2012 INDUSTRY VALUATIONS
ThenumberofU.S.andCalifornia‐headquarteredbankscontinuedtodeclinein2012.Atyear‐end2012,there
were 4% fewer banks and thrifts in the U.S. than had existed 12 months earlier. The number of California
inancial institutions at the end of 2012 was down 5.5% compared to year‐end 2011. The volume of merger
announcementsofU.S.institutionspickedupslightlyin2012.Bankingfailuresweresigni icantlylessthanin
2011. The number of California publicly‐traded banks and thrifts tracked by Carpenter & Company equaled
144,sixfeweroverthecourseoflastyearandsigni icantlybelowtheyear‐end2008highof181.Bankstock
pricesralliedlastyearandoutperformedthebroaderequitymarket.ForCalifornia’spublicly‐traded inancial
institutions,nearly78%ofthe144CaliforniastocksintheCarpentertrackingreportshowedstockpricegains
fortheyearendingDecember31,2012,asigni icantimprovementfromthe41%shareofstockpricegainsin
2011. There were no failures of California publicly‐traded banks and thrifts last year. The pace of California
mergerannouncementseasedslightly.
NOTE:ThefollowinganalysiswaspreparedutilizingdataavailableasofDecember31,2012.
INDUSTRY VALUATIONS: MERGER AND ACQUISITION ACTIVITY
ThenumberofU.S.mergerannouncementspickedupslightly
in 2012, relative to the 2011 volume. A total of 240 mergers
were announced in 2012, including 12 mergers that were
subsequently terminated. Of the remaining 228 announced
mergers, 147 acquisitions had been completed by year‐end,
and81mergersremainedpendingasofearlyJanuary2013.
During 2011, 182 mergers were announced, including 30
mergers that subsequently were terminated. As of early
January 2013, 145 of the 152 non‐terminated 2011 merger
announcementshadbeencompleted,whileseventransactions
werestillpending.
Non‐terminated merger announcements represented $180.2
billion in target institutionassets in 2012, downfrom $193.6
billion in target assets involved with the merger
announcementsmadein2011.In2011theacquisitionofING
BankFSBbyCapitolOneaccountedfor48%ofthetotaltarget
assets.In2012,twomergerstransactionsaccountedfor47%
of the total assets under merger announcements. The two
largest2012mergersweretheacquisitionbyM&TBankofthe
$43.6 billion Hudson City Bancorp and Bank of Nova Scotia’s
acquisitionofthe$40.4billionofINGBankofCanada.
Of the 228 merger announcements in 2012, 125 transactions
reported speci ic deal ratios. In comparison, for the 2011
announcedtransactions,,89ofthe152mergershadreported
dealratios.In2011,these89transactionscarriedanaverage
pricetotangiblebookvalue(P/TBV)ratioof1.06X.The2012
average P/TBV ratio equaled 1.18X, a 12 basis point
improvement. The reported P/TBV merger ratios in 2011
Carpenter & Company
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CONTENTS
Mergeractivity...................................................1
Nationalstockprices.......................................2
Californiabankstockprices.........................3
CAbanksunder$125million.......................4
CAbanks$125‐$250million.........................5
CAbanks$250‐$500million.........................7
CAbanks$500million‐$1billion................9
CAbanks$1‐$5billion..................................10
CAbanks$5‐$10billion...............................11
CAbanks$10‐$100billion..........................12
CAthrifts.............................................................13
Californiamergers..........................................14
LTMP/Eratios.................................................16
Price/Bookratios............................................17
Ratiocomparisons..........................................18
Stockperformanceunder$125million 19
Stockperformance$125‐$250million..20
Stockperformance$250‐$500million..22
Stockperformance$500mln‐$1bln......23
Stockperformance$1‐$5billion..............24
Stockperformance$5‐$10billion...........24
Stockperformance$10‐$100billion......25
Stockperformancethrifts...........................25
Returnsrankings.............................................26
Industry Valuations
rangedfrom0.08Xto2.30X,whiletheratioextremesfor2012reportedmergerannouncementsrangedfrom
0.14X to 2.60X. The highest P/TBV deal ratio in 2012 was tied to the acquisition of a $78 million bank in
Texas,whereasthelowestratiowasfora$282millionFloridabank.
In201140ofthe89acquisitionswithdealtermssoldforlessthantangiblebookvalue.In2012,thenumber
of transactions with deal values under tangible book equaled 40, while 85 deals were priced in excess of
tangiblebookvalue.In2012eightmergerscarriedpricinginexcessof2Xtangiblebookvalue,whilein2011
only one such transaction was valued over 2.0X TBV. During the past two years, acquisitions involved
inancialinstitutionsheadquarteredin45states.OnlyAlaska,Hawaii,Mississippi,UtahandVermontdidnot
participateinthemergeractivity.Themostmergerannouncementsoverthepasttwoyearsweremadefor
inancial institutions in Texas, a total of35 mergers. California wassecond with 34 merger announcements
madeoverthe2011‐2012period.
ThenumberofmergerannouncementsinvolvingCalifornia inancialinstitutionseasedslightlyin2012,with
four fewer mergers than in 2011. The respective counts for the past two years were 19 in 2011 and 15 in
2012. The 19 California acquisitions announced in 2011 involved $3.8 billion in target assets, while the 15
announced acquisitions of 2012 involved $11.4 billion in assets, including two targets with more than $1
billioninassets.Theselargertransactionsinvolvedtheacquisitionsofthe$5.8billionSantaBarbaraBank&
Trustandthestillpendingacquisitionofthe$2.0billionFirstCaliforniaBank.
Available deal ratios for the 2011 California acquisitions carried an average of 0.86X tangible book value,
comparedwiththe2012averageof1.22X.In2011onlyfourofthe14deal‐reportingCaliforniamergerswere
priced above book value, while in 2012, nine of the 13 mergers with reported terms carried valuations in
excessofbookvalue,includingthe2.24XtangiblebookvalueofferedforSantaBarbaraBank&Trust.
INDUSTRY VALUATIONS: NATIONAL STOCK PRICES
The stock market performed better in 2012 than in the prior year. The Dow Jones Industrial Average rose
8.7%overthecourseof2012,comparedwiththe5.3%advancein2011.In2011theDowindexwasnegative
yeartodate(YTD)in59ofthe252tradingsessions.For2012theDowhadnegativeYTDoutcomesinonly
threeofthe250tradingsessions.Inlargemeasure,thedebtceilingimpasseandthecreditratingdowngrade
forU.S.governmentdebtcontributedtothesubstantialnumberofYTDdowndaysfortheDowin2011.
Thebankingindustryputinanimpressivemarketperformancein2012.TheKBWbankindex(consistingof
24exchange‐listedstocksofnationalmoneycenterbanksandleadingregionalinstitutions)plunged24.7%in
2011 and rebounded 30.2% in 2012. Throughout last year the bank stock index consistently outperformed
thebroadermarket,inlargepartduetotheindustry’sturnaroundinearningsandassetquality.
YTD Change in DJIA
12/31= 1.0
2012ChangeinStockIndices
35%
1.15
30%
1.10
25%
20%
1.05
15%
1.00
2011
10%
2012
5%
0%
0.95
‐5%
J
0.90
J
F
M
A
M
J
J
A
S
O
Carpenter & Company
N
D
F
M
A
M
J
DJIA
--
J
A
KBWBank
S
O
N
D
Industry Valuations
INDUSTRY VALUATIONS: CALIFORNIA STOCK PRICES
ThenumberofCaliforniapublicly‐tradedbanksandthriftscontinuedtodeclinein2012.Afterthereductionof
teninstitutionsin2011,thepopulationofpublicly‐tradedbanksandthriftsdroppedbysixtoatotalof144,as
ofyear‐end2012.Thenumberofthriftswasunchangedatsix.Thenumberofpublicly‐tradedCaliforniabanks
fell to 138 from 144 in 2011. During 2012, only one California inancial institution failed, the privately held
PalmDesertNationalBank.
Bankstocktrendsweremorefavorablein2012thanin2011.In2012thenumberofCaliforniabankandthrift
stockswithrisingorunchangedpricesgreatlyexceededthenumberofcompanieswithdecliningstockprices.
In2012,112institutionsreportedstockpricegainsandthepriceofonebankstockwasunchanged.Only31
institutions suffered a stock price decline. In 2012, less than 22% of the inancial institutions experienced a
declineinstockprices.In2011,88stocksor59%ofthetrackedcompaniesreportedstockpricedeclinesona
year‐end to year‐end basis. There were 61 stocks with price gains in 2011, and one stock was unchanged in
pricing.
At the end of 2011, 39 of the 150 publicly‐traded inancial institutions carried stock valuations that were in
excess of tangible book value. There were 23 companies that were priced at less than 50% of tangible book
valueattheendof2011.Incontrast,in201254ofthe144publicly‐traded inancialinstitutionswerepriced
abovebookvalue,representing37.5%oftheinstitutionscomparedwith2011’s26.0%share.Therewereseven
banksvaluedatlessthan50%oftangiblebookvalue,areductioninthiscategoryofnearly70%.
Bankstockpricingrelativetotangiblebookvalueimprovedin2012comparedwith2011.Onlyoneassetclass,
thesmallestassetsize,hadalowerpricetotangiblebookratiothanin2011.Nonetheless,alloftheassetclasses
had signi icantly lower P/TBV ratios than in 2006, that is, prior to the recession and inancial crisis. The
following table displays P/TBV averages for the eight asset classes used in the Carpenter & Company stock
analysis. Larger institutions tended to carry higher valuations. The $5‐$10 billion class turned in the best
performance.From2006through2010,thethriftclasshadbeenthelowestperforminggroupintermsof P/
TBV. Thrifts were tied as the third lowest in performance in 2011 and climbed to fourth best of the eight in
2012.ThriftrecordedthelargestbasispointincreaseinP/TBVamongtheassetclasses,rising26basispoints
lastyear.Thesmallestbasispointincreaseregisteredin2012wasthe5basispointriseintheP/TBVforbanks
between$10and$100billion.
ThemarketcapitalizationforallofCalifornia’spublicly‐tradedbanksandthriftsequaled$26.8million,an18%
gain over the $22.6 billion capitalization of 2011. On a per‐bank basis, the average market capitalization
climbed23%overtheprioryear.
Average Stock Price to Tangible Book Value
(At Year-end)
CA Bank Size
<$125 million
$125-$250 million
$250-$500 million
$500 million-$1 billion
$1-$5 billion
$5-$10 billion
$10-$100 billion
All Thrifts
2006
1.81
1.92
2.28
2.62
2.54
2.09
2.49
1.40
Carpenter & Company
2007
1.29
1.37
1.57
1.65
1.58
2.10
2.11
0.80
2008
0.83
0.77
0.76
0.80
1.04
1.89
1.66
0.41
--
2009
0.73
0.70
0.65
0.62
1.01
1.11
1.47
0.42
2010
0.77
0.70
0.71
0.85
1.23
1.76
1.88
0.59
2011
0.72
0.77
0.79
0.81
1.07
1.49
1.50
0.79
2012
0.69
0.93
0.87
0.97
1.23
1.62
1.55
1.05
Change
2006-12
-61.9%
-51.6%
-61.8%
-63.0%
-51.6%
-22.5%
-37.8%
-25.0%
Industry Valuations
INDUSTRY VALUATIONS: BANKS UNDER $125 MILLION
Asoftheendof2011,therewere16publicly‐tradedCaliforniabanksreportingassetsbelow$100millionand
62 banks with between $100 and $250 million in assets. Due to market changes, such as the lack of bank
formations and the on‐going acquisitions of smaller banks, it seemed appropriate to increase the asset
threshold for the smallest class from $100 million to $125 million to increase the number of banks in the
smallestgroupandmorecloselyequilibratethenumberofbanksanalyzedinthenexthigherassetclass.With
theincreaseinthesmallestgroup’sassetmaximumto$125million, ifteenbankswereaddedtothisclassfrom
the next larger group. Over the course of the year, six of those ifteen banks grew over the $125 million
thresholdtorejointhenextlargerassetclass.Onesmallbankwasacquired,and ifteenbankswerecarriedover
inthesmallestclassfrom2011.Thenumberofbanksunder$125millioninSeptember2012assetsequaled24.
StellarBusinessBankwasacquiredbyAltaPaci icBankin2012,anacquisitionthatpropelledAltaPaci icinto
the $125‐$250 asset class. In addition to AltaPaci ic Bank, American California Bank, Capital Bank, Founders
Bancorp, Folsom Lake Bank, and Golden Valley Bancorp rejoined the $125‐$250 million class based upon
September30,2012data.Movingintotheunder$125milliongroupduetorede initionofthisassetclasswere
Americas United Bank, Chino Commercial Bank, Delta National Bancorp, Friendly Hills Bank, Mojave Desert
Bank,MissionOaksBancorp,NorthernCaliforniaNationalBank,andPaci icAllianceBank.
