2014 INDUSTRY VALUATION
Stockpricescontinuedtoadvancein2014.Thegainsinequitymarketindiceslastyearwerenotasspectacular
asin2013.Nonethelessthemarketcompiledimpressiveadvances,especiallywhentakingafour‐yearlookback
at the data. The upward trend in stock prices spilled over to the banking sector. The 132 publicly‐traded
California inancialinstitutionstrackedbyCarpenter&Companycarrieda64%shareofcompaniesreporting
annual stock price gains last year. The California community banking industry is dynamic, albeit fewer in
number. Mergers eliminated 11 publicly‐traded banking charters in 2014, while four companies commenced
stocktradinglastyear.ThemarketcapitalizationofCalifornia’spublicly‐traded inancialinstitutionsgrew9%
last year to $47.2 billion. The average per‐bank market capitalization of the California community banking
industryexpanded13.5%.Manybankingcompaniesfoundanactivemarketinwhichtoselladditionalstockin
follow‐oncapitalofferings.Thenumberofgreatlyundervaluedstocks,asmeasuredbypricetotangiblebook
value,felltolowlevels.
NOTE:BankingdatausedinthisreportareasofSeptember30,2014.
INDUSTRY VALUATIONS: BANK MERGER AND ACQUISITION ACTIVITY
Merger activity picked up in 2014, as evidenced by the
increaseinthepaceofU.S.bankmergerannouncements.
There were 241 merger announcements made in 2013.
The comparable number for 2014 swelled, producing
28% more announcements to a count of 308. Data
regarding merger announcements were sourced from
SNLFinancial,a inancialandbankdatabasecompany.Of
thebankmergersannouncedin2013,216mergerswere
completed by mid‐year 2015, including 122 mergers
announced and completed in 2013. Of the remaining
mergersannouncedin2013,92mergersclosedin2014
andtwowere inalizedin2015.AccordingtoSNL,three
of the 241 announced mergers in 2013 were still
pending,and22hadbeenterminated.
Ofthe308mergersannouncedin2014,261transactions
hadbeencompleted,asofJuly1,2015,including142that
closed in 2014 and 119 that were inalized in 2015. Of
theremaining47mergerannouncementsfromtheclass
of2014,32werestillpending,asofearlyJuly2015,and
15mergershadbeenterminated.
Not all merger transactions covered by SNL reported
deal ratios. For example, of the completed mergers
announced in 2013, 70% of the transactions had deal
ratios. For the completed 2014 merger announcements,
only58%ofthetransactionsreporteddealratios.
Theaveragepricetotangiblebookvalue(P/TBV)forthe
2013 completed mergers with deal ratios equaled 1.24x
atthetimeoftheannouncementandwas5.6%higherat
Carpenter & Company
--
CONTENTS
BankMergeractivity.....................................................1
Nationalbankstockprices.........................................2
Californiabankstockprices.......................................3
CAbanksunder$125million.....................................5
CAbanks$125‐$250million.......................................7
CAbanks$250‐$500million.......................................9
CAbanks$500million‐$1billion...........................10
CAbanks$1‐$5billion................................................12
CAbanks$5‐$10billion.............................................13
CAbanks$10‐$100billion........................................15
CAthrifts...........................................................................16
Californiamergers........................................................18
LTMP/Eratios...............................................................20
Price/Bookratios..........................................................21
Ratiocomparisons........................................................22
Stockperformanceunder$125million..............23
Stockperformance$125‐$250million...............24
Stockperformance$250‐$500million...............25
Stockperformance$500mln‐$1bln....................26
Stockperformance$1‐$5billion............................27
Stockperformance$5‐$10billion.........................27
Stockperformance$10‐$100billion....................28
Stockperformancethrifts.........................................28
Returnrankings.............................................................29
Industry Valuations
BANK MERGERS (continued)
1.31x P/TBV when the merger was completed. For the 2014 class of announcements, the average P/TBV at
announcementequaled1.43xandatclosingtheratiowas2.4%lowerat1.40x.Despitethefalloffintheratio
between announcement and completion, the at‐completion P/TBV for the class of 2014 announcements ran
6.5%higherthanthecomparablemetricforthe2013class.
The 2013 merger announcements that had been completed, as of this writing (July 2015), involved $105.8
billion in target assets. That total produced an average target asset size of slightly under $500 million. The
target companies ranged in actual size from $15 million to $9.9 billion. The 2014 class of announced and
completed acquisitions represented $95.4 billion in total assets to be acquired, producing a smaller average
targetsizethanintheprioryearat$370million.Thesizerangesforthe2014completedacquisitionsspanned
from$13millionto$8.5billion.
Texascontinuedtobethehomestatewiththemosttargetedbankacquisitions.Forboth2013and2014,Texas
had27completedbankacquisitions.In2013,CaliforniarankedadistantsecondtoTexaswithits13completed
acquisitions,whilein2014,IllinoisandMinnesotaweretiedforsecondplacewith16mergers.
For2015throughJuly7th,145mergerswereannounced,including39transactionsthatwerecompletedbyJuly
7th.Atotalof$67.4billionintargetedassetswasinvolvedinthe2015mergeracquisitions,ranginginsizefrom
$6.8 million to $32 billion. Illinois, with its 16 merger announcements, ranked as the state with the most
announced mergers so far in 2015. The average price to tangible book value for the 145 announced
acquisitionsin2015equaled1.39x,slightlylowerthanthe2014P/TBVaverageatannouncement.Forthe39
acquisitionsthatwerecompletedbyearlyJuly,17ofthe39transactionsreporteddealratios.TheaverageP/
TBVatannouncementequaled1.46xandroseto1.48xatcompletion.
In 2014 there were 14 merger announcements involving California inancial institutions, compared with 17
mergers announced in 2013. Two of the 2013 California merger announcements were terminated. Of the 14
Californiamergersfromtheclassof2014announcements,onlyonewasstillpending,asofearlyJuly2015.Ten
ofthe14announcementsinvolvedin‐stateacquirers.Atannouncement,thepricetotangiblebookvalueforthe
2014 announcements averaged 1.34x, compared with at‐announcement pricing of 1.35x in 2013. The 2013
announcements involved the acquisition of $12 billion in California banking assets, including the $8.5 billion
Capital Source Bank. The 2014 class of announced California bank mergers involved $29.6 billion in assets,
bolsteredgreatlybythestill‐pendingmergerofthe$21.8billionOneWestBank.
Year to date through July 7, 2015, there were nine announcements made to acquire a California inancial
institutions.AsofearlyJuly,twoofthenineacquisitionswerecompleted.The2015announcementsinvolved
$35.8billionintargetedassets,includingtheacquisitionofthe$32billionCityNationalBank.TheaverageP/
TBVforthenineannouncementsequaled1.60x,includingthe2.72xratioforCityNational.
