Four banks/cooperatives in the region ranked among the best performing banks in 2021
Several financial institutions in the region have landed in the S&P Global Market Intelligence ranking of the best performing banks for 2021.
There are four categories in the S&P Global Market Intelligence ranking: US public banks with over $10 billion in assets; large community banks with $3 billion to $10 billion in assets; small community banks with less than $3 billion in assets and credit unions.
S&P Global Market Intelligence launched its ranking over 10 years ago to assess the performance of community banks and credit unions. The 2021 list was announced on March 22 and included a new category for large publicly listed banks.
• Customers Bancorp Inc., the parent company of Customers Bank, headquartered in West Reading, ranked third in terms of performance in this newly created list of the best-performing publicly traded US public banks with more than 10 billion dollars in total assets at the end of 2021 Banks in this category were ranked based on returns, growth and efficiency, with a premium driven by the strength and risk profile of balance sheets, according to Customers Bank.
“We are very proud to be recognized by S&P Global Market Intelligence,” Jay Sidhu, president and CEO of Customers Bancorp Inc., said in a statement. “Customers Bank has worked hard to provide the Paycheck Protection Program loans and other financial services that Americans need during the pandemic, while continuing to innovate our products and services so that we are a better business. strong as the health crisis subsided. It’s wonderful to be recognized for our success.
Net income available to Bancorp joint customers “jumped more than 150% in 2021 to $300.1 million, fueled by $195.1 million in revenue from its prominent participation in the protection program paychecks,” according to S&P Global Market Intelligence. “The bank attributed its success with the federal small business rescue effort — its more than $10 billion in funded loans outpaced many much larger banks — to its fintech guidance 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 S&P Global Market’s 50 Best Performing Community Banks list Intelligence in 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 Chairman and CEO Rory Ritrievi said in a statement. “The organic growth we’ve created while growing our franchise, expanding our balance sheet through a successful public offering and completing our largest acquisition to date has been a tremendous achievement.
“Each member of our team has worked tirelessly and diligently through difficult challenges in 2021 to achieve our success, and I am extremely proud of our company’s performance and to be named to this list of high performers.”
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 presence in the tri-county area in 2018 when it acquired Chester County-based First Priority Bank in an all-stock deal worth c. $82 million. In 2021, Mid Penn Bancorp completed its acquisition of Riverview Financial Corp. – its fourth acquisition since 2015.
• Citadel Federal Credit Union, based in Uwchlan, Chester County, was ranked 100th on S&P Global Market Intelligence’s 100 Best Performing Credit Unions list.
Rankings in this category were based on five metrics: membership 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.
• Radnor’s Haverford Trust Co., ranked 34th on S&P Global Market Intelligence’s list of the 100 best performing small community banks with less than $3 billion in assets.
To compile this ranking, S&P Global Market Intelligence calculated each company’s scores based on six metrics, including: pre-tax return on tangible equity; efficiency rate; growth in operating income and several other factors.
To view the full report visit https://pages.marketintelligence.spglobal.com/2021Top-Community-Banks-Credit-Unions-Content-Download-CD.html