Thegroupof24banksunder$125millioninassetsreportedthat13bankshadannualgainsinstockpricesat
theendof2012,while11banksexperiencedpricedeclines.Forthebankswithunder$125millioninassetsat
September 2011, stock price trends showed that nine banks had 2011 annual gains in stock prices, while 22
reporteddeclines.Thesteepestpriceadvancein2012onapercentagebasisoccurredforSaigonNationalBank,
as the $0.23 increase in stock price represented a 937% gain. Other signi icant gains were reported by Tri‐
ValleyBank(94%),CornerstoneCommunityBank(82%),AmericasUnitedBank(77%),Paci icAllianceBank
(59%), Suncrest Bank (44%), and Mojave Desert Bank (27%). The steepest stock price decline was 77% for
CaliforniaBusinessBank,followedbydeclinesof69%forGoldenStateBankand65%forMissionOaksBank.
Onlytwobanksinthisassetclasstradedabovebookvalue,while ivebankstradedatlessthan50%oftheir
bookvalue.ThehighestmultipletotangiblebookvaluewasreportedbyChinoCommercialBancorpat1.12X
andVibraBanktradedat1.02X.ThelowestP/TBVwas0.08XforGoldenStateBank.Therewerefouradditional
bankstradingbelow50%ofbookvalue,speci icallyCaliforniaBusinessBank,DeltaNationalBancorp,Mother
LodeBank,andSecurityFirstBank.Asagroup,theaverageP/TBVequaled0.69X,downfromtheaverageP/
TBVof0.72Xin2011.The0.69XP/TBVratiorepresentedthelowest2012ratioforanyoftheassetclassesand
wasthelowestratioforthisreclassi iedcategorybaseduponhistoricdatabeginningin2002.
Asarule,whenaP/Eratioexceeds50X,itisdeterminedthatpro itsaretoolowrelativetopricingtoyielda
meaningfulratio.Hence,P/Eratiosinexcessof50XarecitedasNMornotmeaningful.Inaddition,ifthebank
sustainslosses,theP/EratioisalsoshownasNM.
Thirteenofthe24banksreportedpro itsforthelasttwelvemonths(LTM)endingSeptember30,2012.Ofthe
13pro itablebanks,tenofthebankshadmeaningfulpriceearningsratios.ThereportedpricetoLTMearnings
ratiosforthisassetclassrangedfromahighof41.2XforSuncrestBanktoalowof4.9XforSutterCommunity
Bank.TheaverageP/Eforthisclassequaled16.3X,downfrom19.4Xin2011.TheaverageP/Eratioin2012
wasthelowestratioforthisrede inedassetclassoverthepastten‐yearperiod.
Trading activity for this asset class was limited, due the generally illiquid market for small bank stocks.
Nonetheless, all but one bank reported trading activity during the month of December, and all of the stocks
Carpenter & Company
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Industry Valuations
BANKS UNDER $125 MILLION (continued)
LargestPriceGains
SaigonNationalBank
+937.3%
Tri‐ValleyBank
+93.7%
CornerstoneCommunityBank +81.8%
SteepestPriceDeclines
CaliforniaBusinessBank
‐76.7%
GoldenStateBank
‐69.2%
MissionOaksBancorp
‐65.4%
Price to Book ‐‐CA Banks under $125 Million
2.5
2.1
2.0
1.7
2.0
1.8
1.5
1.5
1.0
1.3
0.8
0.7
0.8
0.7
0.7
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
traded in the fourth quarter. The combined volume of shares traded over the course of the year equaled 4.4
million shares, or an average annual volume of 184,000 shares per bank. The stock with the highest annual
volumeoftradesin2012wastheover1millionsharestradedforMissionOaksBancorp.Thelowestvolume
wasthe5,300sharestradedforPaci icAllianceBank.
Thehighestmarketcapitalizationattheendof2012wasthe$17.4millionmarketcapofSaigonNationalBank.
The smallest market capitalization was $368,920 for Golden State Bank. Total market capitalization for this
categoryequaled$172million,comparedwith$245millionatthestartof2012whenthisassetclasshad30
banks.Marketcapitalizationperbankaveraged$8.1millionat thestartoftheyearand$7.1millionbyyear‐
end. Fourteen banks reported increases in marketcapitalizationover the courseofthe year, while ten banks
reportedannualreductionsinmarketcapitalization.Sixbanksintheunder$125millionassetclassobtained
additional new capital in excess of $1 million during the irst nine months of 2012. These six banks were
MissionOaksNationalBank,Paci icAllianceBank,PanAmericanBank,PanPaci icBank,SierraVistaBank,and
Tri‐ValleyBank.
TheacquisitionofStellarBusinessBankbyAltaPaci icBankwascompletedinFebruary2012.The$17.4million
dealwasvalued,asoftheannouncementdate,at98.8XTBVforStellarBusinessBank.Atthecompletionofthe
transaction,thedealvaluationequaled102.4XTBV.
INDUSTRY VALUATIONS: BANKS BETWEEN $125 AND $250 MILLION
Bankswithassetsintherangeof$125and$250millionatSeptember30,2012representedthelargestgroup
ofCaliforniapublicly‐traded inancialinstitutions.Raisingtheminimumassetsizeforthissecondclassofbanks
contributed to a reduction in the number of banks. At year‐end 2011, when the asset class was de ined as
between$100and$250million,therewere62banks.Withthechangetoa$125‐$250millionassetclass,nine
banksrejoinedthesmallestassetclass.Overthecourseof2012,fourbankswithinthisgroupwereacquiredby
otherbanks,makingthisclassthemostactivetargetgroupformergersandacquisitions.Fivebanksgrewinto
thenextassetclass,andtwobankswereaddedtothetrackingreport.Therewere45banksthatcarriedover
fromtheprioryear,andatyear‐end2012therewere47banksinthisclass.
Due to the realignment in the two smallest asset classes, Americas United Bank, Chino Commercial Bancorp,
Delta National Bancorp, Friendly Hills Bank, Golden State Bank, Mojave Desert Bank, Mission Oaks Bank,
NorthernCaliforniaNationalBank,andPaci icAllianceBankrejoinedthesmallestassetclass.Growingintothe
next larger class were Bay Commercial Bank, 1st Capital Bank, Mission Community Bancorp, Manhattan
Bancorp,andMissionBancorp.Thetrackingreportbegancoveragein2012forCoronadoFirstBank(NADO)
andVisaliaCommunityBank(VSMU).
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $125 AND $250 MILLION (continued)
Theacquisitionsoffourbanksinthisassetclasswerecompletedin2012.Theseacquiredpublicly‐tradedbanks
were Desert Commercial Bank, Inland Community Bank, Security Business Bank, and California Community
Bank.TheacquisitionofDesertCommercialBankby1stFoundationBankwascompletedonAugust15,2012in
a mixed stock and cash transaction valued at $20.1 million. At the time of the deal announcement, this
transaction was valued at 1.26X tangible book value. At completion, the deal ratio was 1.20X TBV. SKBHC
completed the acquisitions of two banks fromthis assetclass in 2012. SKBHC,throughitsWashington‐based
subsidiary American West Bank, closed the merger of Security Business Bank on July 3, 2012 in an all‐cash
transaction valued at $26.9 million. The deal value represented 1.35X TBV as of both the announcement and
completiondates.TheSKBHCsubsidiaryAmericanWestBankclosedontheacquisitionofInlandCommunity
BankonNovember2,2012.The$23.7millionall‐cashdealwasvaluedat93.9%ofTBVatclosing,compared
with the announcement valuation of 94.7%. Grandpoint Capital acquired California Community Bank and
mergedthatbankintoRegentsBank,N.A.onNovember30th.The$30.8millionall‐cashtransactionwasvalued
at114.5%ofTBV,comparedwiththeannouncementpricingof116.0%ofTBV.
Inadditiontothecompletedtransactions,CoronadoFirstBankagreedinlateNovembertoacquireSanDiego
Private Bank. Upon completion of the acquisition, Coronado First Bank will operate under the name of San
DiegoPrivateBank.Thetransactionwillbeanall‐stockacquisitionvaluedat$15.5million.Thepricetotangible
bookvalueatannouncementequaled1.18X.CentralValleyCommunityBancorpannouncedonDecember19th
itsintentiontoacquireVisaliaCommunityBankinamixedcash‐stocktransactionvaluedat$21.3million.The
announcementpricingequaled1.10XTBV.
FirstCaliforniaBankannouncedinDecember2011itsintentiontoacquirePremierServiceBankina$2million
all‐stocktransaction,valuedatannouncementat0.31XTBV.AfterPacWestBancorpenteredintoatransaction
toacquireFirstCaliforniaBank,theacquisitionofPremierServiceBankwascancelled.
Attheendof2012,annualstockpriceadvanceswereexperiencedby36ofthe47banks.Tenbanksreported
pricedeclines,andthepriceofonebankwasunchangedovertheyear.BankonIt,Inc.reporteda190%price
appreciation, based up its $1.14 annual increase in share price. Ojai Community had the second largest
percentage gain at 106%. Twenty three other banks reported price advances in excess of 20% for the year,
speci icallyAmericanCaliforniaBank(71%),AmericanRivieraBank(61%),BankofNapaNA(35%),CalWest
Bancorp (55%), Community Business Bank (41%), Community Bank of the Bay (41%), Community 1st Bank
(50%), Commerce National Bank (48%), Community Bank of Santa Maria (55%), Founders Bancorp (43%),
FocusBusinessBank(23%),FirstMountainBancorp(55%),F&TFinancialServices,Inc.(51%),GoldenValley
Bancorp(26%),MissionValleyBancorp(21%),NewResourceBank(29%),OpenBank(62%),PinnacleBank
(62%),PremierServiceBank(61%),Paci icValleyBank(54%),RiverValleyCommunityBank(22%),Redwood
CapitalBancorp(22%),andSantaClaraValleyBank,NA(50%).
LargestPriceGains
BankonIt,Inc.
OjaiCommunityBank
AmericanCaliforniaBank
SteepestPriceDeclines
ValleyCommunityBank
UnitiFinancialCorp
AltaPaci icBank
Price to Book ‐‐CA Banks $125‐$250 Million
2.5
2.2
1.9
2.0
1.5
1.0
1.4
2.1
1.9
1.4
0.9
0.8
0.7
0.7
0.8
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Carpenter & Company
--
+190.0%
105.9%
+70.7%
‐57.6%
‐22.5%
‐22.1%
Industry Valuations
BANKS BETWEEN $125 AND $250 MILLION (continued)
The steepest price decline was the 58% drop in the price of Valley Community Bank. There were no other
declinesinexcessof50%.AlthoughthestockofSeacoastCommerceBanktradedduringtheyear,thebank’s
stockpricewasunchangedoverthepastyear.
Sixteen of the 47 banks in this class were priced above tangible book value. Capital Bank carried the highest
price to TBV at 2.81X. The valuation for Capital Bank was the second highest P/TBV for all of the publicly‐
traded banks. Of the 31 banks priced below book value, there were ive banks valued at less than 50% of
tangiblebookvalue.ThelowestvaluedstockwasValleyCommunityBankat13%ofTBV.Theaveragepriceto
tangible book value for the entire class equaled 0.93%, up from 0.72% in 2011 and the highest average
valuationforthisclasssince2007.
Ofthe47banksinthisclass,36or77%ofthegroupreportedpro itsforthelast12monthsendingSeptember
30, 2012. Of the 36 pro itable banks in the class, three banks (Liberty Bancorp, Paci ic Commerce Bank, and
Visalia Community Bank) carried price/earnings ratios in excess of 50X, thus were deemed to have a not
meaningful P/E ratio. The highest relevant P/E ratio was 43.4X for Orange County Business Bank, while the
lowestreportedP/Ewas3.6XforOpenBank.TheaverageP/Eratioforthisassetgroupequaled17.2X,down
from17.6Xin2011andtherecenthighof34.7Xin2009.
Therewasatotalof8.7millionsharestradedforthisassetclassin2012.Thissharevolumetranslatedintoan
averageannualvolumeof185,131,only0.7%higherthantheaveragesharevolumeforthesmallestassetclass.
Thesetrendsre lectedthelimitedmarketliquidityformostofthestocksintheclass.Thelowestsharevolume
was the 500 shares traded in Liberty Bancorp. New Resource Bank reported the highest trading volume at
807,090shares.Fiveofthe47banksinthisclassreportednotradesinthemonthofDecember2012.Whileall
ofthebanksreportedtradesduringtheyear,thelasttradeforBankofSouthernCaliforniaNAwasinMay,and
merger‐targetVisaliaCommunityBankreportednotradesinthefourthquarter.
ThebankwiththehighestmarketcapitalizationinthisgroupwasAltaPaci icBankat$38.6million.Thelowest
marketcapitalizationwasforNorthernCaliforniaBancorpat$714,356.Totalmarketcapitalizationforthe$125
to$250millionassetcategoryequaled$760million,comparedwith$673millionatthebeginningof2012.The
marketcapitalizationonaper‐bankbasisincreasedfrom$13.7millionatthebeginningof2012to$15.0million
by year‐end. The following banks completed signi icant capital raises during the irst nine months of 2012:
Community Bank of San Joaquin, Paci ic Commerce Bank, New Resource Bank, Fresno First Bank, and
AltaPaci ic Bank. A total 40 of the 47 banks in this class reported increases in market capitalization over the
courseof2012.
