Several area financial institutions have landed on the S&P Global Market Intelligence’s ranking of best performing banks for 2021.
There are four categories in S&P Global Market Intelligence’s rankings: U.S. public banks with more than $10 billion in assets; large community banks with $3 billion to $10 billion in assets; small community banks under $3 billion in assets, and credit unions.
S&P Global Market Intelligence launched its rankings more than 10 years ago to assess the performance of community banks and credit unions. The 2021 list was announced March 22, and included a new category for larger, publicly traded banks.
• Customers Bancorp Inc., the parent company of Customers Bank, headquartered in West Reading, ranked third in performance in that newly created list of top-performing publicly-traded U.S. public banks with more than $10 billion in total assets at the end of 2021. Banks in this category were ranked based on returns, growth and efficiency — with a premium paced on the strength and risk profile of balance sheets, according to Customers Bank.
“We are so proud to be recognized by S&P Global Market Intelligence,” said Customers Bancorp Inc. Chairman & CEO Jay Sidhu in a statement. “Customers Bank worked hard to deliver the Paycheck Protection Program loans and other financial services that Americans required during the pandemic, while continuing to innovate our products and services so that we would be a stronger company as the health crisis eased. It’s wonderful to be recognized for our success.”
Net income available to Customers Bancorp’s common “surged more than 150% in 2021 to $300.1 million, fueled by $195.1 million of earnings from its leading participation in the Paycheck Protection Program,” according to S&P Global Market Intelligence. “The bank attributed its success with the federal small business rescue effort — its over $10 billion of funded loans exceeded many much larger banks — to its financial technology orientation and partnerships.”
S&P Global Market Intelligence also cited the launch of “a blockchain-based initiative in October 2021 under which commercial depositors can transfer and redeem its Customers Bank Instant Token.”
• Millersburg-based Mid Penn Bancorp Inc., the parent company of Mid Penn Bank — with branches in Berks, Chester and Montgomery counties — was ranked 47th in the listing of S&P Global Market Intelligence’s top 50 best-performing community banks of 2021 with between $3 billion and $10 billion in assets.
“Mid Penn had the most successful and transformative year in its 153-year history in 2021,” Mid Penn President and CEO Rory Ritrievi said in a statement. “The organic growth we created while also broadening our franchise, expanding our balance sheet through a successful public offering, and completing our largest acquisition to date was a tremendous accomplishment.
“Every single member of our team worked tirelessly and diligently through difficult challenges in 2021 to achieve our success, and I am extremely proud of our company’s performance and being ranked on this list of high performing companies.”
The rankings were compiled by evaluating each company based on return on tangible equity, operating revenue growth, efficiency ratio, asset quality ratios and several other factors, S&P said.
Mid Penn Bancorp expanded its footprint into the tri-county region in 2018, when it acquired the Chester County-based First Priority Bank in an all-stock transaction valued at approximately $82 million. In 2021, Mid Penn Bancorp completed its acquisition of Riverview Financial Corp. — its fourth acquisition since 2015.
• Uwchlan, Chester County-based Citadel Federal Credit Union was ranked 100th on S&P Global Market Intelligence’s list of top 100 best performing credit unions.
Rankings in this category were based on five metrics: member growth; total number of loans, net of number of Paycheck Protection Program loans per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans, net of PPP loans; and return on average assets.
• Haverford Trust Co. of Radnor, ranked 34th on the list of S&P Global Market Intelligence’s 100 best performing small community banks under $3 billion in assets.
To compile this ranking, S&P Global Market Intelligence calculated scores for each company based on six metrics including: pretax return on tangible common equity; efficiency ratio; operating revenue growth and several other factors.
To see the full report visit https://pages.marketintelligence.spglobal.com/2021Top-Community-Banks-Credit-Unions-Content-Download-CD.html