INDUSTRY VALUATIONS: NATIONAL BANK STOCK PRICES
Theupwardcourseofequitymarketpricescontinuedin2014.
The Dow Jones Industrial Average rose 7.5% in 2014, a result
that nearly matched the increase in 2012, yet paled to the
25.7% advance in 2013. The recent run‐up in stock prices
produced a 54% increase in the Dow from year‐end 2010
throughyear‐end2014.
Stock indices for smaller companies performed well over the
past four years. The S&P 500 index increased 64% from year‐
2012
1.25
--
2013
2014
1.20
1.15
1.10
1.05
1.00
0.95
0.90
J
Carpenter & Company
YTD Change in DJIA
12/31= 1.0
1.30
F
M
A
M
J
J
A
S
O
N
D
Industry Valuations
NATIONAL BANK STOCK PRICES (continued)
2014StockPriceTrends
Changefrom12/31
1.17
1.12
1.07
1.02
0.97
DJIA
S&P500
0.92
J
F
12/31/13=1.0
M
A
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J
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2014StockChange‐‐ SmallBanks
1.2
1.1
1.0
0.9
0.8
0.7
USBank<$250M
USBank$250M‐$500M
0.6
J
A
12/31/13=1.0
J
O
2014StockChange‐‐ Mid‐SizeBanks
1.10
1.05
1.00
0.95
0.90
USBank$500M‐$1B
USBank$1B‐$5B
0.85
J
12/31/13=1.0
A
J
O
2014StockChange‐‐ LargerBanks
1.15
1.10
1.05
1.00
0.95
0.90
USBank$5B‐$10B
USBank>$10B
0.85
J
A
J
O
end2010throughyear‐end2014.The2014annualincreasein
the S&P 500 equaled 11.4%. The rise in the NASDAQ index
during2014equaled13.4%,whiletherunupintheNASDAQ
fromyear‐end2010toyear‐end2014was79%.
Depending upon the index analyzed, banking stocks
underperformed or only matched the broader market
performance. The KBW index rose 7.2% in 2014 and 42%
from year‐end 2010 to year‐end 2014. The S&P 500 Bank
index increased more than the KBW index, rising 13.6% in
2014and59%overthefour‐yearcomparison.
Stocks of banks by varying size performed differently during
2014. The smallest stock category, that is banks under $250
million as tracked by SNL, posted the worst performance for
2014 compared to all six stock indices analyzed. Limited
coverage and low volumes of trading for very small banks
contributedtotheinferiorperformanceforthisstockcategory.
Banksunder$250sustaineda19%declinein2014.
In contrast, the next larger bank stock group—$250 to $500
million—reported the best performance of the six indices
analyzed, rising 11% last year. The SNL index for $250‐$500
million banks consisted of 16 banks, thus providing better
trendsandamorevalidcomparisonthanthesmallestgroup.
The SNL index of banks between $500 million and $1 billion
consistedof58banks.Stockpricesadvanced8%in2014.The
indexofbanksinthe$1to$5billionrangecontainedthemost
banks of the six indices. This SNL index was based upon 149
differentbanks.Over2014,stockpricesforthe$1to$5billion
groupadvanced4%.
Thelargerbankcomparisonconsistedoftwobroadgroupings.
The$5to$10billionstockindexwascomprisedof48banks.
Thatindexshoweda3%advanceoverthecourseof2014.The
over$10billionstockindexcovered64banksandhadabroad
variance in size. Banks in the over $10 billion group ranged
between $10 billion and over $2.5 trillion in total assets.
During2014,stockpricesfortheover$10billionbankgroup
roseapproximately11%.
INDUSTRY VALUATIONS: CALIFORNIA BANK STOCK PRICES
By the end of 2014, therewere 13 fewer California‐based banksandthriftsthan at the startof the year. The
year‐end count of banks equaled 197, a decline of nine over the year. The reduction in the number of banks
resultedfrom11mergersthateliminatedbankcharters,partiallyoffsetbytwosavingsassociationsswitching
tobankcharters.Thenumberofsavingsinstitutionsfellto13attheendoftheyear2014from17ayearearlier.
Carpenter & Company
--
Industry Valuations
CALIFORNIA BANK STOCK PRICES (continued)
Twosavingsassociationschangedcharters,oneassociationwasvoluntarilyliquidated,andathriftfailed.There
wereatotalof201Californiainsured inancialinstitutionsattheendof2014,downfrom223ayearearlier.
The number of publicly and actively‐traded California banks and thrifts, tracked by Carpenter & Company,
declinedby ivein2014.Atyear‐end2014,132 inancialinstitutionsweretrackedcomparedto137attheendof
2013.Toprovidehistoriccomparisons,thenumberofbanksandthriftstrackedinDecember2011equaled150
and at the end of 2012 that number had dropped to 144. At year‐end 2013, the tracking report followed 131
commercialbanksandsixthrifts.Attheendof2014,thetrackingreportcovered126commercialbanksandsix
thrifts.
More than 64% of the 132 banks and thrifts reported gains in stock prices for 2014, while the share of price
declinesequaled33%.The2014up‐versus‐downratioswerenotasfavorableasin2012and2013,whenthe
sharesofpricedeclinesequaled22%in2012and15%in2013.Nonetheless,the33%decliningstockpriceratio
of2014comparedfavorablytothe59%ratein2011.
In 2012 and 2013, the ratio of stock price to tangible book value rose for seven of the eight asset categories
analyzedintheCarpenter&Companystocktrackingreport.In2014onlyhalfoftheeightgroupsreportedgains
inannualP/TBV.Aswasthecasein2013,however,onlyoneassetclasstradedbelowtangiblebookvalueatthe
endof2014.SevenoftheeightgroupsreportedanaverageP/TBVratioinexcessof1.0x.Incontrast,attheend
of2011,only39ofthe150publicly‐traded inancialinstitutions,(a26%share)carriedvaluationsinexcessof
tangiblebookvalue.In2012,54ofthe144institutions(a38%share)werepricedabovebookvalue.Attheend
of2013,88institutionswerevaluedaboveTBVfora63%share.In2014,77companies—a58%share—traded
abovebookvalue.Thenumberofseverelyundervaluedstockswassigni icantlyfewerlastyear.In2011,there
were23companiesvaluedunder50%oftangiblebookvalue.Therewereseveninstitutionsatlessthan50%of
TBVin2012andonly ivein2013.By2014,therewereonlytwocompaniespricedbelow50%ofTBV.
