US banks with lowest price-to-adjusted tangible book values at year-end 2020

U.S. banking stocks rallied in the last month of 2020 but still finished the year in negative territory.

In December 2020, the SNL U.S. Bank and Thrift index had a total return of 8.8%, outpacing the S&P 500's 3.8% return. But for all of 2020, the banking index fell 13.2%, while the S&P 500 rose 18.4%.

The median return for the 199 banks in the S&P Global Market Intelligence analysis was 9.0% on a monthly basis and negative 13.2% on an annual basis.

Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of Dec. 31, 2020.

Philadelphia-based Republic First Bancorp Inc. ended 2020 with a price-to-adjusted tangible book value of 57.7%, the lowest among all banks in the analysis. Republic First was one of just six banks with a negative monthly total return.

Los Angeles-based RBB Bancorp was the lone entry to the bottom-20 valuation list, replacing Leawood, Kan.-based CrossFirst Bankshares Inc. Both banks announced a stock repurchase plan in October 2020.