bank with under $10 billion in assets: Security State Bank.
The Centralia, Washington bank
outperformed the top 50 banks' median rates in five of seven
metrics analyzed. Security State Bank also ranked as the Best
Performing U.S. Community Bank with under $3
billion in assets in this year's national rankings.
To access the full list of top performing U.S. public banks,
community banks, credit unions and U.S. community banks by region
for 2023, click here.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the
importance of accurate, deep and insightful information. Our team
of experts delivers unrivaled insights and leading data and
technology solutions, partnering with customers to expand their
perspective, operate with confidence, and make decisions with
conviction.
S&P Global Market Intelligence is a division of S&P
Global (NYSE: SPGI). S&P Global is the world's foremost
provider of credit ratings, benchmarks, analytics and workflow
solutions in the global capital, commodity and automotive markets.
With every one of our offerings, we help many of the world's
leading organizations navigate the economic landscape so they can
plan for tomorrow, today. For more information, visit
www.spglobal.com/marketintelligence.
Media Contact
Katherine Smith
S&P Global Market Intelligence
+1 781-301-9311
katherine.smith@spglobal.com
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SOURCE S&P Global Market Intelligence