Banksweregroupedwithinsevenassetclassi ications,whiletherewasaseparateclassforthriftsinthetracking
report.Onlyoneclass($125‐$250million)experiencedanincreaseinaveragestockpricetotangiblebookvalue
during 2014. Compared to the high‐year for valuations of 2006, only the thrift class reported a higher P/TBV
ratio in 2014 than in 2006. Except for the smallest banking asset class (under $125 million), seven groups
analyzedwerepricedabovetangiblebookvaluein2014.Thattrendcontrastedto2012whenonlyfourofthe
eightgroupswerevaluedaboveTBV.Forthesecondconsecutiveyear,thehighestaverageratioforP/TBVwas
for banks in $10‐$100 billion group. The following table provides historical averages for P/TBV by the eight
assetclasses.
AverageStockPricetoTangibleBookValue
(AtYear‐end)
Change
Lowto
CABankSize
2006
2007
2008
2009
2010
2011
2012
2013
2014
2006‐14
2014
<$125million
1.81
1.29
0.83
0.73
0.77
0.72
0.69
0.75
0.73
‐59.7%
5.8%
$125‐$250million
1.92
1.37
0.77
0.70
0.70
0.77
0.93
1.05
1.12
‐41.7%
60.0%
$250‐$500million
2.28
1.57
0.76
0.65
0.71
0.79
0.87
1.18
1.13
‐50.4%
73.8%
$500million‐$1billion
2.62
1.65
0.80
0.62
0.85
0.81
0.97
1.19
1.13
‐56.9%
82.3%
$1‐$5billion
2.54
1.58
1.04
1.01
1.23
1.07
1.23
1.64
1.62
‐36.2%
60.4%
$5‐$10billion
2.09
2.10
1.89
1.11
1.76
1.49
1.62
2.14
1.57
‐24.9%
42.0%
$10‐$100billion
2.49
2.11
1.66
1.47
1.88
1.50
1.55
2.34
2.20
‐11.6%
49.7%
AllThrifts
1.40
0.80
0.41
0.42
0.59
0.79
1.05
1.83
1.68
20.0%
309.8%
NOTE:Recentlowisinboldfont
Carpenter & Company
--
Industry Valuations
CALIFORNIA BANK STOCK PRICES (continued)
From2006through2010,thethriftclasswasthelowestperforminggroupintermsofP/TBV.Thriftsweretied
withthethirdlowestP/TBVin2011andclimbedtosecondbestoftheeightgroupsin2014.Thriftsshowedthe
largest percentage increase in P/TBV since 2006 among the eight asset classes, up 310%. The smallest gain
fromthepreviouslowinP/TBVwasthe6%riseforbanksunder$125million.
TotalmarketcapitalizationofthebanksandthriftstrackedbyCarpenter&Companyrose9.3%in2014toan
aggregatevalueof$47.2billion,upfrom$43.2billionin2013.The2014uptickintotalmarketcapitalization
occurred despite a ive‐bank reduction in the total number of banks analyzed. On a per‐bank basis, average
marketcapitalizationin2014was13.5%higherthanin2013.
INDUSTRY VALUATIONS: BANKS UNDER $125 MILLION
TheCarpenter&CompanyCaliforniaCommunityBankstockmarketreportanalyzedbanksaccordingtoasset
size,speci icallysevendifferentbank‐onlygroupsandonethriftclass.Thesmallestgroupingevaluatedbanks
under $125 million in total assets. At the end of 2013, there were 22 publicly‐traded California banks with
assetsunder$125million.Bytheendof2014,thecountdroppedbysixto16.Theassetsforthisgroupandfor
all of the asset classes in this report were based upon data available to investors, as of year‐end 2014,
speci icallySeptember30,2014CallReportdata.Inaddition,assets,sharecounts,tangiblebookvalue,andlast
twelvemonth(LTM)earningswerebasedonSeptember30,2014data.
The net reduction of six banks in the under $125 million assets class at the end of 2014 was the result of a
number of factors. Five banksgrew into the next larger class. Two banks wereacquired by other banks. One
bankrejoinedthisgroupfromthenextlargerassetclass.Fifteenbanksremainedinthisclassovertheprevious
year.
Bank on It, Inc. was acquired in an all‐cash deal from Bay Commercial Bank. The Bank on It acquisition was
valuedat$4.27millionandcarriedapricetotangiblebookvalueof0.97x,asoftheacquisitionannouncement
date.MissionOaksBancorpwasacquiredbyAltaPaci icBankinanall‐cashtransactionvaluedat$3.46million.
TheMissionOaksBancorptransactionhadnoreporteddealratios.
Americas United Bank, Chino Commercial Bank, Cornerstone Community Bank, Coast Bancorp, and Suncrest
Bankgrewabove$125millioninassetstojointhenextlargerassetclass.F&TFinancialServices,Inc.declined
inassetstorejointhisgroup.
LargestPriceGains
CaliforniaBusinessBank
PanAmericanBank
GoldenStateBank
SteepestPriceDecline
SaigonNationalBank
PricetoBook‐‐CABanks<$125Million
2.5
2.1
2.0
2.0
1.8
1.7
1.5
1.5
1.3
0.8
1.0
0.7
0.8
0.7
0.7
0.8
0.7
09
10
11
12
13
14
0.5
0.0
02
03
04
05
06
07
08
Carpenter & Company
--
+341%
+233%
+224%
‐50%
Industry Valuations
BANKS UNDER $125 MILLION (continued)
Sevenofthe16banksinthisgroupreportedassetsoflessthan$100million,includingtwobanksunder$50
million in assets. These small institutions typically lacked the investor base and share liquidity for active
trading. Often investors and inancial market analysts viewed small banks at an operational disadvantage
versus larger institutions, especially when considering the cost of regulatory compliance. Small institutions
couldbeviewedasthe lipsideofthetoo‐big‐to‐failspectrum,thatis,too‐small‐to‐survive.
The2014stockperformanceforthisgroupshowedelevenstocksroseinpriceovertheyear,fourweredownin
price,andoneunchanged.Pricegainersrepresented69%ofthetotal,thethirdhighestgainingpercentageof
the eight groups analyzed. In 2013, stock prices for 13 of the 22 banks in this group were higher over the
year—awinningpercentageof59%.
Eightofthe16companieswithinthisgroupreportedsigni icantpricegains,de inedasannualpercentagestock
pricegainsinexcessof10%.CaliforniaBusinessBanktoppedthelistwitha341%advance.Alsoshowingprice
gainsinexcessof100%werePanAmericanBank(233%)andGoldenStateBank(224%).Stockpricesforall
three of these large percentage gainers were under a dollar per share—thus contributing to the sizable
percentagegain,yetlowdollarpershareincrease.AlsotradingbelowadollarwereSaigonNationalBankand
Tri‐ValleyBank.
