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Banks with the lowest price-to-adjusted TBV ratios in March

Following a 12.68% drop in its share price during March, NewOrleans-based First NBC BankHolding Co. joined SNL Financial's list of the 20 U.S. banks andthrifts with the lowest price-to-adjusted tangible book value ratios.

First NBC's price-to-adjusted tangible book value ratio fellto 86.22% as of March 31, after the bank disclosed midway through the monththat it would delay itsForm 10-K filing because of accounting errors arising from federal and statehistoric rehabilitation tax credit entities. The company explained that itneeded time to determine the extent of the damage and expected auditors toevaluate the implications of adjustments on financial statements and the bank'sinternal control over financial reporting.

Nonetheless, Sandler O'Neill & Partners analyst StephenScouten reiteratedhis "buy" rating and $35.00 price target on the bank, describing thesharp drop in stock prices as "somewhat overblown" after obtaining"further clarity" on the filing delay. The analyst noted in a March17 report that the delayed filing was due to the company's auditor requestingan "incremental change," on top of the that were made at the time ofthe Form 10-Q for the second quarter of 2015, as it pertains to the"evaluation of impairment on the bank's tax credit related real estateinvestments."

At the end of March, First NBC was trading at $20.59 pershare.

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This analysis waslimited to banks and thrifts with more than $1 billion in assets that trade on theNYSE, NYSE MKT or Nasdaq. Adjusted tangible book value per share was calculatedby adding a company's loan loss reserves and subtracting nonperforming assetsand loans 90-plus days past due from tangible common equity. The net figure wasthen divided by common shares outstanding to arrive at a per-share value.

Franklin, N.C.-based Entegra Financial Corp. rejoined the list in March afterthe company's stock lost 0.46% during the month. The company's shares lost 10.37%in January and gained0.58% in February. The former mutual bank recently completed the acquisitionof Oldtown Bank. Inlate 2015, the bank expanded its operations in South Carolina with thepurchase of twoArthur State Bankbranches.

The price-to-adjusted tangible book value at Johnstown,Pa.-based AmeriServ FinancialInc. was 63.01% as of March 31, the lowest among all banksanalyzed. The company revealed at the end of March that it expects to report a$3.0 million to $3.5 million increase in provisions for loan losses for thefirst quarter related to a borrower in the "fracking" industry thatfiled for bankruptcy protection late last year. AmeriServ adjusted its guidanceas the bankruptcy recently changed from Chapter 11 to Chapter 7, rendering thecompany's previously established reserves insufficient to cover the discountedcollateral values resulting from the liquidation process. The bank isprojecting that the increased provision will lead to a net loss for the firstquarter.

CitigroupInc. had the second-lowest price-to-adjusted tangible book value at70.08% as of March 31. CFO John Gerspach said at a March 8 that the companyexpects Citi Holdings to be "marginally profitable" for the firstquarter, but that Citicorp's investment banking revenues will be down 25% froma year ago.

Later in the month a shareholder filed a proxy calling for Citi to , and from Keefe Bruyette & Woodssaid a split could "unlockmeaningful shareholder value."  

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SNL offers a variety of tools to view pricing information for a company's stock.

Click here for a template that allows users to view a historical pricing chart for up to five stocks and three indexes.

Click here to view a webinar on tools for investment managers available through the SNL platform.

To view an article listing the banks and thrifts with the highest price-to-tangible book value ratios as of March 31, click . Ratios in this piece have not been adjusted for nonperforming assets, assets 90 days or more past due, and loan loss reserves.