US bank stocks follow the broader market higher in April

US bank stocks rebounded in April but underperformed the broader market.

The 205 banks in an S&P Global Market Intelligence analysis had a median total return of 6.2% in April, trailing the 7.9% return of the market-cap-weighted S&P US BMI Banks index and the S&P 500's return of more than 10%. Thirty-nine of the banks recorded a double-digit percentage gain last month, led by Bedminster, New Jersey-based Peapack-Gladstone Financial Corp. at 18.6% and Pasadena, California-based East West Bancorp Inc. at 18.5%. Only 16 banks in the analysis had a negative monthly return.

The median price-to-adjusted tangible book value (TBV) of the banks included in the analysis was 146.1% at April 30, up from 137.4% at March 31 and 140.0% as of Dec. 31, 2025. Just 14 of the banks traded below 100% of their adjusted TBV, while 30 were above 200%.

S&P Global Market Intelligence analyzed US banks trading on the Nasdaq, NYSE or NYSE American with total assets of more than $3 billion. The analysis excludes banks in the mutual holding company ownership structure and other operating subsidiaries.

Adjusted tangible book value is calculated as the sum of tangible common equity, loss reserves and unrealized gain or loss from held-to-maturity securities, tax-adjusted at the 21% corporate rate, less nonperforming assets and loans 90 or more days past due but still accruing interest, divided by common shares outstanding.

Least expensive banks

With a price-to-adjusted TBV of 59.3% as of April 30, First Internet Bancorp was the least expensive bank in the analysis for the third month in a row. The digital bank had been ranked No. 2 at Jan. 30 and No. 1 for the fourth quarter of 2025.

The No. 3 bank, Bethesda, Maryland-based Eagle Bancorp Inc., still is grappling with credit quality issues. The bank's nonperforming assets (NPAs) to total assets ratio was 1.31% at March 31, up from 1.04% at year-end 2025 but down from the recent peak of 2.16% at June 30, 2025. In a Form 8-K filing, Eagle Bancorp disclosed seven nonaccrual relationships greater than $5 million — highlighted by a Washington DC office relationship with a balance of $36.5 million and an $18.5 million office relationship in Fairfax, VA — that accounted for approximately 78% of total nonaccrual loans.

The 15th-cheapest bank, Bank OZK, also experienced problem asset inflows in the first quarter. The Little Rock, Arkansas-based bank's reported NPA ratio rose to 1.08%, up 9 basis points quarter over quarter and nearly doubling from a year ago. In a financial supplement, Bank OZK disclosed that its largest NPA was a $156.4 million office loan in Boston that matured Jan. 15.

On Dec. 29, 2025, No. 11 Toms River, New Jersey-based OceanFirst Financial Corp. announced the acquisition of No. 4 Uniondale, New York-based Flushing Financial Corp. In a Form 8-K filing, OceanFirst revealed that the purchase accounting summary with interest rate marks produced TBV dilution of 6.4% and an earnback of 3.1 years. The transaction, which is part of OceanFirst's growth pivot, features a $225 million investment from Warburg Pincus LLC.

Investors expressed immediate disappointment with the deal, but the stocks began recovering in January. OceanFirst had an 8.5% total return in the first four months of 2026; Flushing's year-to-date return through April 30 was 9.3%.

No. 20 Flagstar Bank NA's year-to-date return was a notch higher at 11.0%. It reported a profit for the second quarter in a row following eight consecutive quarterly losses. Because of a smaller commercial real estate portfolio, the Hicksville, New York-based bank reduced its earnings guidance for both 2026 and 2027.

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Most expensive banks

The Bancorp Inc. and Pathward Financial Inc. were the two most expensive banks in the analysis for the fourth consecutive month, although the order was flipped in April. Their price-to-adjusted TBVs at the end of April were 401.8% and 376.4%, respectively. In the first quarter, both banks recorded a return on average tangible common equity of more than 34% and repurchased more than 840,000 shares.

In an April 23 filing, The Bancorp President and CEO Damian Kozlowski said, "Our outlook for 2026 and 2027 includes significant share repurchases, including $200 million total or $50 million a quarter in 2026, followed by near-100% of net income returned through share repurchases thereafter."

Three of the Big 4 US banks — JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. — are on the top 20 valuation list. All three are also among the largest banks in the world by total assets.