Other signi icant advances in stock prices were reported for Sierra Vista Bank (78%), Friendly Hills Bank
(42%),U.S.MetroBank(36%),SecurityFirstBank(16%),andDeltaNationalBancorp(14%).Ofthefourbanks
withdecliningstockpricesin2014,thesteepeststockpricedeclinewas50%forSaigonNationalBank.
Theunder$125millionassetclasswastheonlygroupwithanaverageprice/tangiblebookvalueratio(P/TBV)
below 1.0x, that is, the entire group was valued at less than tangible book value. Only one bank was priced
abovebookvalue,speci icallySierraVistaBankat1.11x.Threebanksinthisclasshadnot‐meaningfulpriceto
tangiblebookvalueratios.GoldenStateBankandDeltaNationalBancorptradedatlessthan50%oftangible
bookvalue.GoldenState’s0.33xtangiblegoodvaluewasthelowestmeaningfulP/TBVofthe132banksand
thriftsstudied.TheaverageP/TBVforthegroupwithmeaningfulP/TBVin2014equaled0.73x,downslightly
fromthe0.75xaverageratioin2013.
Thestockreportisstructuredtoreportanypricetoearnings(P/E)ratiothatisabove50xasnot‐meaningful.A
P/E ratio over 50x suggests that earnings were too low relative to the prevailing stock price to produce a
meaningful ratio. In addition, when a company reports losses, the negative P/E is not a meaningful result.
Hence,fortheLTM(lasttwelvemonths)P/Ecolumn,aN/MdesignationiseithertheresultoftheP/Ebeingin
excessof50xorthecompanyreportinglasttwelvemonthsearningsthatwerenegative.
Seven of the 16 banks in this group recorded positive LTM earnings, as of September 2014, the most recent
dataavailabletoinvestorsatyear‐end2014.Onlysixofthe16companiesinthisgrouprecordedmeaningful
price/earnings ratios.CommunityValley Bank,despite having positive LTM earnings, reportedaP/E ratio in
excess of 50x and thus was considered to have a N/M ratio. For the six banks with meaningful price to LTM
earningsratios,theP/Eratiosforthisclassrangedbetween3.9xforSierraVistaBankto34.7xforCommerce
BankofTemecula.TheaverageP/Eforthisclasswas16.6xin2013anddroppedto14.7xbytheendof2014.
Theannualtradingvolumeforthesebankswasgenerallyquitesmall.Thevolumeofoutstandingsharesoften
waslimited.Asaresult,theper‐banktradingvolumeforthisassetclassin2014wasthesmallestofanyofthe
classesbaseduponitsaverageannualper‐bankvolumeof179,400shares.Allofthebankstradedduringthe
courseoftheyear.FourteenbankswithinthisgroupreportedtradesinDecember2014.Thevolumeofshares
tradedfortheentireclassoverthecourseoftheyearequaled2.9millionshares.Theaverageannualvolumeof
shares traded was 4.3% less than the average volume in 2013. The stock with the most number of shares
tradedintheyearwasFriendlyHillsBankat491,717shares.Thelowestvolumewasthe373sharestradedfor
DeltaNationalBancorp.
Carpenter & Company
--
Industry Valuations
BANKS UNDER $125 MILLION (continued)
Marketcapitalizationrepresentedtheproductofstockpriceattheendoftheyeartimestheoutstandingshare
count,whichtypicallywasbaseduponthenumberofoutstandingshares,asofSeptember2014.Elevenofthe
16banksinthegroupreportedincreasesinmarketcapitalizationoverthepastyear.Thebankwiththelargest
marketcapitalizationattheendof2014wasCaliforniaBusinessBankat$91.0million.Thelowestmarketcap
wasforGoldenStateBankat$1.1million.Totalmarketcapitalizationforthisgroupequaled$231.2million,an
uptickof 53%fromthe $151 million in marketcapat the end of2013. The 53% increase in marketcapwas
evenmoreremarkablesincethisclasscontainedsixfewerbanksthanin2013.Marketcaponaper‐institution
basis in 2013 equaled $6.8 million. By the end of 2014, the average market cap for this group equaled $14.4
million,a112%advanceovertheyear.Theprimaryreasonforthissizableexpansioninmarketcapwastiedto
California Business Bank, where a capital offering and the rise in stock price produced an expansion in that
company’s market cap to $91 million in 2014 from under $1 million in 2013. Additional capital raises were
conductedlastyearbyGoldenStateBank,PanAmericanBank,SaigonNationalBank,Tri‐ValleyBank,andU.S.
MetroBank.
INDUSTRY VALUATIONS: BANKS BETWEEN $125 AND $250 MILLION
Publically‐tradedbankswithintheassetrangeof$125and$250millionbaseduponSeptember30,2014data
constitutedtheassetclasswiththelargestnumberofbankingcompanies.Attheend2014therewere37banks
inthisclass,downbytwooverthecourseoftheyear.
Thechangeinthecompositionofthisclasswastheresultofthefollowingdevelopments:theout lowofeight
companiesandthein lowofsixcompanies.Thirty‐oneofthe37bankswerecarriedoverfromtheprioryear.
Coverage ofAmericaCalifornia BankandFresno FirstBank wasdroppeddue tothe lack oftradingfor these
twocompaniesin2014.StockcoverageofPartnersBankofCaliforniawasinitiated,duetomoderatetrading
activityforthatcompanylastyear.Growingintothisclassfromtheunder$125milliongroupwere ivebanks:
Americas United Bank, Chino Commercial Bank, Cornerstone Community Bank, Coast Bancorp, and Suncrest
Bank.GrowingoutofthisgroupintothenextlargerassetsizewereAltaPaci icBank,CountyCommerceBank,
and Bank of Santa Clarita. Declining in asset size to rejoin the smallest asset category was F&T Financial
Services,Inc.
Eliminatedfromthisclassduetomergerscompletedin2014werePremierServiceBankandSantaClaraValley
Bank,NA.PremierServiceBankwasacquiredbyIndependenceBankinanall‐cashtransactionvaluedat$8.64
millionand1.37xtangiblebookvalue.BankofSierrapaid$12.29millionor1.14xtangiblebookvalueforthe
stockofSantaClaraValleyBank,N.A.inanall‐cashtransaction.
Inadditiontothetwomergertransactionscompletedin2014,thereweretwomergerannouncementsmadein
2014 involving banks in this group. Bay Commercial Bank offered $7.8 million in an all‐stock transaction to
obtainValleyCommunityBank.Thismergerwasvaluedat0.77xtangiblebookvalue.Paci icCommerceBank
announced in October 2014 its intention to acquire Vibra Bank in a mixed cash‐stock transaction valued at
$17.5millionand1.26xoftangiblebookvalue.
The annual stock performance for the 37 banks within the $125‐$250 million group indicated that 20
companies realized annual gains in stock prices, 16 recorded stock price declines, and one company was
unchanged in share price. The percentage of stock price gainers for this class was 54%. This was the second
lowestshareofgainers,onlythe33%shareofthethree‐bank$5‐$10billiongroupwasless.
