At the end of May, U.S. banks and thrifts had a median price-to-estimated 2019 earnings multiple of 11.3x, down from 12.3x as of Feb. 28.

The four most expensive banks remain unchanged from the February analysis. Abilene, Texas-based First Financial Bankshares Inc. was at the top of the list with a price-to-estimated 2019 earnings multiple of 24.0x, down from 27.4x as of Feb. 28.

During the last three months, the company's stock lost 12.3%, compared to losses of 0.7% for the S&P 500 and 6.3% for the SNL U.S. Bank and Thrift index.

The next three banks on the list are San Rafael, Calif.-based Westamerica Bancorp.; DeWitt, N.Y.-based Community Bank System Inc.; and San Francisco-based First Republic Bank. Their shares lost 6.2%, 4.0% and 7.4%, respectively, during the same period.

Median estimated 2019 earnings for U.S. banks and thrifts are expected to grow 6.6% from 2018 levels, down slightly from the estimated growth rate of 7.0% as of Feb. 28. Compared to the industry, the median estimated earnings growth for the 25 most expensive banks was 7.9% as of May 31.

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