trending Market Intelligence /marketintelligence/en/news-insights/trending/h1hdGKh1N_pSr4aIxGaUDw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

US banks at lowest price-to-adjusted tangible book values in December '19

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

US banks at lowest price-to-adjusted tangible book values in December '19

Large-cap U.S. banks continued to outperform the broader stock market in December 2019.

The SNL U.S. Bank and Thrift index rose 3.9% last month, ahead of the S&P 500's 3.0% total return. The median return for the 318 banks in the S&P Global Market Intelligence analysis was 3.2% in December 2019. Only three of the top 50 U.S. banks by market capitalization — Wells Fargo & Co., U.S. Bancorp and Valley National Bancorp — experienced a negative monthly return.

SNL Image

SNL Image

McKinney, Texas-based Independent Bank Group Inc. and Dallas-based Texas Capital Bancshares Inc. announced a merger of equals on Dec. 9, 2019. Independent Bank Group has consistently traded at a premium to the industry median in terms of price-to-adjusted tangible book value. At year-end 2019, the gap was about 34 percentage points. On the other hand, Texas Capital's P/ATBV ratio was 51 percentage points below the industry median. It has traded at a significant discount since the fourth quarter of 2018.

SNL Image

New entrants to the bottom-25 valuation list in December 2019 were Stroudsburg, Pa.-based ESSA Bancorp Inc., Burr Ridge, Ill.-based BankFinancial Corp., Southfield, Mich.-based Sterling Bancorp Inc., Coral Gables, Fla.-based Amerant Bancorp Inc. and Los Angeles-based PCB Bancorp.

Sterling Bancorp was by far the worst market performer in the analysis, with a negative return of 16.4%. Last month, the bank temporarily suspended its Advantage Loan program, which represented 79% of its residential loans as of Sept. 30, 2019, according to the most recent Form 10-Q. Sterling Bancorp also disclosed in its quarterly filing that last November it terminated two loan producers within the program in conjunction with an internal compliance review.

Five companies exited the list: Costa Mesa, Calif.-based Pacific Mercantile Bancorp, Princeton, N.J.-based Bank of Princeton, Defiance, Ohio-based SB Financial Group Inc., Lubbock, Texas-based South Plains Financial Inc. and Houston-based Cadence Bancorp.

Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of Dec. 31, 2019.