Of the 20 companies with stock price gains last year, 17 of the companies reported gains in excess of 10%.
Merger‐target Valley Community Bank experienced the steepest increase of up 70%. Other companies at the
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $125 AND $250 MILLION (continued)
LargestPriceGains
ValleyCommunityBank
LighthouseBank
UnitiFinancialCorp
SteepestPriceDecline
CalWestBancorp
PricetoBook‐‐CABanks$125‐$250Million
2.5
2.2
2.0
1.5
2.1
1.9
1.9
1.4
1.4
0.9
1.0
0.8
0.7
0.7
1.1
1.1
0.8
0.5
0.0
02
03
04
05
06
07
08
09
10
11
12
13
14
+69.8%
+48.2%
+46.0%
‐60.6%
topendofsigni icantpricegainsincludedPaci icAllianceBank(58%),LighthouseBank(48%),UnitiFinancial
Corp(46%),PinnacleBank(40%),SummitBancshares(36%),GoldenValleyBancorp(33%),Paci icCommerce
Bank(32%),andMNBHoldingsCorp(31%).Othersigni icantpricegainswereregisteredbyAmericasUnited
Bank(17%),FoundersBancorp(17%),VibraBank(15%),SuncrestBank(14%),PromericaBank(14%),New
Resource Bank (13%), Community Bank of Santa Maria (13%), and Northern California Bancorp (11%). The
steepestpercentagepointdeclineinstockpricesoccurredforCalWestBancorp,withits61%decline.Liberty
Bancorpreportednochangeinstockpricelastyear.
The average price to tangible book value for banks in the $125‐$250 million asset class equaled 1.12x,
comparedtothe2013averageof1.05x.Fourteenofthe37companiesinthisclasswerepricedundertangible
bookvalue,while iveofthe37banksreportednot‐meaningfulP/TBVratios.Themeaningfulpricetotangible
bookvalueratiosrangedfromalowof0.70xforPaci icAllianceBanktoahighof2.58xforCoastBancorp.This
asset category reported an average price to tangible book ratio in 2014 that was 42% below 2006’s peak
readingof1.92x,yetwasup60%overthe2009recentlowintheratio.
Fourofthe37banksreportedanot‐meaningfulprice/earningsratio,baseduponearningsforthelasttwelve
monthsthroughSeptember30,2014.TheaverageP/Eratioforthisclassequaled14.4xcomparedtothe16.1x
averageratioin2013.MeaningfulP/Eratiosforthisclassrangedfrom1.7xforCoastBancorpto40.7xforVibra
Bank.
Average stock trading volumes were 30% higher for this class of banks compared to the under $125 million
bankgroup.Nonetheless,banksinthissizecategorywerecharacterizedashavinglimitedtradingactivity.The
groupreportedthatatotalof8.6millionsharestradedduringthecourseof2014.Thisvolumetranslatedinto
anaverageper‐bankvolumeoftradesof232,557shares,whichwasdown4%fromthe2013per‐banktrading
volume.Thefewestsharestradedin2014occurredforBankofSouthernCalifornia,N.Aat4,719shares.First
Mountain Bank reported the highest number of shares traded at 811,281 shares. All of the banks reported
tradingactivityinDecember.
Themarketcapitalizationforthisassetclasstotaled$651millionattheendof2014,alevelthatwas4%below
the$683millioninmarketcapattheendof2013.Withtwofewerbankswithinthe2014assetgroupthanin
2013, market capitalization per bank in 2014 was marginally higher than in the prior year. The per‐bank
marketcapwas$17.5millionin2013and$17.6millionin2014.Therewere22banksinthisclassexperiencing
an increase in market capitalization over the past year, while 15 banks registered reduced market
capitalization.—a59%gainingshareinmarketcapforthisgroup.
The bank with the highest reported market capitalization at the end of 2014 was Lighthouse Bank at $34.6
million, while CalWest Bancorp reported the lowest market cap at $1.7 million. Generally, the increase in
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $125 AND $250 MILLION (continued)
market cap was primarily attributable to stock price gains. Nonetheless, a number of the companies in this
asset class conducted stock offerings and increased the number of shares outstanding last year. Signi icant
increases in shares outstanding were reported by Coast Bancorp and Bank of Southern California, N. A.
LighthouseBankandNewResourcesBankalsoincreasedtheiroutstandingsharecounts.
INDUSTRY VALUATIONS: BANKS BETWEEN $250 AND $500 MILLION
Thenumberofbanksinthe$250‐$500millionassetclassincreasedbyoneoverthecourseof2014.Atyear‐
end,therewere24banksinthisclass.Themovementwithinthisgroupinvolvedthreebanksgrowingintothe
group,andthreebanksgrowingintothenextlargergroup.Onebankwasmerged.Twobanksatthisassetsize
initiatedstocktradingduring2014.Inaddition,19bankscarriedoverfromtheprioryearinthisassetclass.
During 2014 AltaPaci ic Bank, Bank of Santa Clarita, and County Commerce Bank grew over $250 million in
assetstojointhisgroup.BayCommercialBank,PresidioBank,andPlazaBankexpandedtomorethan$500
million in assets and joined the next larger asset class. Independence Bank and THC Holding Company
commencedpublicstocktradingin2014andbecamepartofthisassetclass.
Mission Community Bancorp was acquired by Heritage Oaks Bancorp in 2014. This mixed cash‐stock
transactionwasvaluedat$56millionandpricedat1.89xtangiblebookvalue.NCALBancorpwasrecapitalized
bysellingan89%ownershipsharetoasingleinvestorinatransactionthatwascompletedinNovember2014.
During2014Paci icPremierBancorpannounceditsintentiontoacquireIndependenceBankinamixedcash‐
stock transaction of $71.2 million in total consideration and priced at 1.54x tangible book value. This
transactionwasannouncedinOctober2014andclosedinJanuary2015.SKBHCHoldings,LLCannouncedits
intention to acquire Greater Sacramento Bancorp for $59.83 million in an all‐cash consideration valued at
1.54xTBV.ThismergerclosedinFebruary2015.
In2014,18ofthe24banksinthisclassincreasedinstockprice,whilesixofthebankssustainedanannual
decline in stock price. The 75% share of price gainers was one of highest percentage of stock price gainers,
secondonlytothe83%shareforthesix‐companythriftgroup.