INDUSTRY VALUATIONS: BANKS BETWEEN $250 AND $500 MILLION
The number of banks in the $250‐$500 million asset class was unchanged in 2012 at 23. The stability in the
number of banks masked considerable variation in the composition of this asset group. Seventeen banks
remainedinthisclassfrom2011.Fivebanksgrewintothisassetclassfromthesmallerclass.CaliforniaFirst
NationalBancorpwasaddedtothetrackingreport.Growingintotheclassfromthe$125‐$250milliongroup
were Bay Commercial Bank, 1st Capital Bank, Mission Community Bancorp, Manhattan Bancorp, and Mission
Bancorp.GrowingintothenextlargergroupwasCaliforniaRepublicBank,whileNorthernCaliforniaBancorp
declinedinassetsizetorejointhesmallerassetclass.
American Perspective Bank was acquired by PacWest Bancorp in an all‐cash transaction valued at $58.1
million.ThetransactionclosedinAugust2012andwasvaluedatcompletionat130.5%oftangiblebookvalue,
comparedwiththeat‐announcementvaluationof131.6%ofTBV.TheacquisitionofBeachBusinessBankby
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $250 AND $500 MILLION (continued)
First PacTrust Bancorp was completed in July 2012. The $37.5 million all‐cash transaction was valued at
115.3%ofTBV,comparedwiththeat‐announcementvaluationof119.1%.PremierCommercialBancorpwas
acquired by California United Bank inan all‐stocktransaction thatclosed on July31st. The $40.8 million deal
wasvaluedat101.3%ofTBVattheclose,upfromtheannouncementvaluationof91.6%.GrandpointCapital
announceditsintentiontoacquireNationalBankofCalifornia,thesubsidiaryofNCALBancorp,inanall‐cash
transactionvaluedat$11.1million.ThistransactionwasterminatedinlateJanuary2013.
Eighteenbanksreportedannualstockpricegains,while ivebanksexperiencedpricedeclines.Thestockprice
ofCommonwealthBusinessBanksurgedhigherby120%.Othernotablestockpriceadvancesinthiscategory
wereexperiencedbyAvidBankHoldings,Inc.(52%),CaliforniaBankofCommerce(26%),CommerceWestBank
(60%),1stCenturyBancshares(30%),GreaterSacramentoBancorp(59%),ManhattanBancorp(29%),Norcal
CommunityBancorp(20%),PlumasBancorp(37%),PlazaBank(51%),SummitStateBank(30%),andValley
CommerceBancorp(48%).Thesteepestpricedeclinewas55%formerger‐targetNCAL.
Theaveragepricetotangiblebookvalueforthisassetclassequaled0.87Xin2012,upfrom0.79Xin2011and
0.71Xin2010.Sevenbankscarriedpricingthatwasatorabovetangiblebookvalue.ValleyRepublicBankhad
the highest valuation at 1.38X tangible book value. Only one bank traded below 50% of tangible book value,
speci icallyUnitedAmericanBankat0.07Xtangiblebook,thelowestvaluationofthepublicly‐tradedbanks.
Onlyfourofthe23banksinthe$250to$500milliongroupreportedlossesforthetwelvemonthperiodending
September2012.Ofthe19bankswithLTMpro its,theP/EratiosforMissionCommunityBankandSecurity
CaliforniaBancorpexceeded50%andthuswerereportedasnotmeaningful(N/M).Oftheremainingseventeen
relevantP/Eratios,theaverageratioequaled15.31X,downfrom15.61Xin2011and22.49Xin2010.TheP/E
ratiosrangedfromahighof34.1XforValleyRepublicBanktoalowof3.9XforBayCommercialBank.
Banksinthisclassreportedthatatotalof9.2millionsharestradedin2012.Thistradingvolumerepresenteda
per‐bank average of 401,562 shares or more than double the average trading volume for the two smaller
classes.All23banksreportedstocktradesinDecember2012.Theannualtradingvolumesrangedfromalowof
28,794 shares for Mission Community Bancorp to 1,466,887 shares for CommerceWest Bank. Also reporting
morethan1millionsharesintradingvolumeswereCaliforniaFirstNationalBancorpandSummitStateBank.
Themarketcapitalizationfortheclassequaled$830million,upfrom$525millionin2011and$618millionin
2010.Onaper‐bankbasis,theaveragemarketcapitalizationin2012was$36.1million,a52%gainoverthe
averagemarketcapitalizationin2011.Therangeofmarketcapitalizationinthisassetclassranfrom$604,799
for United American Bank to $156.2 million for California First National Bancorp. Only four of the 23 banks
reporteda year‐over‐year reduction in market capitalization. United American BankandMission Community
Bancorpraisednotableadditionalcapitalin2012.
LargestPriceGains
CommonwealthBusinessBank
CommerceWestBank
GreaterSacramentoBancorp
SteepestPriceDeclines
NCALBancorp
UnitedAmericanBank
SecurityCaliforniaBancorp
Price to Book ‐‐ CA Banks $250‐$500 Million
3.0
2.6
2.5
2.0
2.2
1.7
2.6
2.3
1.6
1.5
1.0
0.8
0.7
0.7
0.8
0.9
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Carpenter & Company
--
+120.2%
+59.8%
+59.0%
‐55.2%
‐28.6%
‐2.3%
Industry Valuations
INDUSTRY VALUATIONS: BANKS BETWEEN
$500 MILLION AND $1 BILLION
ThenumberofCaliforniabankswithassetsintherangeof$500millionand$1billionwasreducedbytwoin
2012 to a total of 16 banks. California United Bank, Heritage Oaks Bancorp and Paci ic Premier Bancorp
crestedoverthe$1billionassetthresholdinthecourseoflastyear,whileCaliforniaRepublicBankgrewinto
thisassetclass.Fifteenbanksremainedinthisclassfromtheprioryear.
OrganicgrowthandtheacquisitionofPremierCommercialBankpropelledCaliforniaUnitedBanktoover$1
billioninassets.Paci icPremierBancorpacquired$130millioninassetsfromthefailedPalmDesertNational
BankinApril2012,thuscontributingtotheriseofPaci icPremierBankover$1billion.HeritageOaksBank
greworganicallytoexceed$1billion.
FirstPacTrustBancorpannouncedinAugust2012itsintentiontoacquirePrivateBankofCaliforniainamixed
stock and cash transaction equaled to $52 million. The acquisition was valued at 1.22X tangible book value.
Upon receipt of regulatory and shareholder approvals, Private Bank of California will merge into Beach
Business Bank and the resultant entity will operate as The Private Bank of California. Central Valley
Community Bancorp offered to acquire Visalia Community Bank in a cash‐stock transaction valued at $21.3
million.Thepricetotangiblebookvalueatthedealannouncementequaled110.5%.
Lastyearbroughtimpressivemarketperformancesforbanksinthisassetclass.Fifteenofthesixteenbanks
recordedstockpricegainsoverthecourseoftheyear.OnlySaehanBancorpexperiencedafull‐yeardeclinein
stockprice.ThestockofCommunityWestBancsharesshowedthesteepestpriceadvance,up125%,followed
by the 100% rise in stock price of Paci ic City Financial Corp. Other price gains in excess of 20% were
experienced by the following eight banks: American River Bankshares (52%), Bank of Commerce Holdings
(37%),CaliforniaRepublicBank(57%),CentralValleyCommunityBancorp(43%),1st EnterpriseBank(61%),
FNBBancorp(53%),NorthValleyBancorp(48%),andPrivateBankofCalifornia(36%).
Within the $500 million to $1 billion asset class, ive banks traded above book value, speci ically California
RepublicBank,1stEnterpriseBank,PremierValleyBank,PrivateBankofCalifornia,andSaehanBancorp.No
bank in this class was valued below 50% of book value. The lowest price to tangible book value ratio was
carried by Community West Bancshares at 0.56X. The highest ratio was 1.72X for California Republic Bank.
Theaveragepricetotangiblebookvalueforthisclassequaled0.97X,upfrom0.81Xin2011and0.85Xin2010.
FifteenofthesixteenbanksinthisclassreportedLTMpro itsthroughSeptember2012.OnlyCommunityWest
Bancsharesreportedalossforthisperiod.Amongthe ifteenpro itablebanks,CaliforniaRepublicBankand
SaehanBancorpreportedP/Eratiosinexcessof50XandtheirratioswereconsideredtobeN/M.Thehighest
meaningfulP/Eratiowas26.0XforUnitedSecuritiesBancshares.ThelowestreportedP/Ewas7.8XforPaci ic
LargestPriceGains
CommunityWestBancshares
Paci icCityFinancialCorp
1stEnterpriseBank
OnlyPriceDecline
SaehanBancorp
Price to Book ‐‐CA Banks $500 Million‐$1 Billion
3.0
2.7
2.8
2.6
2.6
2.5
2.0
1.8
1.7
1.5
1.0
0.8
0.6
0.8
0.8
1.0
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Carpenter & Company
--
+124.8%
+100.0%
+60.9%
‐32.7%
Industry Valuations
BANKS BETWEEN $500 MILLION AND $1 BILLION (continued)
CityFinancialCorp.TheaverageP/Eratioforthisassetclasswas14.2Xin2012,comparedwith17.3Xin2011
and13.3Xin2010.
During2012,thetotaltradingvolumeforallbanksinthisclassequaled20.6millionshares,representinga1.3
millionshareper‐bankaveragefortheyear.Thisaveragesharecountwasmorethan220%greaterthanthe
averagetradesforthe$250‐500millionassetclass.Thenumberofactualsharestradedshowedwidevariation,
inlargemeasureduetoSunwestBank’s$27,000averageshareprice.Thenexthighestsharepriceinthisclass
was$18.55forFNBBancorp.Theannualsharevolumesrangedbroadlyfromthe12sharestradedforSunwest
Bank to the 4.6 million share volume for Bank of Commerce Holdings. Within this class, eight banks,
representing50%ofthegroup’sbanks,reportedtradingvolumesinexcessof1millionshares.
The market capitalization of this class in 2012 totaled $988 million, up from $947 million in 2011. With two
fewer banks than in 2011, the average market capitalization of banks in this category climbed from $52.6
millionin2011to$61.7millionin2012.Thelowestmarketcapitalizationwasthe$20.1millionofCommunity
WestBancshares,andthehighestwas$97.3millionforNorthValleyBancorp.OnlySaehanBancorpreporteda
reductioninmarketcapitalizationoverthepastyear.Thefollowingbanksraisednotableadditionalcapitalin
2012:1stEnterpriseBankandPrivateBankofCalifornia.
INDUSTRY VALUATIONS: BANKS BETWEEN $1 AND $5 BILLION
Thenumberofbanksinthe$1‐$billionassetclassincreasedbytwoin2012toatotalof20.Threebanksgrew
intotheclass,speci icallyCUBancorp,HeritageOaksBancorpandPaci icPremierBancorp.BBCNBancorp,the
bankholdingcompanyformedfollowingthemergerofCenterBankandNaraBank,grewtoexceed$5billionin
assets.
Seventeenofthetwentybanksinthisclassreportedannualgainsinstockprices.Tenoftheseseventeenbanks
experienced price increases in excess of 20%, with First California Financial Group, leading the stock price
advance with an annual gain of 137%. The other nine banks with notable gains in stock prices were Bridge
Capital Holdings (50%), Sierra Bancorp (30%), Hanmi Financial Corp (84%), Heritage Oaks Bancorp (64%),
Heritage Commerce Corp (47%), Preferred Bank (91%), Paci ic Mercantile Bancorp (93%), Paci ic Premier
Bancorp (62%), and Wilshire Bancorp (62%). Of the three banks incurring stock price declines, the steepest
dropwas8%forMechanicsBank.
LargestPriceGains
FirstCAFinancialGroup
Paci icMercantileBancorp
PreferredBank
PriceDeclines
MechanicsBank
WestAmericaBancorp
BankofMarinBancorp
Price to Book ‐‐ CA Banks $1‐$5 Billion
3.0
3.0
2.5
2.5
2.4
2.5
2.0
2.0
1.6
1.3
1.5
1.0
1.0
1.1
1.2
1.0
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Carpenter & Company
--
+136.8%
92.9%
+90.6%
‐8.1%
‐3.0%
‐0.4%
Industry Valuations
BANKS BETWEEN $1 AND $5 BILLION (continued)
Sixofthe20bankscarriedvaluationsthatwerebelowtangiblebookvalue.Noneofthebankswerevaluedat
lessthan50%oftangiblebookvalue.ThehighestP/TBVforthisclasswasreportedbyWestAmericaBancorp
at2.83X,thehighestP/TBVofallthepublicly‐traded inancialinstitutions.WestAmericaBancorpleditsclassin
P/TBVforsixconsecutiveyears.Forthisassetclass,thelowestpricetotangiblebookvaluewasthe0.68Xratio
of Mechanics Bank. The average ratio of price to tangible book value for this class equaled 1.23X, compared
with 1.07X in 2011 and 1.23X in 2010. The average price to tangible book value for this class was the third
highestoftheeightassetclassesanalyzed.
