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Banks with lowest price-to-adjusted TBV in September

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Banks with lowest price-to-adjusted TBV in September

Two companies entered this month's roundup of 20 large banksand thrifts with the lowest price-to-adjusted tangible book value ratios.Asheville, N.C.-based HomeTrustBancshares Inc. entered the list at the No. 16 spot with a ratio of107.9% as of Sept. 30. On Sept. 21, the bank announced that it would Kingsport,Tenn.-based TriSummit Bancorp Inc.HomeTrust's shares have fallen 8.6% in the year through Sept. 30.

Anchorage, Alaska-based Northrim BanCorp Inc. entered the list with aprice-to-adjusted tangible book value of 114.4% as of Sept. 30.Northrim's stock has lost 0.9% for the year so far.

Port Angeles,Wash.-based First NorthwestBancorp was not in the top 20 for the because theanalysis used data from regulatory filings to calculate its ratio. Now thatGAAP data is available, First Northwest is No. 4 on the list as of Sept. 30.

Oakland, Md.-based First United Corp., which was the sixth bank on the listin last month's analysis, exited the list after its stock gained 20.6% betweenSept. 5 and Sept. 30. The company had a price-to-adjusted tangible book valueof 119.2% as of Sept. 30, compared to 98.8% as of Sept. 2.

Redding, Calif.-based Bank of Commerce Holdings and Millersburg, Pa.-basedMid Penn Bancorp Inc.also dropped out of the list.

With a 66.2% ratio at the end of September, Johnstown,Pa.-based AmeriServ FinancialInc. remained the cheapest large bank stock in the country.

In the No. 2 spot, New Orleans-based 's ratio wasat 71.2% as of Sept. 30, after its stock price fell by 26.5% between Sept. 5and Sept. 30. The bank's stock is down 74.8% in the first ninemonths of 2016. At the end of August,First NBC revealed that the SEC had started an investigation into the company'sfinancial reporting. The company has yet to file its Form 10-Q report for thesecond quarter of 2016 and only filed its quarterly report for the firstquarter on Sept. 30.

It was reported Oct. 3 that its common stock would besuspended for tradingOct. 7 unless it requested a hearing before the Nasdaq Listing QualificationsPanel by Oct. 5.

The previous month'sanalysis used data from regulatory filings as of June 30 for FNBC, but with therecent announcement, the GAAP numbers for the first quarter were used in thisone.

Banking behemoths Citigroup Inc. and Bank of America Corp. continued their stay among the top10 with ratios of 75.3% and 98.6%, respectively, as of Sept. 30.

Click here for a template that provides pricing trends and profitability ratios for financial institutions.