Merger‐target Independence Bank recorded the steepest stock price advance at 84%. In addition to
Independence Bank, there were eleven other banks experiencing signi icant, that is, over 10% advances in
stock prices in 2014. Other sizable price gains were recorded by Seacoast Commerce Banc Holding (51%),
merger‐target Greater Sacramento Bancorp (41%), AltaPaci ic Bank (38%), Summit State Bank (32%), TFC
HoldingCompany(28%),SantaCruzCountyBank(21%),andSanDiegoPrivateBank(21%).Otherstockprice
gainsinexcessof10%occurredforMissionBancorp(17%),CountyCommerceBank(16%),RedwoodCapital
LargestPriceGains
IndependenceBank
SeacoastCommerceBank
GreaterSacramentoBancorp
PricetoBook‐‐ CABanks$250‐$500Mln
3.0
2.6
2.5
2.0
2.6
2.3
2.2
1.7
1.6
1.5
1.0
0.8
0.7
0.7
0.8
09
10
11
1.2
1.1
13
14
0.9
0.5
0.0
02
03
04
05
06
07
08
Carpenter & Company
12
--
+83.8%
+50.6%
+41.4%
Industry Valuations
BANKS BETWEEN $250 AND $500 MILLION (continued)
Bancorp (13%), and Valley Commerce Bancorp (13%). The steepest price decline was the 21% drop in the
stockpriceofManhattanBancorp.
Theaveragepricetotangiblebookvalueforthisclassequaled1.13xin2014,downfromthe1.18xaveragein
2013. After four consecutive years of increases in P/TBVfor thisgroup,the ratio was slightly lower in 2014.
Nonetheless, the P/TBV ratio for this class showed signi icant cyclical improvement, up 73% from the 2009
cyclicallow.Despitethatgain,the2014ratioremained50%belowthe2006peakratio.In2006,thiscategory
ofbanksheldthefourthhighestP/TBVoftheeightgroupsstudied.In2014,thisgroupwastiedwiththethird
lowestP/TBVoftheeightgroups.
Fourofthe24banksin2014registeredanot‐meaningfulP/TBV.ForthebankswithmeaningfulP/TBVratios,
fourofthe20werepricedbelowbookvalue.Thehighestpricingtotangiblebookvaluewasthe1.45xratiofor
GreaterSacramentBancorp.Thelowestratiowas0.84xforManhattanBancorp.
Only two banks in this group of 24 banks reported losses for the last twelve months through September 30,
2014. For the second consecutive year, NCAL Bancorp and United American Bank had LTM losses and not‐
meaningfulprice/earningsratios.TheaverageP/Efortheremainingbanksinthisgroupequaled17.3xin2014,
comparedwiththe17.9xaverageP/Eratioin2013.TherangefortherelevantP/Eratioswentfromthelowof
9.2xforRedwoodCapitalBancorptothehighof24.0xforManhattanBancorp.
This class of banks reported annual trading volumes in 2014 of 10.5 million shares. The per‐bank trading
volumeof438,461was9%belowthecomparablevolumein2013.Theper‐banktradingactivity,however,was
89%higherthantheaveragenumberofsharestradedforthe$125‐$250milliongroup.Thevolumeofshares
traded in this group ranged from a low of 37,024 shares for Valley Republic to 1.78 million shares for
CommerceWestBank.AlsoregisteringmorethanamillionsharesintradeslastyearwasSummitStateBank.
Aggregatemarket capitalizationfor thisclassof banks equaled $1.1 billion, up 22%fromthe $898 million in
2013marketcap.Onaper‐bankbasis,2014marketcapitalizationrose18%from$39millionin2013to$46
millionin2014.
The range in market capitalization for the 24 banks at the end of 2014 ran from a low of $10.8 million for
United American Bank toa high of $88.0 millionfor Open Bank.Withinthisasset group, increases inmarket
capitalizationoccurredfor20ofthe24banks.Althoughhigherstockpricescontributedtolastyear’sincrease
in market capitalization, a number of banks realized sizable increases in common stock shares outstanding.
MajorshareofferingswereissuedbyOpenBank,CaliforniaBankofCommerce,MissionValleyBancorp,Santa
CruzCountyBank,BankofSantaClarita,andRedwoodCapitalBancorp.
INDUSTRY VALUATIONS: BANKS BETWEEN
$500 MILLION AND $1 BILLION
Attheendof2014,therewere19Californiabankswithassetsintherangeof$500millionand$1billion.That
countwasunchangedovertheyear,yetthecompositionofthegroupwasalteredcomparedtoyear‐end2013.
Sixteenofthebanksinthegroupwerecarryoversfromtheprioryear.Threebanksgrewintothegroupfrom
the$250to$500millionclass.Onebankgrewintothenexthigher,$1to$5billion,class.Twobanksfromthis
groupwereacquiredbyotherCaliforniabanks.
Bay Commercial Bank, Presidio Bank, and Plaza Bank grew into this class from the smaller asset category.
Paci icMercantileBankgrewintothenextlargerclass.
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $500 MILLION AND $1 BILLION (continued)
LargestPriceGains
Paci icCityFinancialCorp.
PlumasBancorp
Presidiobank
SteepestPriceDecline
1stCenturyBancshares
PricetoBook‐‐CABanks$500Mln‐$1Bln
3.0
2.7
2.8
2.6
2.6
2.5
2.0
1.8
1.7
1.5
1.2
0.8
1.0
0.6
0.8
0.8
1.0
1.1
0.5
+209.5%
+28.4%
+25.6%
‐11.2%
0.0
02
03
04
05
06
07
08
09
10
11
12
13
14
1st Enterprise Bank was acquired by CU Bancorp in an all‐stock consideration valued at $104.3 million and
pricedat1.91xtangiblebookvalue.NorthValleyBancorpwastheacquisitiontargetofTriCoBancshares.The
acquisition was consummated through an all‐stock transaction valued at $178.9 million and priced at 1.89x
tangiblebookvalue.
Of the 19 banks in the $500 million to $1 billion asset class, 13 experienced stock price gains, ive banks
sustained annual stock price declines, and one bank (Community West Bancshares) was unchanged in price
overtheyear.Tenofthe13stockpriceadvancesweredeemedtobesigni icant,thatisinexcessof10%.
Paci icCityFinancialCorp.hadthesteepestpricegainofup210%.Othersizableincreasesinstockpriceswere
reportedbyPlumasBancorp(28%),PresidioBank(26%),BayCommercialBank(23%),andOakValleyBank
(21%). Other gainers in excess of 10% were Sunwest Bank (15%), California Republic Bank (14%), United
SecurityBancshares(11%),andFirstNorthernCommunityBancorp(10%).Thesteepestpricedeclinewasthe
11%dropinthestockpriceof1stCenturyBancshares.