Allofthebanksinthisgroupreportedpro itsforthetwelve‐monthperiodendingSeptember2012.Allofthe
banks reported meaningful price/earnings ratios, except for CU Bancorp, with its P/E in excess of 50X. The
meaningful P/E ratios ranged from 4.97X for Wilshire Bancorp to 26.85X for Heritage Commerce Corp. The
averageP/Efortheclassequaled12.2X,downfrom13.4Xin2011and22.8Xin2010.TheaverageP/Ewasthe
lowestoftheeightassetgroups.
The total volume of shares traded for this asset class equaled 282.8 million, representing an average share
volumeof14.1millionshares.Threeofthebanksintheclass,speci icallyFarmers&MerchantsBank,Farmers
& Merchants Bancorp of Long Beach, and Mechanics Bank, had share prices that were in excess of $400, a
pricingthathelddownthevolumeoftradesforthesethreebanks.Hence,MechanicsBank,withitsyear‐end
closingpriceof$10,800pershare,hadthelowestannualtradingvolumeofthisclassat629shares.Thehighest
volumetradingwasthe102.3millionsharestradedinWilshireBancorp.
Themarketcapitalizationfortheentireclassequaled$5.4billion,anincreasefrom$4.4billionin2011and$4.8
billionin2010.Marketcapitalizationonaper‐bankbasisequaled$267.7million,a10.6%gainfromthe$242.0
millionaveragein2011.Themarketcapitalizationforthisgrouprangedfrom$86.4millionforRiverCityBank
to$1.2billionforWestAmericaBancorp.ThemarketcapitalizationofWestAmericawasthesixthhighestofall
theCaliforniapublicly‐tradedbanksinthisanalysis.Twoofthetwentybanksreportedadeclineyear‐over‐year
inmarketcapitalization,notablyMechanicsBankandWestAmericaBancorp.
INDUSTRY VALUATIONS: BANKS BETWEEN $5 AND $10 BILLION
At the end of 2012, the number of banks with assets, as of September 2012, between $5 and $10 billion
remainedunchangedatthree.Thecompositionofthisclasswaschangedoverthecourseofthepastyear.BBCN
Bancorpgrewintothisassetclass.Paci icCapitalBancorpwasacquiredbyUnionBankofCalifornia.Atyear‐
end2012,thegroupconsistedofBBCNBancorp,CVBFinancialCorp,andPacWestBancorp.
PriceGains
PacWestBancorp
BBCNBancorp
CVBFinancialCorp
Price to Book ‐‐ CA Banks $5‐$10 Billion
3.3
3.5
3.0
2.6
2.5
2.0
1.5
2.1
2.1
2.1
1.9
1.7
1.5
1.5
1.6
1.1
1.0
0.5
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Carpenter & Company
--
+30.7%
+22.4%
+3.7%
Industry Valuations
BANKS BETWEEN $5 AND $10 BILLION (continued)
Allthreebanksreportedstockpricegainsin2012.PacWestBancorprecordedthesteepestincreaseat31%.
Allthreebankswerepricedabovetheirtangiblebookvalue.The1.9XpricetoTBVforPacWestBancorpwas
thehighestofthegroup.TheaverageP/TBVequaled1.62Xin2012,comparedwith1.49Xin2011and1.76Xin
2010.TheaverageP/TBVwasthehighestoftheeightassetclasses.
The three banks all reported pro its for the twelve months ending September 2012, and each bank had
meaningful price/earnings ratios. The P/E ratios ranged narrowly from 14.1X for CVB Financial Corp and
18.1X for PacWest Bancorp. The P/E for BBCN Bancorp was 15.0X. The average P/E for this class equaled
12.2X,downfrom13.1Xin2011and17.0Xin2010.
Thecombinedannualtradingvolumeforthethreebanksequaled22.8millionsharesin2012foranaverage
volume per bank of 7.6 million shares. CVB Financial reported the most trades at 10.3 million shares, while
PacWestBancorpwasbelowtheaveragesharevolumeat4.5millionshares.
Thetotalmarketcapitalizationforthisgroupequaled$2.9billion,upfrom$2.7billionin2011and$2.6billion
in2010.Allofthebanksreportedincreasesinmarketcapitalizationoverthecourseoftheyear.Theslowest
growthinannualmarketcapitalizationoccurredforCVBFinancial.
INDUSTRY VALUATIONS: BANKS BETWEEN $10 AND $100 BILLION
ThenumberofCaliforniapublicly‐tradedbankswithassetsbetween$10billionand$100billionheldsteadyat
iveatyear‐end2012.Thecompositionoftheclassremainedunchanged.All ivebanksreportedstockprice
gains in 2012, with the advances ranging from 7.1% to 30.8%. Cathay General Bancorp experienced the
steepestpriceadvance,whileFirstRepublicBankhadthesmallestgaininstockprices.
Allofthebankswerepricedabovetangiblebookvalue,withvaluationswithinanarrowrangeof1.40XforSVB
FinancialGroupto1.64XforEastWestBancorp.Theaveragepricetotangiblebookvalueequaled1.55X,the
secondhighestratiooftheeightassetclasses.The2012pricetoTBVaverageratiocomparedto1.50Xin2011
and1.88Xin2010.
All of the banks reported meaningful price/earnings ratios. The P/E for the entire group averaged 13.59X,
downfrom13.89Xin2011and18.80Xin2010.TheP/Eratiosrangedfrom11.74XforEastWestBancorpto
15.59XforSVBFinancialGroup.
Due to the signi icant market liquidity for these banks, the combined annual trading volume equaled 724.1
millionsharesforanaveragevolumeof114.8millionshares.OnlyEastWestBancorpandFirstRepublicBank
hadtrading valuesabove the average. The lowesttrading volumewas 85.8 millionsharesforSVB Financial,
andEastWestBancorpreportedthemosttradesat265millionshares.
Price to Book ‐‐ CA Banks $10‐$100 Billion
LargestPriceGains
CathayGeneralBancorp
SVBFinancialGroup
CityNationalCorp
2.5
2.5
2.1
1.9
2.0
1.7
1.5
1.6
2011
2012
1.5
1.5
1.0
0.5
0.0
2006
2007
2008
2009
2010
Carpenter & Company
--
+30.8%
+17.4%
12.1%
Industry Valuations
BANKS BETWEEN $10 AND $100 BILLION (continued)
Total market capitalization for the $10‐$100 billion asset group equaled $14.0 billion, compared with $12.5
billionin2011and$13.2billionin2010.Onaper‐institutionbasis,theaveragemarketcapitalizationequaled
$2.8billion,upfrom$2.5billionin2011.ThehighestmarketcapitalizationwasheldbyFirstRepublicat$4.3
billion.FirstRepublicBankalsoranked irstinmarketcapitalizationin2011.Thelowestmarketcapitalization
was$1.5billionforCathayGeneral.
Industry Valuations: California Thrifts
At the end of 2012, the number and composition of publicly‐traded California thrifts held steady. The only
changeinthisclasswasthenewnameandtickersymbolforastock.KaiserFederalFinancialGroup(KFFG)
changeditsnameandtickertoSimplicityBancorpandSMPL,respectively.
Fivethriftsreportedstockpricegainsin2012.Thelargestannualadvancewasthe88%increaseinthestock
priceofProvidentFinancialHoldings.Othernotableincreaseswerethegainsof71%forBOFIHoldings,Inc.
and34%forMalagaFinancialCorp.TheonlypricedeclinewasrecordedforBroadwayFinancialCorp.
BOFIHoldingsandMalagaFinancialCorptradedabovebookvalue.BOFIcarriedthehighestpricetotangible
bookvalueat1.70X.ThelowestP/TBVwas0.55XforBroadwayFinancialCorp.Theaveragepricetotangible
bookvalueratiofortheentireclassequaled1.05X,upfrom0.80Xin2011and0.81Xin2010.
Five thrifts reported pro its for the last twelve months ending September 2012. The P/E for First PacTrust
Bancorpexceeded50X,causingittocarryaN/Mratio.TheresultantfourmeaningfulP/Eratiosrangedfrom
8.40X for Malaga Financial to 19.93X for Simplicity Bancorp. The average P/E for this asset class equaled
12.75Xin2012,comparedwith12.43Xin2011and7.56Xin2010.
Thethriftclassisbaseduponchartertype,notassetsize.Thepublicly‐tradedCaliforniathriftsrangedinsize
fromBroadwayFinancialat$384milliontoBOFIat$2.6billion.Asaresultofthewideassetsizedifferential,
therewasasigni icantvariationinthemarketcapitalization withinthegroup.BroadwayFinancialcarrieda
market cap of $1.2 million. The market cap of BOFI equaled $361.7 million. Total market capitalization of
Californiathriftsequaled$931million,upfrom$578millionin2011and$403millionin2010.OnlyBroadway
FinancialCorpshowedareductioninmarketcapitalizationoverthepastyear.
Thetotaltradingvolumeforthethriftsequaled37.8millionsharesforanaverageof6.3millionsharestraded
annually.ThehighestannualtradingvolumewasforBOFIHoldingsat15.0millionshares.Thelowestvolume
of trades were the 295,404 shares for Malaga Financial. First PacTrust Bancorp announced its intention to
acquire two institutions in 2011. First PacTrust completed its acquisitions of Gateway Bancorp at a closing
priceof0.67XTBVandofBeachBusinessBankataclosingpricingof1.15XTBV.FirstPacTrustannouncedin
2012itsintentiontoacquirePrivateBankofCaliforniaatavaluationof1.22XTBV.
LargestPriceGains
ProvidentFinancialHoldings
BOFIHoldingsInc.
PriceDecline
BroadwayFinancialCorp
Price to Book ‐‐ CA Thrifts
2.5
2.1
1.9
2.0
1.6
1.5
1.4
1.4
1.1
0.8
0.8
1.0
0.5
0.4
0.4
2008
2009
0.8
0.0
2002
2003
2004
2005
2006
2007
Carpenter & Company
2010
2011
2012
--
+87.8%
+71.1%
‐57.7%
Industry Valuations
CaliforniaBankandThriftAcquisitionsAnnouncedin2012
RankedbyDealValue
DATES
Announced
Completed
orStatus
Buyer(City,State)
BuyerAssets($M)
Seller(City)
SellerAssets($M)
MitsubishiUFJ(Tokyo)
PacificCapitalBancorp(SantaBarbara)
$2,739,624.7
PacWestBancorp(LosAngeles)
$5,850.2
195.6#
14.5 #
235.2
169.8
21.1
4/30/2012
8/1/2012
58.1
130.5#
21.0 #
$638.7
8/21/2012
pending
52.1
122.3
50.0
$227.3
7/19/2012
30.0
93.9#
NM
30.0
114.5#
34.7
27.8
84.5#
N/A
3/23/2012
7/3/2012
26.4
135.0#
NM
8/29/2012
11/15/2012
24.9
149.1#
N/A
12/19/2012
pending
21.3
110.5
N/A
11/27/2012
pending
15.5
118.7
NM
7/23/2012
pending
7.1
79.6
NM
10/21/2012
pending
6.5
50.7
N/A
N/A
N/A
$1,990.8
11/6/2012
pending
AmericanPerspectiveBank(SanLuisObispo)
$5,448.1
FirstPacTrustBancorp(Irvine)
1,516.3
FirstCaliforniaFinancialGroup(WestlakeVillage)
$5,538.5
PacWestBancorp(LosAngeles)
3/9/2012
12/1/2012
DealValue Price/
Price/
($M)
BookValue LTMEPS
(x)
(x)
$259.2
PrivateBankofCalifornia(LosAngeles)
$1,115.1
SKBHCHoldings(Seattle,WA)
ICBFinancial(Ontario)
$2,314.8
11/2/2012
GrandpointCapital(LosAngeles)
CaliforniaCommunityBank(Escondido)
$1,179.0
$243.8
FNBBancorp(So.SanFrancisco)
OceanicBank(SanFrancisco)
$715.6
$169.4
SKBHCHoldings(Seattle,WA)
SecurityBusinessBancorp(SanDiego)
$2,299.1
$233.4
UmpquaHoldings(Portland,OR)
CircleBancorp(Novato)
$11,521.9
$322.2
CentralValleyCommunityBancorp
(Fresno)
VisaliaCommunityBank(Visalia)
$887.7
$200.4
CoronadoFirstBank(Coronado)
SanDiegoPrivateBank(LaJolla)
$166.0
$129.2
MissionBancorp(Bakersfield)
MojaveDesertBank,N.A.(Mojave)
$262.2
$103.8
SterlingFinancial(Spokane,WA)
AmericanHeritageHoldings(LaMesa)
$9,599.5
$149.6
GrandpointCapital(LosAngeles)
NCALBancorp(LosAngeles)
$1,551.9
$382.9
Carpenter & Company
--
1/19/2012
11/30/2012
3/25/2012
9/21/2012
6/11/2012 N/A
cancelled
Industry Valuations
CaliforniaBankandThriftAcquisitionsAnnouncedin2011andCompletedin2012
RankedbyDealValue
Buyer(City,State)
BuyerAssets($M)
CaliforniaUnitedBank
(Encino)
$791.7
FirstPacTrustBancorp
(Irvine)
$882.3
FirstFoundation,Inc.
