Three companies entered S&P Global Market Intelligence's monthly list of the 25 U.S. banks and thrifts with the lowest adjusted price-to-tangible book values in March. Two of them, Honolulu-based Territorial Bancorp Inc. and Oakdale, Calif.-based Oak Valley Bancorp, were brand new faces, while one, Irvine, Calif.-based Opus Bank, re-entered the top 25 after climbing out of the list in February.
All three stocks posted negative returns in March, with Territorial's stock losing 3.3%, Oak Valley's stock losing 9.2% and Opus's stock losing 6.7%.
S&P Global Market Intelligence analyzed U.S. banks and thrifts trading on the Nasdaq, NYSE or NYSE MKT, and with total assets of greater than $1 billion for the most recent quarter available. Public mutual holding companies are excluded from the analysis. Adjusted tangible book value is calculated as the sum of tangible common equity and loan loss reserves less nonperforming assets and loans 90 days past due but still accruing interest over common shares outstanding.
First NBC Bank Holding Co. remained at the top of the list with a price-to-adjusted tangible book value of 49.1% as of March 31, down from 54.6% at the end of February. On March 13, First NBC reported that its subsidiary, First NBC Bank, was issued a supervisory prompt directive action by the FDIC in February, which deemed the bank "significantly undercapitalized."
On March 10, First NBC completed the sale of nine branches and approximately $1.3 billion in loans to Whitney Bank, a subsidiary of Hancock Holding Co. Analysts have estimated that the sale may have shored up the company's capital shortfall.
Three banks exited the list in March: Lewiston, Maine-based Northeast Bancorp, Newton, N.C.-based Peoples Bancorp of North Carolina Inc. and Baton Rouge, La.-based Investar Holding Corp. Northeast Bancorp's stock returned 11.3% in March, while Peoples Bancorp of North Carolina and Investar returned 9.7% and 8.8%, respectively.