Allofthebanksinthisclasshadmeaningfulpricetotangiblebookvalueratiosattheendof2014.Fourteenof
the19banksinthisclasstradedabovebookvalue.The ivebankspricedunderbookvaluewerevaluedat80%
to97%oftangiblebook.TherangeofP/TBVwentfrom0.80xforCaliforniaFirstNationalBancorpto2.01xfor
CaliforniaRepublicBank.2014wasthethirdconsecutiveyearforCaliforniaRepublicBanktoleadthisgroupin
termsofP/TBV.
TheaverageP/TBVratioforthisassetcategoryfellto1.13xattheendof2014,comparedwith1.19xattheend
of2013.Overthepastbusinesscycle,theP/TBVforthisgroupwasup82%attheendof2014fromthe2009
low.Nonetheless,comparedwith2006,thiscategory’sP/TBVwasdown57%.In2006,thisassetclassreported
thehighestP/TBVoftheeightgroupsanalyzed.Eightyearslater,thisclasshadthethirdlowestP/TBVratio.
AllofthebanksinthisclassreportedpositiveearningsforthelasttwelvemonthsthroughSeptember30,2014.
Thus,allbankshadmeaningfulprice/earningsratiosattheendof2014.TheaverageP/Eratioforthisgroup
was13.9x,downfromthe14.7xratioin2013.TheP/Eratiosfortheindividualcompaniesrangedfromalowof
7.7xforCommunityWestBancsharestoahighof31.7xfor1stCenturyBancshares.
Thetotalnumberofsharestradedin2014forthe$500millionto$1billionassetgroupequaled22.4million,
down 33% from the annual volume of 33.3 million shares in 2013. The per‐bank trading volume was 1.18
millionshares,comparedto1.75millionsharesin2013.SunwestBank,withits$38,000persharepriceandits
closely‐held ownership, reported the fewest number of shares traded at 22 shares for the entire year. No
Sunwest trades were made in the inal quarter of the year. In contrast, the largest number of annual shares
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $500 MILLION AND $1 BILLION (continued)
tradedwasforBankofCommerceHoldingat4.1millionshares.Withinthisassetclass,eightofthe19banks
hadtradingvolumesinexcessof1millionsharesduring2014.
Themarketcapitalizationofthisclassin2014totaled$1.6billion,essentiallyunchangedfrom2013.Theper‐
bank marketcapitalizationat $86.95 million was 0.4% above thecomparable statistic for 2013. Fourteen of
the 19 banks reported increases in market capitalization over the past year. The company with the lowest
market capitalization of this group was Plumas Bancorp at $38.3 million. California Republic Bank held the
highestmarketcapofthegroupat$208.3million,whichwas40%higherabovethesecond‐placedCalifornia
First National Bancorp. Signi icant increases in common stock outstanding over the course of 2014 were
recorded by California Republic Bancorp, Paci ic City Financial Corporation, 1st Century Bancshares, and
CommunityWestBancshares.
INDUSTRY VALUATIONS: BANKS BETWEEN $1 AND $5 BILLION
Thebanksinthe$1to$5billionassetrangeincreasedbythreeoverthecourseof2014.Thegroupendedthe
year with 21 banks. Eighteen banks had carried over from the prior year. The entire 2013 class of banks
continuedtobeinthisgroupattheendof2014.BancofCaliforniaconvertedfromathrifttoabankingcharter
andjoinedthisassetclass.OpusBankcommencedpublicstocktradingduringthepastyear.Paci icMercantile
Bankgrewtoover$1billioninassets.
Ofthe21banksinthegroup,13experiencedstockpricegains,whileeightdeclinedinprice.MechanicsBank,
anacquisitiontargetofFordFinancialFund,II,L.P.,sustainedthesteepeststockpricegain,surginghigherby
$13,200 a share, anadvance of 102%.Nine additionalbanks withinthisgroup reportedstockpricegains in
excess of 10% in 2014. Signi icant price gains were reported by Preferred Bank (39%), CU Bancorp (24%),
Exchange Bank (22%), Bank of Marin Bancorp (21%), River City Bank (20%), Paci ic Mercantile Bancorp
(13%), Heritage Oaks Bancorp (12%), Farmers & Merchants Bancorp (11%), and Paci ic Premier Bancorp
(10%).ThesteepestpricedeclinewasincurredbyBancofCalifornia,withitsstockpricedown14%.
MechanicsBankwastheonlymergertargetinthisgroup,baseduponannouncementsmadein2014.TheFord
FinancialFundII,L.P.soughttoacquirenearly70%ofthecommonstockofMechanicsBankinadealvaluedat
$338millionandpricedat1.64xtangiblebookvalue.Thisacquisitionwassubsequentlyamendedtoallowthe
FordFinancialFundtoacquireallofthesharesofMechanicsBank.
Fivebankswithinthe$1to$5billionassetgroupwereacquirersofotherbanksduring2014.SierraBancorp
acquiredSantaClaraValleyBank,N.A.inanall‐cashtransactionvaluedat$12millionand1.16xtangiblebook
value. CU Bancorp acquired 1st Enterprise Bank in an all‐stock transaction priced at $104 million or 1.91x
tangible book value. Paci ic Premier Bancorp paid $71.2 million in a mixed cash‐stock transaction for
IndependenceBankatavaluationof1.54xtangiblebookvalue.TriCoBancorpacquiredNorthValleyBancorp
in an all‐stock transaction valued at $179 million or 1.88x tangible book value. Heritage Oaks Bancorp
acquiredMissionCommunityBankinamixedcash‐stocktransactionpricedat$56millionand1.89xtangible
bookvalue.
Attheendof2014,OpusBankandRiverCityBank,accordingtotheSNLdatabase,reportednot‐meaningful
ratios for price to tangible book value. Exchange Bank was the only institution priced below tangible book,
carrying a 0.9x P/TBV. The highest P/TBV was that of WestAmerica Bancorp. The 3.20x P/TBV for
WestAmericaBancorpwasalsothehighestratioforall132 inancialinstitutionstrackedintheCarpenter&
Companyreport.
Theaverageratioofpricetotangiblebookvaluefortheentireclassequaled1.62xin2014,slightlylowerthan
the1.64xaveragefor2013,yetasigni icantimprovementoverthe1.23xratioin2012.Basedupontheeight
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $1 AND $5 BILLION (continued)
LargestPriceGains
MechanicsBank
PreferredBank
CUBancorp
SteepestPriceDecline
BancofCalifornia
PricetoBook‐‐ CABanks$1‐$5Billion
3.0
3.0
2.5
2.4
2.5
2.5
2.0
2.0
1.7
1.6
1.5
1.3
1.0
1.0
1.1
1.6
1.2
1.0
0.5
0.0
02
03
04
05
06
07
08
09
10
11
12
13
14
+101.5%
+39.1%
+24.1%
‐14.5%
categories of inancial institutions studied in this report, the P/TBV ratio for banks in the $1‐$5 billion size
grouprankedthirdhighestattheendof2014.In2006,thisgrouprankedsecondhighestoftheeightgroups
witha2.54xratio.Comparedtothat2006ratio,theaverageP/TBVin2014was36%belowthepeak,yetthe
2014ratiowas60%abovethe2009low.