(Irvine)
$456.2
Seller(City)
SellerAssets($M)
DATES
Announced
Completed
Price/
Price/
BookValue LTMEPS
(x)
(x)
PremierCommercialBancorp(Anaheim)
$449.8
12/8/2011
7/31/2012
38.1
101.3 #
23.3 #
BeachBusinessBank(ManhattanBeach)
$304.2
8/30/2011
7/1/2012
37.1
115.3 #
17.4 #
DesertCommercialBank(PalmDesert)
$153.0
3/22/2011
8/15/2012
20.1
120.2 #
NM
9/14/2011
2/17/2012
17.4
102.4 #
NM
6/3/2011
8/17/2012
15.5
67.1 #
N/A
N/A
N/A
AltaPacificBancorp(Santa
Rosa)
$92.9
StellarBusinessBank(Covina)
$85.4
FirstPacTrustBancorp
(ChulaVista)
$1,083.1
GatewayBancorp(SantaAna)
$181.4
SCJ,Inc.(Irvine)
N/A
DealValue
($M)
ManhattanBancorp(ElSegundo)
$146.8
11/21/2011
5/31/2012
# at announcement.
Carpenter & Company
--
N/A
STOCK PERFORMANCE: 2012 Annual Report
Carpenter and Company—Stock Performance Report
Average LTM P/E Ratios by Asset Group
Average LTM* P/E Ratio
Total Assets:
Under $125M
$125M - $250M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
CA Thrifts
12/31/2012
Previous Month
12/31/2011
% Change Monthly
% Change YTD
16.27
17.19
15.31
14.19
12.21
15.72
13.59
12.75
16.68
16.90
16.20
16.64
12.03
16.08
13.29
12.10
20.36
17.60
15.61
17.28
13.40
17.01
13.89
12.43
-2.43%
1.77%
-5.49%
-14.76%
1.49%
-2.22%
2.25%
5.34%
-20.08%
-2.30%
-1.94%
-17.90%
-8.90%
-7.56%
-2.20%
2.59%
25
20
15
10
5
0
Under $125M - $250M - $500M - $1Bn $125M $250M $500M $1Bn
$5Bn
12/31/2011
$5Bn $10Bn
Over
$10Bn
CA
Thrifts
12/31/2012
*LT M= Last T welve Months. LT M P/E calculated based on last twelve months earnings through 9/30/2012
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
STOCK PERFORMANCE
Carpenter and Company—Stock Performance Report
Price/Book Ratios by Asset Group
Average Price/T. Book Ratio
Total Assets:
Under $125M
$125M - $250M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
CA Thrifts
12/31/2012
Previous Month
12/31/2011
% Change Monthly
% Change YTD
0.69
0.93
0.87
0.97
1.23
1.62
1.55
1.05
0.67
0.92
0.87
0.93
1.21
1.69
1.52
1.05
0.76
0.80
0.77
0.81
1.07
1.49
1.50
0.80
2.04%
1.61%
-0.08%
4.56%
1.95%
-4.16%
1.92%
0.17%
-9.87%
16.75%
13.96%
19.21%
15.21%
9.31%
3.27%
31.91%
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Under $125M - $250M - $500M - $1Bn $125M $250M $500M $1Bn
$5Bn
12/31/2011
$5Bn $10Bn
Over
$10Bn
CA
Thrifts
12/31/2012
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
STOCK PERFORMANCE
Carpenter and Company—Stock Performance Report
Industry-wide Ratio Comparisons
Carpenter California Banks - SNL Bank Index: Price/Tangible Book Ratio (x)
12/31/2012
California Banks
SNL Banks
Total Assets:
Less than $250M
Less than $500M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
Thrifts
0.86
0.86
0.87
0.97
1.23
1.62
1.55
1.05
Previous Month
California Banks
SNL Banks
1.12
0.93
0.92
1.01
1.48
1.48
1.36
1.32
0.86
0.87
0.89
0.97
1.23
1.72
1.55
1.07
12/31/2011
California Banks
SNL Banks
1.06
0.93
0.92
1.05
1.49
1.54
1.39
1.34
0.81
0.81
0.78
0.81
0.95
1.49
1.50
0.80
0.77
0.87
0.89
0.91
1.44
1.68
1.29
1.25
3
3
2012 Comparison
2.00
1.50
1.00
0.50
0.00
Less than
$250M
Less than
$500M
$250M $500M
$500M $1Bn
$1Bn - $5Bn
California Banks
$5Bn $10Bn
Over $10Bn
Thrifts
SNL Banks
Carpenter California Banks - SNL Bank Index: Price/LTM EPS Ratio (x)
12/31/2012
California Banks
SNL Banks
Total Assets:
Less than $250M
Less than $500M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
Thrifts
16.99
16.52
15.31
14.19
12.21
15.72
13.59
12.75
Previous Month
California Banks
SNL Banks
NA
14.86
14.86
12.16
13.79
13.15
14.42
17.13
16.85
16.67
16.20
16.64
12.03
16.08
13.29
12.10
NA
15.37
15.37
12.14
13.66
13.26
13.25
17.25
12/31/2011
California Banks
SNL Banks
18.76
18.15
16.34
17.28
13.35
17.01
13.89
12.43
13.41
15.09
15.21
12.02
14.23
15.48
10.19
17.56
2012 Comparison
20.00
15.00
10.00
5.00
0.00
Less than
$250M
Less than
$500M
$250M $500M
$500M $1Bn
$1Bn - $5Bn
California Banks
$5Bn $10Bn
Over $10Bn
Thrifts
SNL Banks
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
-
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Under $125 Million
Total Market Capitalization: $172 Million
Symbol
Name
Last Trade
Date
AUNB
CABB
CCBC
CKTM
CMUV
CRSB
DEBC
FHLB
GSBB
MOJA
MOKB
MOLB
NCNB
PAMB
PFBN
PPFC
SAGN
SBKK
SFRK
SUTB
SVBA
TRVB
USMT
VBBK
31-Dec
31-Dec
CHINO COMMERCIAL BANCORP
31-Dec
COMMERCE BANK OF T EMECULA VA 31-Dec
COMMUNIT Y VALLEY BANK
31-Dec
CORNERST ONE COMMUNIT Y BANK
26-Dec
DELT A NAT IONAL BANCORP
31-Dec
FRIENDLY HILLS BANK
31-Dec
GOLDEN ST AT E BANK
27-Dec
MOJAVE DESERT BANK
17-Dec
MISSION OAKS BANCORP
31-Dec
MOT HER LODE BANK
28-Dec
NORT HERN CALIFORNIA NAT IONAL 27-Dec
PAN AMERICAN BANK
5-Dec
PACIFIC ALLIANCE BANK
27-Dec
PAN PACIFIC BANK
31-Dec
SAIGON NAT IONAL BANK
31-Dec
SUNCREST BANK
26-Dec
SECURIT Y FIRST BANK
27-Dec
SUT T ER COMMUNIT Y BANK
11-Dec
SIERRA VIST A BANK
27-Dec
T RI-VALLEY BANK
31-Dec
US MET RO BANK
19-Nov
VIBRA BANK
27-Dec
AMERICAS UNIT ED BANK
CALIFORNIA BUSINESS BANK
Annual
Price ($) Volume
5.30
0.35
10.50
4.25
5.00
8.00
6.00
4.50
0.20
14.55
0.09
0.57
8.15
0.30
3.81
1.91
0.25
6.12
3.50
6.00
1.55
0.41
3.10
18.51
816,422
146,229
128,921
50,303
99,539
61,130
15,938
379,488
23,023
9,339
1,005,401
189,726
15,009
8,500
5,300
689,163
142,200
67,120
10,510
8,964
19,429
501,912
5,600
11,868
Mkt Cap
($)
15,254,195
1,246,900
8,710,821
6,385,090
8,107,840
9,600,000
2,281,818
7,272,000
368,920
6,338,969
967,347
2,529,651
11,027,765
456,031
7,077,784
9,341,730
17,356,539
11,700,075
5,950,000
5,710,068
5,012,184
9,650,481
6,138,000
13,676,391
Average
Median
High
Low
LTM Price/
P/E T. Book
8.83
N/M
12.80
N/M
17.24
9.30
N/M
16.16
N/M
N/M
N/M
N/M
29.41
N/M
N/M
N/M
N/M
41.20
14.03
4.88
N/M
N/M
N/M
8.88
16.27
13.42
41.20
4.88
0.90
0.46
1.12
0.70
0.96
0.84
0.28
0.62
0.08
0.80
N/M
0.48
0.80
N/M
0.51
0.67
N/M
0.90
0.48
0.66
0.52
0.98
0.64
1.02
0.69
0.67
1.12
0.08
Annual Change
($)
2.30
-1.15
1.50
-0.75
-0.50
3.60
-2.50
0.25
-0.45
3.05
-0.17
-0.13
-1.85
-0.20
1.41
0.31
0.23
1.87
0.10
0.10
-0.10
0.20
0.50
-4.49
(%)
76.67%
-76.67%
16.67%
-15.00%
-9.09%
81.82%
-29.41%
5.88%
-69.23%
26.52%
-65.38%
-18.57%
-18.50%
-40.00%
58.75%
19.38%
937.34%
44.00%
2.94%
1.69%
-6.06%
93.67%
19.23%
-19.52%
Carpenter and Company— 2011 Annual Stock Performance Report
California Banks with Total Assets Between $100 and $250 Million
Total Market Capitalization: $847 Million
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $125 and $250 Million
Total Market Capitalization: $706 Million
Symbol
ABNK
ACAL
ARBV
BKOT
BNNP
BSCA
CALW
CBBC
CBJC
CBYAA
CFBN
CNBF
CNYB
CTBP
CYSM
FBBN
FBCP
FCSB
FMBP
FOLB
FSNF
FTFS
GVYB
LGHT
LIBC
MNBO
MVLY
NADO
NRLB
NWBN
Name
Last Trade
Date Price ($)
28-Dec
11-Oct
AMERICAN RIVIERA BANK
28-Dec
BANK ON IT INC
26-Dec
BANK OF NAPA NA
31-Dec
BANK OF SANT A CLARIT A
28-Dec
CALWEST BANCORP
31-Dec
COMMUNIT Y BUSINESS BANK
18-Dec
CAPIT AL BANK
31-Dec
COMMUNIT Y BANK OF T HE BAY
31-Dec
COMMUNIT Y 1ST BANK
31-Dec
COMMERCE NAT IONAL BANK
27-Dec
COUNT Y COMMERCE BANK
31-Dec
COAST BANCORP
31-Dec
COMMUNIT Y BANK OF SANT A MARIA 31-Dec
BANK OF SOUT HERN CALIFORNIA NA 11-May
FOUNDERS BANCORP
26-Dec
FOCUS BUSINESS BANK
27-Dec
FIRST MOUNT AIN BANCORP
28-Dec
FOLSOM LAKE BANK
13-Dec
FRESNO FIRST BANK
28-Dec
F&T FINANCIAL SERVICES, INC.
14-Dec
GOLDEN VALLEY BANCORP
29-Nov
LIGHT HOUSE BANK
31-Dec
LIBERT Y BANCORP INC
8-Oct
MNB HOLDINGS CORP
18-Dec
MISSION VALLEY BANCORP
31-Dec
CORONADO FIRST BANK
27-Dec
NORT HERN CALIFORNIA BANCORP IN 21-Dec
NEW RESOURCE BANK
31-Dec
ALT APACIFIC BANK
AMERICAN CALIFORNIA BANK
Annual
Volume
7.40
3.50
7.50
1.74
7.40
7.15
0.45
6.12
21.00
2.90
3.00
9.96
16.00
1.35
7.35
5.65
10.00
7.70
5.80
6.81
9.69
63.00
8.49
11.00
10.03
18.67
4.95
9.15
0.40
4.00
357,667
5,814
398,643
43,147
176,896
458,098
774,655
182,927
62,527
583,135
132,663
373,625
125,511
252,360
491,719
600
42,238
110,290
239,423
30,179
166,798
10,426
71,884
78,776
500
3,085
179,304
64,010
90,978
807,090
Mkt Cap
($)
38,612,231
5,030,246
18,993,465
2,708,012
16,937,742
15,869,489
1,086,989
13,178,796
32,270,112
11,934,106
16,347,726
26,499,506
19,481,888
1,143,289
17,442,182
18,438,967
11,317,000
21,399,863
9,076,571
10,849,086
18,005,648
18,373,509
17,315,635
22,421,564
8,892,718
8,546,622
12,946,171
23,891,977
714,356
22,247,696
LTM Price/ Annual Change
P/E T. Book
($)
(%)
23.15
N/M
16.66
10.24
8.92
26.48
N/M
4.60
42.24
22.60
N/M
19.92
12.03
N/M
25.10
15.69
14.08
6.42
N/M
16.94
14.66
7.72
15.64
12.94
N/M
8.48
19.81
27.35
N/M
34.85
0.79
0.49
0.91
0.54
0.95
0.81
1.38
0.80
2.81
1.13
1.01
1.00
1.24
N/M
1.05
1.09
1.12
0.92
0.73
0.90
1.22
0.82
1.11
1.22
0.93
0.64
0.96
N/M
0.19
0.89
The remaining 17 banks in this asset class are listed on the following page.
