Annual rankings utilize Market Intelligence's profitability and growth data and introduced a new category highlighting banks by region
NEW YORK, March 22, 2023 /PRNewswire/ -- S&P Global Market Intelligence released its annual rankings for 2022'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. A new category was introduced this year: top performing community banks by region for the Northeast, South Central, Southeast, West, and Midwest.
S&P Global Market Intelligence launched the rankings in 2011 to assess the performance of community banks and credit unions. The division ranks institutions based on returns, growth and efficiency but places a premium on the strength and risk profile of balance sheets.
"We're delighted to see these banks and credit unions continue to serve their local markets as they weather swift increases in interest rates and elevated inflation," said Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence. "Quality data and insights continue to be a vital source for the market especially during these volatile times, and we are committed to providing transparency through these rankings to help the market make informed decisions."
- Best Performing U.S. Public Bank with more than $10 billion in assets: East West Bancorp Inc. secured the top ranking among public banks with more than $10 billion in assets. The Pasadena, California-based bank rose 10 spots from the 2021 rankings and was clearly superior to the industry median for five of the ranking metrics and incrementally better for the net charge-off ratio.
- Best Performing U.S. Community Bank with between $3 billion and $10 billion in assets: Roseville, California-based Five Star Bank earned the top spot among the best-performing community banks with assets between $3 billion and $10 billion. Five Star Bank outperformed the median for all 196 banks in the analysis in all seven metrics analyzed.
- Best Performing U.S. Community Bank with under $3 billion in assets: Central Bank of Kansas City topped the list of the best-performing U.S. community banks under $3 billion in assets. Central Bank of Kansas City outperformed the majority of its peers in 2022, reporting a 21.2% surge in assets and a 20.5% increase in noninterest income, year-over-year. Central Bank of Kansas City also earned the top ranking in the same category in 2019.
- Best Performing Credit Union: Springfield, Missouri-based Multipli CU was this year's top performing credit union in, following a second-place ranking in 2021. The credit union outperformed the industry median in four of the five ranking metrics, while its total loans and leases grew 27.9% year-over-year in 2022, compared to the top-100 median of 17.9%.
- Best Performing Midwest Bank: Central Bank of Kansas City earned the top spot among Midwest banks with under $10 billion in assets. Central Bank of Kansas City had $376.7 million in assets at the end of the year, up 21.2% from 2021. In 2022, its gross loans and leases climbed 4.6% on a year-over-year basis to $219.0 million, and total deposits increased 22.5% to $321.5 million.
- Best Performing Northeast Bank: Bedford, New Hampshire-based Primary Bank topped the list of the best-performing U.S. community banks in the Northeast with under $10 billion in assets. The bank outperformed the top 50 median in six of the seven metrics analyzed.
- Best Performing Southeast Bank: Douglas National Bank, a subsidiary of DNB Financial Services Inc., received the highest overall performance score among regional banks in the Southeast with under $10 billion in assets. The Georgia-based bank not only beat the top 50 median in five metrics, it also performed better in six metrics when compared to the median of all 732 banks eligible for ranking.
- Best Performing South Central Bank: Erick, Oklahoma-based First Bank topped the list of best-performing U.S. community banks in the South Central region with under $10 billion in assets. First Bank has a total of $63.0 million in loans and leases and $88.6 million in deposits. The bank had a return on average tangible common equity of 33.58% and an efficiency ratio of 41.70% at the end of 2022.
- Best Performing West Bank: First General Bank topped the list of the best-performing community banks in the West with assets under $10 billion. The Rowland Heights, California bank posted an above-average, optimal efficiency ratio of 23% and zero charge-offs on its $934.5 million gross loans and leases in 2022.
To access the full list of top performing U.S. public banks, community banks and credit unions for 2022, click here.
To access the full list of top performing U.S. community banks based on region for 2022, click here.
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