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
-2.10 -22.11%
1.45 70.73%
2.85 61.29%
1.14 190.00%
1.90 34.55%
1.06 17.41%
0.16 55.17%
1.77 40.69%
-1.00 -4.55%
0.85 41.46%
1.00 50.00%
3.21 47.56%
2.40 17.65%
0.19 16.38%
2.60 54.74%
-0.35 -5.83%
3.00 42.86%
1.45 23.20%
2.05 54.67%
-0.69 -9.20%
0.94 10.74%
21.40 51.44%
1.74 25.78%
1.25 12.82%
-2.07 -17.11%
0.87
4.89%
0.85 20.73%
0.10
1.10%
0.05 14.29%
0.90 29.03%
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $125 and $250 Million
Total Market Capitalization: $706 Million (continued)
Symbol
OCBB
OJCB
OPBK
PBNK
PFCI
PMRA
PSBK
PVBK
RVVY
RWCB
SCCB
SCVE
SDBK
SMAL
UIFC
VCBC
VSMU
Name
ORANGE COUNT Y BUSINESS BANK NA
OJAI COMMUNIT Y BANK
OPEN BANK
PINNACLE BANK
PACIFIC COMMERCE BANK
PROMERICA BANK
PREMIER SERVICE BANK
PACIFIC VALLEY BANK
RIVER VALLEY COMMUNIT Y BANK
REDWOOD CAPIT AL BANCORP
SEACOAST COMMERCE BANK
SANT A CLARA VALLEY BANK NA
SAN DIEGO T RUST BANK
SUMMIT BANCSHARES INC
UNIT I FINANCIAL CORP
VALLEY COMMUNIT Y BANK
VISALIA COMMUNIT Y BANK
Last Trade
Date Price ($)
31-Dec
31-Dec
5-Dec
27-Dec
31-Dec
28-Dec
28-Dec
14-Dec
14-Dec
31-Dec
31-Dec
28-Dec
31-Dec
24-Dec
6-Dec
24-Dec
21-Sep
Annual
Volume
3.91
7.00
2.10
4.48
2.40
3.59
0.90
10.00
15.00
7.10
4.50
5.99
14.20
7.50
0.55
0.70
31.00
392,814
209,961
63,633
102,908
282,946
79,238
72,615
88,411
32,417
92,919
350,236
139,903
99,903
101,149
70,041
202,601
4,500
Mkt Cap
($)
18,473,092
14,565,446
15,005,516
14,743,716
10,707,012
9,876,090
1,135,153
32,699,550
25,764,360
12,685,087
19,935,869
8,818,280
30,477,403
9,751,335
6,776,416
1,315,206
11,789,982
Average
Median
High
Low
LTM Price/ Annual Change
P/E T. Book
($)
(%)
43.44
14.90
3.56
19.48
N/M
N/M
N/M
18.87
19.38
9.22
4.50
16.64
17.40
10.71
N/M
N/M
N/M
17.19
16.17
43.44
3.56
0.53
1.39
0.67
0.96
0.69
0.59
0.20
1.75
1.45
0.97
1.21
0.89
1.31
0.53
0.34
0.13
0.76
0.93
0.92
2.81
0.13
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
-0.14
3.60
0.80
1.72
-0.50
0.34
0.34
3.50
2.70
1.30
0.00
1.99
-0.45
1.05
-0.16
-0.95
0.50
-3.46%
105.88%
61.54%
62.32%
-17.24%
10.46%
60.71%
53.85%
21.95%
22.41%
0.00%
49.75%
-3.07%
16.28%
-22.54%
-57.58%
1.64%
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $250 and $500 Million
Total Market Capitalization: $830 Million
Symbol
Name
Last Trade
Date
AVBH
BCML
CABC
CFNB
CWBB
CWBK
FCTY
FISB
GSCB
MISN
MNHN
MSBC
NCAL
NCLC
PDOB
PLBC
PLZB
SCAF
SCZC
SSBI
UABK
VCBP
VLLX
31-Dec
26-Dec
CALIFORNIA BANK OF COMMERCE
19-Dec
CALIFORNIA FIRST NAT IONAL BANCORP 31-Dec
COMMONWEALT H BUSINESS BANK
26-Dec
COMMERCEWEST BANK
31-Dec
1ST CENT URY BANCSHARES INC
31-Dec
1ST CAPIT AL BANK
26-Dec
GREAT ER SACRAMENT O BANCORP
31-Dec
MISSION COMMUNIT Y BANCORP
26-Dec
MANHAT T AN BANCORP
31-Dec
MISSION BANCORP
31-Dec
NCAL BANCORP
31-Dec
NORCAL COMMUNIT Y BANCORP
31-Dec
PRESIDIO BANK
28-Dec
PLUMAS BANCORP
31-Dec
PLAZA BANK
31-Dec
SECURIT Y CALIFORNIA BANCORP
28-Dec
SANT A CRUZ COUNT Y BANK
27-Dec
SUMMIT ST AT E BANK
31-Dec
UNIT ED AMERICAN BANK
28-Dec
VALLEY COMMERCE BANCORP
27-Dec
VALLEY REPUBLIC BANK
27-Dec
AVIDBANK HOLDINGS INC
BAY COMMERCIAL BANK
Annual
Price ($) Volume
9.25
8.20
7.63
14.95
12.00
8.95
4.61
10.75
15.90
3.40
3.75
24.75
1.95
1.86
7.50
3.26
2.05
8.01
13.90
6.75
0.25
10.35
15.00
122,080
210,768
239,065
1,121,745
161,787
1,466,887
983,757
177,209
340,360
28,794
353,218
37,190
77,535
873,202
189,846
781,983
85,240
247,907
129,988
1,107,681
235,831
223,386
40,476
Mkt Cap
($)
24,179,500
39,608,411
20,982,500
156,186,044
37,187,604
38,407,663
42,042,987
34,948,282
41,351,623
26,707,224
45,699,124
31,386,638
4,602,478
19,735,932
30,922,965
15,570,865
35,009,798
45,278,736
27,330,597
32,026,860
604,799
28,820,538
51,873,975
Average
Median
High
Low
LTM
P/E
7.71
3.92
15.51
19.67
5.22
11.62
15.90
27.72
16.22
N/M
N/M
13.98
N/M
N/M
25.00
16.30
14.64
N/M
10.22
13.50
N/M
9.08
34.09
15.31
14.64
34.09
3.92
Price/
T. Book
0.77
0.79
0.82
0.79
0.81
0.86
0.87
1.05
1.16
0.81
1.02
1.18
1.27
1.00
0.89
0.53
0.79
0.80
0.94
0.72
0.07
0.78
1.38
0.87
0.82
1.38
0.07
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
Annual Change
($)
3.15
1.35
1.57
-1.13
6.55
3.35
1.07
-0.75
5.90
0.05
0.85
1.50
-2.40
0.31
0.90
0.88
0.69
-0.19
2.10
1.55
-0.10
3.35
1.75
(%)
51.64%
19.71%
25.91%
-7.03%
120.18%
59.82%
30.25%
-6.52%
59.00%
1.49%
29.31%
6.45%
-55.17%
20.00%
13.64%
36.97%
50.74%
-2.32%
17.80%
29.81%
-28.57%
47.86%
13.21%
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between
$500 Million and $1 Billion
Total Market Capitalization: $988 Million
Symbol
Last Trade
Name
Date
AMRB
BOCH
CRPB
CVCY
CWBC
FENB
FNBG
FNRN
NOVB
OVLY
PBCA
PFCF
PVLY
SAEB
SWBC
UBFO
31-Dec
31-Dec
CALIFORNIA REPUBLIC BANK
31-Dec
CENT RAL VALLEY COMMUNIT Y BANCOR 31-Dec
COMMUNIT Y WEST BANCSHARES
28-Dec
1ST ENT ERPRISE BANK
31-Dec
FNB BANCORP
31-Dec
FIRST NORT HERN COMMUNIT Y BANCOR 28-Dec
NORT H VALLEY BANCORP
31-Dec
OAK VALLEY BANCORP
28-Dec
PRIVAT E BANK OF CALIFORNIA
31-Dec
PACIFIC CIT Y FINANCIAL CORP
31-Dec
PREMIER VALLEY BANK
28-Dec
SAEHAN BANCORP
28-Dec
SUNWEST BANK
29-Jun
UNIT ED SECURIT Y BANCSHARES
31-Dec
AMERICAN RIVER BANKSHARES
BANK OF COMMERCE HLDG
Annual
Price ($) Volume
6.91
4.60
16.50
7.76
3.35
15.30
18.55
5.20
14.24
7.45
11.80
1.80
5.30
0.35
27,000.00
2.56
2,023,166
4,581,456
383,755
1,582,808
1,236,835
179,404
386,033
806,270
2,640,249
582,960
973,978
583,804
1,299,474
2,325,745
12
1,046,469
Mkt Cap
($)
64,455,927
74,155,432
85,800,000
74,540,744
20,064,859
58,362,447
68,519,508
48,091,935
97,333,134
58,924,136
45,710,852
45,214,205
67,845,300
83,019,256
60,048,000
35,691,052
Average
Median
High
Low
LTM LTM
EPS($) P/E
20.32
10.45
66.10
10.21
NM
14.85
8.66
18.56
12.38
10.96
24.08
7.76
11.04
NM
9.16
25.99
Price/
T. Book
20.32
10.45
N/M
10.21
N/M
14.85
8.66
18.56
12.38
10.96
24.08
7.76
11.04
N/M
9.16
25.99
0.83
0.81
1.72
0.86
0.56
1.20
0.86
0.70
0.99
0.95
1.08
0.96
1.26
1.42
0.71
0.57
14.19
11.04
25.99
7.76
0.97
0.91
1.72
0.56
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
Annual Change
($)
(%)
2.36 51.87%
1.25 37.31%
6.00 57.14%
2.33 42.91%
1.86 124.85%
5.79 60.88%
6.45 53.31%
0.60 13.04%
4.63 48.18%
0.70 10.37%
3.10 35.63%
0.90 100.00%
0.15
2.91%
-0.17 -32.69%
923.40
3.54%
0.37 16.89%
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $1 and $5 Billion
Total Market Capitalization: $5.4 Billion
Symbol
Last Trade
Name
Date
AMBZ
BBNK
BMRC
BSRR
CUNB
EXSR
FCAL
FMBL
FMCB
HAFC
HEOP
HTBK
MCHB
PFBC
PMBC
PPBI
RCBC
TCBK
WABC
WIBC
28-Dec
31-Dec
BANK OF MARIN BANCORP
31-Dec
SIERRA BANCORP
31-Dec
CU BANCORP
31-Dec
EXCHANGE BANK
31-Dec
FIRST CALIFORNIA FINANCIAL GROU 31-Dec
FARMERS & MERCHANT S BANK
31-Dec
FARMERS & MERCHANT S BANCORP ( 31-Dec
HANMI FINANCIAL CORP
31-Dec
HERIT AGE OAKS BANCORP
31-Dec
HERIT AGE COMMERCE CORP
31-Dec
MECHANICS BANK
26-Dec
PREFERRED BANK
31-Dec
PACIFIC MERCANT ILE BANCORP
31-Dec
PACIFIC PREMIER BANCORP
31-Dec
RIVER CIT Y BANK
31-Dec
T RICO BANCSHARES
31-Dec
WEST AMERICA BANCORP
31-Dec
WILSHIRE BANCORP INC
31-Dec
AMERICAN BUSINESS BANK
BRIDGE CAPIT AL HOLDINGS
Price ($)
Annual
Volume
Mkt Cap
($)
LTM
P/E
Price/
T. Book
26.55
15.56
37.46
11.43
11.71
53.75
7.72
4,310.00
405.00
13.59
5.80
6.98
10,800.00
14.20
6.29
10.24
70.50
16.75
42.59
5.87
382,084
4,853,498
2,834,236
5,090,887
1,000,865
61,900
38,095,346
4,247
17,206
44,147,900
10,269,111
15,625,988
629
7,632,208
6,352,792
5,414,490
24,099
8,089,559
30,596,632
102,336,133
117,678,388
245,017,750
201,099,740
161,206,994
126,013,348
92,145,990
225,580,492
564,299,680
315,042,210
427,938,242
146,672,894
183,714,884
209,304,000
187,919,349
104,858,722
105,916,764
86,370,467
267,880,958
1,166,785,674
418,492,223
11.39
18.31
12.32
21.57
N/M
9.36
20.32
8.83
13.52
5.15
11.84
26.85
9.62
8.40
5.07
7.53
9.83
12.88
14.20
4.97
1.17
1.72
1.36
0.95
1.15
0.72
1.64
0.79
1.53
1.18
1.39
1.25
0.68
1.03
0.91
1.09
0.71
1.27
2.83
1.30
Average
Median
High
Low
12.21
11.39
26.85
4.97
1.23
1.18
2.83
0.68
Annual Change
($)
(%)
3.55 15.43%
5.16 49.62%
-0.13 -0.35%
2.63 29.89%
1.66 16.52%
5.54 11.49%
4.46 136.81%
270.00
6.68%
45.00 12.50%
6.19 83.65%
2.26 63.84%
2.24 47.26%
-950.00 -8.09%
6.75 90.60%
3.03 92.94%
3.90 61.51%
8.50 13.71%
2.53 17.79%
-1.31 -2.98%
2.24 61.71%
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $5 and $10 Billion
Total Market Capitalization: $2.9 Billion
Symbol
Name
Last Trade
Date
BBCN
CVBF
PACW
BBCN BANCORP
CVB FINANCIAL CORP
PACWEST BANCORP
31-Dec
31-Dec
31-Dec
Price ($)
11.57
10.40
24.77
Annual
Volume
8,025,896
10,321,529
4,479,550
Mkt Cap
($)
902,648,128
1,090,059,246
926,894,019
Average
Median
High
Low
LTM
P/E
15.03
14.05
18.08
15.72
15.03
18.08
14.05
Price/ Annual Change
T. Book
($)
(%)
1.41
1.57
1.90
1.62
1.57
1.90
1.41
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
2.12
0.37
5.82
22.43%
3.69%
30.71%
STOCK PERFORMANCE
Carpenter and Company— 2012 Annual Stock Performance Report
California Banks with Total Assets Between $10 and $100 Billion
Total Market Capitalization: $14.0 Billion
Symbol
Last Trade
Name
Date
CATY
CYN
EWBC
FRC
SIVB
CAT HAY GENERAL BANCORP
CIT Y NAT IONAL CORP
EAST WEST BANCORP INC
FIRST REPUBLIC BANK
SVB FINANCIAL GROUP
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
Price ($)
19.53
49.52
21.49
32.78
55.97
Price/ Annual Change
T. Book
($)
(%)
Annual
Volume
Mkt Cap
($)
LTM
P/E
91,202,565
92,813,250
264,946,247
189,350,389
85,773,038
1,537,876,570
2,633,969,493
3,015,064,880
4,292,524,971
2,491,254,028
15.26
13.07
11.74
12.28
15.59
1.51
1.61
1.64
1.61
1.40
Average
Median
High
Low
13.59
13.07
15.59
11.74
1.55
1.61
1.64
1.40
4.60
5.34
1.74
2.17
8.28
30.81%
12.09%
8.81%
7.09%
17.36%
Carpenter and Company— 2012 Annual Stock Performance Report
California Thrifts
Total Market Capitalization: $931 Million
Symbol
BANC
BOFI
BYFC
MLGF
PROV
SMPL
Name
FIRST PACT RUST BANCORP INC
BOFI HOLDINGS INC
BROADWAY FINANCIAL CORP
MALAGA FINANCIAL CORP
PROVIDENT FINANCIAL HOLDINGS INC
SIMPLICIT Y BANCORP, INC
Last Trade
Date Price ($)
Annual
Volume
31-Dec
31-Dec
31-Dec
21-Dec
31-Dec
31-Dec
5,932,450
15,049,087
2,469,103
295,404
7,421,033
6,653,005
12.27
27.81
0.66
16.80
17.50
14.95
Mkt Cap
($)
LTM Price/ Annual Change
P/E T. Book
($)
(%)
143,071,697
361,698,059
1,170,245
99,610,846
195,121,168
130,623,995
N/M
11.44
N/M
8.40
11.22
19.93
0.98
1.70
0.55
1.13
N/M
0.89
Average
Median
High
Low
12.75
11.33
19.93
8.40
1.05
0.98
1.70
0.55
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
2.02 19.71%
11.56 71.14%
-0.90 -57.69%
4.30 34.40%
8.18 87.77%
2.13 16.61%
INDUSTRY RANKINGS: Returns year ending 9/2012
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
Change in
Year
Assets S-Corp Adjusted
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
1st Capital Bank
1st Century Bank, N.A.
1st Enterprise Bank
AltaPacific Bank
America California Bank
American Business Bank
American Continental Bank
American Plus Bank, N.A.
American River Bank
American Riviera Bank
American Security Bank
Americas United Bank
Armed Forces Bank of California, N.A.
Asian Pacific National Bank
Avidbank
Balboa Thrift and Loan Association
Banamex USA
Bank of Agriculture and Commerce
Bank of Alameda
Bank of America California, N.A.
Bank of Feather River
Bank of Hemet
Bank of Manhattan, N.A.
Bank of Marin
Bank of Napa, N.A.
Bank of Rio Vista
Bank of Sacramento
Bank of San Francisco
Bank of Santa Barbara
Bank of Santa Clarita
Bank of Southern California, N.A.
Bank of Stockton
Bank of the Orient
Bank of the Sierra
Bank of the West
Bank of Whittier, N.A.
Bay Commercial Bank
BBCN Bank
Beach Business Bank
2007
2004
2006
2006
1972
1998
2003
2007
1983
2006
1990
2006
1999
1990
2003
1980
1963
1965
1998
1984
2007
1974
2007
1990
2006
1904
1998
2005
2005
2004
2001
1867
1971
1978
1874
1982
2004
1986
2004
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Industrial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
302,689
474,343
661,829
222,070
136,539
1,272,610
144,543
293,604
584,767
162,365
451,966
108,381
18,775
53,457
414,578
200,981
1,508,444
461,418
271,554
16,871,118
55,972
447,090
465,258
1,435,263
134,342
183,756
433,493
133,641
118,999
219,044
193,295
2,079,669
528,184
1,420,438
63,037,284
52,716
316,480
5,329,220
312,197
0.47
0.60
0.58
0.69
-0.02
0.87
0.53
1.49
0.64
0.78
0.47
1.67
0.63
0.71
0.97
2.29
-0.24
0.13
-0.34
1.88
1.80
1.84
-0.09
1.20
1.39
0.38
0.68
0.73
0.92
0.25
0.61
0.83
0.23
0.69
0.87
-0.02
3.10
1.54
2.19
4.08
5.82
6.22
3.29
-0.18
11.32
3.74
14.71
4.10
5.14
3.88
9.71
2.55
4.46
10.06
17.23
-1.20
1.33
-3.14
15.64
12.85
15.67
-0.79
12.39
10.05
2.93
6.97
6.89
7.29
2.51
5.00
6.64
3.09
4.83
4.77
-0.10
17.66
11.23
18.89
All rankings in the top 25 are shaded; multiple top 25 rankings are shared in orange.
Carpenter & Company
--
148
131
133
117
194
93
143
35
125
106
149
26
127
116
78
8
202
185
206
16
20
19
197
51
40
162
119
114
87
174
129
97
179
118
94
195
6
30
10
142
111
104
158
195
39
150
18
141
120
148
57
170
132
50
11
200
183
206
15
29
14
197
32
51
165
96
98
91
172
122
101
161
125
128
194
9
41
6
224
39
159
139
52
181
143
45
102
229
134
16
230
153
144
123
200
193
109
100
54
116
22
180
59
108
164
122
42
137
53
133
9
160
124
196
14
81
31
220
38
165
123
54
203
138
36
107
228
127
22
215
148
132
180
187
200
94
171
58
126
32
179
65
110
153
111
42
125
56
141
4
156
133
190
23
91
30
Industry Rankings: LTM through Sept. 2012 Returns on Average Assets and Average Equity
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
S-Corp
Adjusted
Change in
Year
Assets
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
BofI Federal Bank
Borrego Springs Bank, N.A.
Bridge Bank, N.A.
Broadway Federal Bank, F. S. B.
California Bank & Trust
California Bank of Commerce
California Business Bank
California First National Bank
California Pacific Bank
California Republic Bank
California United Bank
Capital Bank
CapitalSource Bank
Cathay Bank
Centennial Bank
Central Valley Community Bank
Chinatrust Bank (U.S.A)
Chino Commercial Bank, N.A.
Citizens Business Bank
City National Bank
Coast National Bank
Commerce Bank of Temecula Valley
Commerce National Bank
CommerceWest Bank
Commercial Bank of California
Commonwealth Business Bank
Community 1st Bank
Community Bank
Community Bank of San Joaquin
Community Bank of Santa Maria
Community Bank of the Bay
Community Business Bank
Community Commerce Bank
Community Valley Bank
Community West Bank, N.A.
Cornerstone Community Bank
Coronado First Bank
County Commerce Bank
Delta Bank, N.A.
East West Bank
Eastern International Bank
EH National Bank
El Dorado Savings Bank, F.S.B.
EverTrust Bank
Exchange Bank
2000
1982
2001
1947
1972
2007
2005
2001
1980
2007
2005
2008
2008
1962
1979
1980
1965
2000
1974
1954
1997
2007
2003
2001
2003
2005
2006
1983
1999
2001
1996
2005
1976
2007
1989
2006
2006
2003
1973
1973
1985
2005
1957
1995
1890
Savings Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Industrial Bank
Commercial Bank
Industrial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Industrial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
2,615,952
141,970
1,248,493
384,382
10,899,012
341,032
57,910
380,486
103,515
585,762
1,264,386
130,800
7,285,953
10,594,527
581,807
886,891
1,456,398
119,083
6,310,234
25,877,700
141,996
54,080
241,720
339,774
227,100
450,047
190,732
2,909,228
123,340
165,338
148,555
147,244
279,831
95,227
554,801
106,945
166,159
192,346
99,255
21,802,275
130,196
190,111
1,799,317
522,300
1,633,849
1.48
0.41
1.08
-0.33
1.17
0.50
-4.69
1.12
1.01
0.37
0.06
0.67
1.68
1.11
0.91
0.94
2.22
0.76
1.25
0.86
-0.92
-0.44
0.56
1.10
-0.10
1.76
-0.44
0.95
0.33
0.43
0.41
1.98
0.56
0.57
-1.14
1.12
0.48
0.89
-1.15
1.29
0.80
-0.48
0.55
0.79
0.76
17.92
4.25
9.63
-4.08
8.41
4.42
-85.89
5.03
4.34
3.46
0.60
5.20
11.23
7.28
6.21
6.94
11.82
7.58
9.91
8.96
-17.26
-2.38
4.71
7.37
-0.79
14.64
-3.94
9.36
4.46
3.86
3.69
14.25
4.17
4.80
-12.53
10.38
2.73
10.00
-11.86
11.96
6.63
-3.43
5.65
3.37
7.42
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
36
160
64
205
53
145
236
57
70
163
189
122
25
60
89
86
9
109
48
96
217
208
136
62
198
23
209
81
166
156
161
13
137
134
220
58
146
90
221
44
101
210
138
102
110
8
138
58
210
77
135
235
121
137
156
189
116
40
92
105
97
37
83
53
66
222
203
129
87
198
19
209
62
133
149
151
21
140
126
220
45
168
52
219
35
102
207
112
157
86
125
219
84
32
149
221
13
218
167
69
117
217
161
110
63
119
27
115
151
152
21
74
95
55
197
20
72
158
15
163
99
37
185
66
225
93
222
148
62
130
168
4
177
166
162
109
226
79
24
149
224
40
208
152
71
98
221
140
128
80
120
39
112
161
137
13
95
88
66
198
19
59
167
6
158
83
46
196
70
231
78
197
145
63
118
159
2
174
157
144
Industry Rankings: LTM through Sept. 2012 Returns on Average Assets and Average Equity
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
Change in
Year
Assets S-Corp Adjusted
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
Far East National Bank
1974
Farmers & Merchants Bank of Central CA 1916
Farmers & Merchants Bank of Long Beach1907
Finance and Thrift Company
1925
First American Trust, FSB
1985
First California Bank
1979
First Choice Bank
2005
First Commercial Bank (USA)
1997
First Community Bank
2005
First Credit Bank
1983
First Federal S&L A of San Rafael
1963
First Foundation Bank
2007
First General Bank
2005
First Mountain Bank
1981
First National Bank of Northern California1963
First National Bank of Southern California1984
First Northern Bank of Dixon
1910
First Republic Bank
2010
First Security Business Bank
1988
Five Star Bank
1999
Focus Business Bank
2007
Folsom Lake Bank
2007
Founders Community Bank
2005
Fremont Bank
1964
Fresno First Bank
2005
Friendly Hills Bank
2006
Frontier Bank, FSB
1998
Gateway Bank, F.S.B
1990
GBC International Bank
1976
Gilmore Bank
1955
Golden Pacific Bank, N.A.
1986
Golden State Bank
2003
Golden Valley Bank
2006
Grandpoint Bank
2007
Hanmi Bank
1982
Heritage Bank of Commerce
1994
Heritage Oaks Bank
1983
Home Bank of California
1981
Independence Bank
2004
International City Bank, N.A.
1984
JPMorgan Bank and Trust Company, N.A. 2008
Liberty Bank
1982
Lighthouse Bank
2007
Los Angeles National Bank
1973
Luther Burbank Savings
1982
Commercial Bank
Commercial Bank
Commercial Bank
Industrial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Industrial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
1,130,136
1,883,897
4,871,602
127,697
1,515,728
1,993,696
286,102
479,031
612,356
428,009
170,549
835,276
511,356
136,350
897,683
161,198
805,565
32,576,170
131,462
523,220
189,612
127,372
128,361
2,475,528
195,043
100,109
246,803
247,144
452,675
174,538
129,447
92,346
125,939
861,059
2,836,923
1,352,637
1,053,968
123,070
295,627
143,824
15,255,490
211,935
171,533
198,942
3,685,672
-2.09
1.26
1.35
1.85
0.74
0.79
1.00
0.92
0.31
4.14
0.54
0.94
1.43
-0.74
1.16
-0.44
0.47
1.29
1.94
1.51
2.00
0.54
0.67
2.14
0.78
0.46
-3.17
-1.07
0.89
0.18
-0.22
-2.33
0.95
0.26
3.20
0.99
1.40
1.77
0.37
0.02
1.17
0.03
1.15
0.24
1.65
-9.02
11.77
9.32
8.38
8.68
5.95
9.91
4.66
3.06
14.10
2.57
11.95
16.06
-7.09
9.77
-3.66
4.42
13.71
10.09
14.54
14.22
4.98
5.61
20.37
7.07
3.58
-90.22
-25.93
9.29
1.69
-2.52
-38.78
6.70
1.89
24.11
7.29
10.16
11.22
2.87
0.15
14.19
0.30
9.06
1.70
14.91
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
225
46
42
18
112
103
73
88
169
1
140
85
38
215
55
207
150
45
14
33
12
142
123
11
107
153
231
218
91
180
201
227
82
173
4
76
39
22
164
193
54
192
56
176
28
216
38
63
78
72
106
54
130
162
24
169
36
12
214
56
208
136
26
49
20
22
123
113
5
94
153
236
227
64
180
204
231
100
177
2
90
48
42
166
193
23
192
65
179
17
213
150
171
76
170
214
89
131
11
216
189
207
205
209
64
211
165
183
51
82
28
129
86
46
212
101
228
17
210
198
18
8
132
49
23
176
44
83
186
58
98
6
145
179
203
184
154
162
105
186
210
82
136
9
209
177
217
192
216
67
212
155
185
213
76
33
122
90
49
214
92
236
12
219
204
14
5
121
60
35
163
50
147
188
61
142
7
108
170
206
Industry Rankings: LTM through Sept. 2012 Returns on Average Assets and Average Equity
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
Change in
Year
Assets S-Corp Adjusted
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
Malaga Bank F.S.B.
Manufacturers Bank
Mechanics Bank
Mega Bank
Merchants Bank of California, N.A.
Merchants National Bank of Sacramento
Metro United Bank
Metropolitan Bank
Mission Bank
Mission Community Bank
Mission National Bank
Mission Oaks National Bank
Mission Valley Bank
Mojave Desert Bank, N.A.
Montecito Bank & Trust
Monterey County Bank
Mother Lode Bank
Murphy Bank
National Bank of California
Neighborhood National Bank
New OMNI Bank, N.A.
New Resource Bank
North Valley Bank
Northern California National Bank
Oak Valley Community Bank
Ojai Community Bank
One PacificCoast Bank, FSB
OneWest Bank, FSB
Open Bank
Opus Bank
Orange County Business Bank
Pacific Alliance Bank
Pacific City Bank
Pacific Coast Bankers' Bank
Pacific Commerce Bank
Pacific Enterprise Bank
Pacific Mercantile Bank
Pacific Premier Bank
Pacific Valley Bank
Pacific Western Bank
PacTrust Bank, FSB
Pan American Bank
Pan Pacific Bank
Partners Bank of California
Pinnacle Bank
1985
1962
1905
2008
1989
1921
1991
1983
1998
1997
1982
2000
2001
1991
1975
1977
2004
1984
1982
1997
1979
2006
1973
2006
1991
2005
2007
2009
2005
1982
2002
2006
2003
1997
2002
2007
1999
1983
2004
1982
1941
1971
2005
2007
2006
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
834,699
2,094,851
3,118,314
255,229
81,059
190,845
396,019
127,062
264,714
438,238
175,084
110,615
245,372
103,724
1,047,091
223,220
64,168
113,950
356,942
105,092
198,890
190,882
889,364
122,231
627,765
135,843
291,208
25,826,535
169,740
2,670,621
172,547
124,611
607,063
665,765
163,800
291,586
1,096,483
1,084,565
176,977
5,523,839
1,351,383
37,783
114,124
122,941
162,545
1.53
0.25
0.73
0.75
1.05
0.95
-0.20
-0.88
0.78
0.16
1.04
-3.45
0.42
0.10
0.79
-3.02
-0.56
1.78
-2.48
-2.02
0.47
0.32
1.10
0.32
1.01
0.82
-0.08
1.24
3.87
0.81
0.24
0.05
1.24
0.61
0.37
1.92
1.86
1.53
1.03
1.01
1.02
-4.60
0.04
0.12
0.48
12.07
1.82
7.31
5.16
5.87
9.40
-1.32
-8.95
7.30
1.92
10.20
-39.67
3.04
1.27
7.26
-45.47
-6.35
10.50
-34.38
-26.30
3.20
2.38
8.48
2.53
8.68
7.65
-0.69
7.55
24.70
3.94
1.07
0.44
11.07
5.83
3.16
18.88
17.47
15.82
8.81
8.71
8.17
-60.78
0.40
0.85
4.58
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
31
175
115
111
66
83
200
216
108
183
67
233
159
187
104
230
212
21
228
224
151
167
63
168
71
98
196
49
2
99
177
190
50
130
165
15
17
32
68
72
69
235
191
186
147
34
178
88
119
108
60
201
215
89
176
46
232
164
184
93
233
213
44
229
228
159
173
76
171
71
82
196
84
1
145
186
190
43
110
160
7
10
13
69
70
79
234
191
187
131
140
178
118
208
233
173
215
226
187
78
56
201
191
61
127
232
41
138
34
227
43
40
90
194
174
65
112
71
10
2
1
195
26
111
7
68
30
80
94
91
67
103
36
57
136
160
169
96
205
225
173
211
230
183
69
57
223
191
44
131
234
37
164
101
232
52
41
87
193
166
64
100
84
16
18
11
194
21
97
8
53
29
77
93
89
73
17
31
55
130
Industry Rankings: LTM through Sept. 2012 Returns on Average Assets and Average Equity
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
Change in
Year
Assets S-Corp Adjusted
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
Plaza Bank
Plumas Bank
Preferred Bank
Premier Business Bank
Premier Service Bank
Premier Valley Bank
Presidio Bank
Private Bank of California
ProAmérica Bank
Provident Savings Bank, FSB
Rabobank, N.A.
Rancho Santa Fe Thrift & Loan Assoc.
Redding Bank of Commerce
Redwood Capital Bank
Regents Bank, N.A.
River City Bank
River Valley Community Bank
Royal Business Bank
Saehan Bank
Saigon National Bank
San Diego Private Bank
San Diego Trust Bank
Santa Clara Valley Bank, N.A.
Santa Cruz County Bank
Savings Bank of Mendocino County
Scott Valley Bank
Seacoast Commerce Bank
Security Bank of California
Security First Bank
Sierra Vista Bank
Silicon Valley Bank
Silvergate Bank
Simplicity Bank
South County Bank, N.A.
State Bank of India (California)
Summit Bank
Summit State Bank
Suncrest Bank
Sunwest Bank
Sutter Community Bank
TomatoBank, N.A.
Torrey Pines Bank
Trans Pacific National Bank
Tri Counties Bank
Tri-Valley Bank
2005
1980
1991
2006
2001
2001
2006
2005
2006
1956
1981
1982
1982
2004
2001
1963
2006
2008
1991
2005
2006
2003
1998
2004
1903
1912
2003
2005
2007
2007
1983
1988
1953
1999
1982
1982
1982
2008
1970
2006
2000
2003
1984
1975
2005
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Industrial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
413,159
468,799
1,484,216
108,449
138,397
540,303
415,329
685,073
146,046
1,271,390
11,942,000
31,696
941,158
246,393
362,451
1,114,723
143,522
626,654
618,357
54,154
129,198
219,639
135,458
352,001
930,941
524,892
160,954
485,013
96,027
77,902
20,332,174
630,008
915,113
151,498
806,317
189,769
429,722
103,659
620,205
69,824
430,126
1,888,668
112,783
2,514,243
93,709
0.62
0.43
1.66
0.46
-0.72
1.18
0.47
0.31
-0.48
1.38
0.57
3.12
1.00
0.68
0.89
0.98
1.00
1.30
0.18
-2.77
-1.09
0.97
0.45
0.81
0.97
0.68
3.08
0.18
0.43
-0.57
0.95
1.12
0.73
-0.29
-0.27
0.53
0.79
0.29
1.07
1.58
0.60
1.26
0.23
0.87
-2.26
4.78
4.03
13.26
3.60
-9.56
9.45
3.93
3.95
-2.94
12.52
3.04
3.47
7.78
6.88
7.00
8.58
7.47
8.84
1.36
-17.73
-10.48
8.65
3.94
9.84
5.86
5.89
23.79
1.58
3.57
-5.73
12.98
8.82
5.35
-4.51
-1.76
5.17
5.17
2.21
8.09
12.73
4.43
14.10
1.97
8.49
-23.85
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
128
157
27
154
214
52
152
170
211
41
135
5
74
120
92
77
75
43
181
229
219
79
155
100
80
121
7
182
158
213
84
59
113
204
203
144
105
172
65
29
132
47
178
95
226
127
143
27
152
217
59
147
144
205
31
163
155
81
99
95
74
85
67
182
223
218
73
146
55
109
107
3
181
154
212
28
68
115
211
202
118
117
174
80
30
134
25
175
75
226
121
114
25
184
60
126
231
157
220
70
106
234
104
156
97
154
147
73
33
79
88
92
96
172
142
128
48
206
29
87
182
113
199
50
192
146
105
35
175
85
24
107
77
135
38
116
106
25
172
45
115
229
135
218
75
119
222
117
175
103
151
150
68
34
48
51
102
85
168
143
124
81
202
28
72
195
134
199
26
189
139
114
43
181
99
27
86
74
113
15
Industry Rankings: LTM through Sept. 2012 Returns on Average Assets and Average Equity
PERFORMANCE OF CALIFORNIA FINANCIAL INSTITUTIONS, YEAR ENDING SEPTEMBER 2012
LTM RANKING BASED ON
Year
Assets S-Corp Adjusted
Change in
Company Name
Est Type
($000) ROAA ROAE ROAA ROAE ROAA ROAE
Tustin Community Bank
Union Bank, N.A.
United American Bank
United Labor Bank, F.S.B.
United Pacific Bank
United Security Bank
Uniti Bank
Universal Bank
US Metro Bank
Valley Business Bank
Valley Community Bank
Valley Republic Bank
Vibra Bank
Visalia Community Bank
Wedbush Bank
WestAmerica Bank
Wilshire State Bank
1981
1953
2003
1990
1982
1987
2001
1954
2006
1996
1998
2009
2008
1977
2008
1884
1980
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Commercial Bank
Savings Bank
Commercial Bank
Commercial Bank
57,126
87,417,794
260,540
282,805
121,440
634,740
186,713
373,566
87,526
339,029
169,098
334,199
115,502
200,373
252,446
4,811,421
2,611,010
1.50
0.67
-1.44
0.54
0.64
0.14
-0.14
-1.38
-3.44
1.11
-3.95
0.55
1.45
0.08
0.29
1.70
3.23
10.19
5.49
-23.02
6.30
4.97
1.17
-1.20
-14.14
-22.41
9.36
-36.04
4.24
12.14
0.83
2.76
15.56
23.39
34
124
223
141
126
184
199
222
232
61
234
139
37
188
171
24
3
47
114
225
103
124
185
199
221
224
61
230
139
33
188
167
16
4
169
204
5
155
47
19
12
223
236
141
235
120
75
202
190
188
3
176
201
1
146
47
20
10
227
233
129
235
104
62
207
182
178
3
ABOUT THE RETURN RANKINGS
Rankings of the 2012 returns on average assets and average equity are based upon data for California
financial institutions as of September 30, 2012, obtained from SNL Financial. Removed from this
analysis are California non-depository trust companies. Wherever possible, the rankings used estimates
adjusted for S-Corporate treatment. These returns, however, were not available for savings associations.
The rankings were based upon the following metrics:
 Returns on assets and equity for the LTM (last 12 months) ending 9/30/2012.
 Year-over-year change in the two measures
Note: No adjustments were make in the return data and, therefore, in the rankings for the following
factors that may cause a distortion in the return ratios relative to other financial institutions:
 A savings association that is a Sub-chapter S corporation.
 A financial institution with a high dependency on fee income.
 A financial institution that is owned by a holding company, especially a holding company
absorbing a portion of the operating expenses of the individual financial institution.
 A financial institution with a large income tax loss carry-forward or for a number of reason
does not have earnings that are not taxed at the full tax rate for California corporations.
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--