All banks in this group, except for Paci ic Mercantile Bancorp, were pro itable forthe twelve months ending
September2014.Asaresult,therewasonlyonenot‐meaningfulprice/earningsratioreportedforthisgroup.
Themeaningfulprice/earningsratiosforthisclassrangedfromalowof8.4xforExchangeBanktoahighof
44.2xforHeritageOaksBancorp.The2014averagefortheP/Eratioequaled18.6x,upfrom16.89xin2013
and12.2xin2012.
Thetotalvolumeofsharestradedforthisassetclassequaled334.4millionshares,anincreaseof31%overthe
sharecountof254.6millionin2013.Onaper‐bankbasis,theaveragecountequaled15.92millionshares,a
13% advance over the 2013 average. Share trading volume last year ranged extremely broadly. Mechanics
Bank,withits$26,200persharepricing,hadlowestnumberofannualsharestradedat380shares.Twoother
banksreportedpricesinexcessof$100pershare,speci icallyFarmers&MerchantsBancorpofLongBeach
and River City Bank. These two companies reported annual share volumes of less than 10,000 shares. In
contrast, 16 of the 21 banks had annual share volumes over 1 million shares, including the most traded
company,WilshireBancorpwithover93millionsharestraded.
Totalmarketcapitalizationfortheclassof$1to$5billionbanksequaled$8.5billionin2014,comparedwith
$6.5billionin2013.Totalmarketcapitalizationwas31%higherthanin2013.Yet,thenumberofbanksinthis
group was 17% greater than in the previous year. On a per‐bank basis, market capitalization equaled $406
million in 2014, a 12% gain over the 2013 average market cap of $363 million. The range for market
capitalizationwasextremelywide,runningfromalowof$122millionforCentralValleyCommunityBanktoa
high of $1.27 billion for WestAmerica Bancorp. Central Valley Community Bank and Wilshire Bancorp both
experienced reductions in market capitalization over the past year, while the other 19 banks in this group
improved upon their 2013 levels. Sizable increases in common stock shares outstanding were reported in
2014byBancofCalifornia,HeritageOaksBancorp,TriCoBancshares,CUBancorp,andOpusBank.
INDUSTRY VALUATIONS: BANKS BETWEEN $5 AND $10 BILLION
Thenumberofbanksinthe$5and$10billionassetclassattheendof2014wasdownbytwofromtheprior
year. The acquisition of Capital Source, Inc. by PacWest Bancorp eliminated Capital Source and pushed
PacWestintothenextlargerassetclass.RemaininginthisassetclasswereBBCNBancorp,CVBFinancialCorp,
Carpenter & Company
--
Industry Valuations
BANKS BETWEEN $5 AND $10 BILLION (continued)
andFarmers&MerchantsBank.Farmers&MerchantsBankexperiencedasigni icantstockpricegainof16%in
2014,whilethesharepricesfortheothertwobanksendedlastyearbelow2013’spricing.BBCNexperienced
thesteeperdecline—off13%.Asaresult,thisclasshadthelowestpercentageofcompanieswithgainingstock
pricesamongtheeightgroupsanalyzedat33%.
CVBFinancialCorpcompleteditsacquisitionofAmericanSecurityBankinMay2014inanall‐cashtransaction
valuedat$57millionandapricetotangiblebookvalueof1.33x.
Farmers&MerchantsBanktradingat0.99xtangiblebookvaluewastheonlybankofthethreeinthisclassthat
tradedbelowtangiblebookvalue.BBCNBancorptradedat1.51xTBV,andCVBFinancialtradedat2.20xTBV.
TheaverageP/TBVforthethreebanksequaled1.57xin2014,down27%fromtheaverageof2.14xin2013.
Fromacyclicalperspectivethepricetotangiblebookvalueforthisgroupwasdown25%fromits2007recent
peakratioof2.10x.TherecoveryintheP/TBVratiofromthegroup’s2009lowreadingequaled42%.
All three banks were pro itable for the twelve months ending September 2014, and each bank recorded
meaningfulprice/earningsratiosattheendof2014.TheP/Eratiosrangednarrowlyfrom12.9xforFarmers&
MerchantsBankto16.3xforCVBFinancialCorp.Ofthethreebanks,onlyFarmers&MerchantsBankregistered
an increase in its P/E ratio compared to the previous year. The average price/earnings ratio for this group
equaled 18.5x in 2013. With the elimination of the more highly pro itable and more highly valued Capital
SourceandPacWeststocksfromthisgroup,theaverageP/Ein2014fellto14.3x,a23%declineovertheyear.
Thethreebanksinthisgrouphadanaggregateannualtradingvolumeof224millionshares.In2013,the ive
banksinthisgroupreportedtotaltradingof778.6millionshares.Theaveragetradingvolumeperbankin2013
equaled 155.7 million shares, while the average trading in 2014 was 74.6 million shares. With the per‐share
priceofFarmers&MerchantsBankat$6,060,thatcompanyreportedthefewestnumberofsharestradedover
thecourseof2014at4,035shares.Theothertwocompaniesinthisgroupbothreportedtradingvolumesof
approximately112millionshareseach.
Thetotalmarketcapitalizationforbanksbetween$5and$10billionwas$8.6billionin2013anddeclined58%
in 2014 to $3.6 billion. The per‐bank market capitalization equaled $1.2 billion in 2014, down from the per‐
bankmarketcapitalizationof$1.7billionin2013.Thisdropwaslargelyduetotheeliminationsofthehighly
valuedCapitalSourceandPacWestfromthisclass.OnlyFarmers&MerchantsBankexperiencedanincreasein
marketcapitalizationin2014.ThedeclineinstockpricesforbothBBCNBancorpandCVBFinancialtriggered
the reduction in market capitalization for those two companies. None of the companies in this group
experiencedmeaningfulincreasesincommonsharesoutstandingin2014.
LargestPriceGain
Farmers&MerchantsBank
SteepestPriceDecline
BBCNBancorp
PricetoBook‐‐ CABanks$5‐$10Billion
3.3
3.5
3.0
2.6
2.5
2.0
2.1
2.1
2.1
2.1
1.9
1.7
1.5
1.5
1.5
1.6
1.6
1.1
1.0
0.5
0.0
02
03
04
05
06
07
08
09
10
Carpenter & Company
11
12
13
14
--
+16.0%
‐13.3%
Industry Valuations
BANKS BETWEEN $10 AND $100 BILLION
INDUSTRY VALUATIONS: BANKS BETWEEN $10 AND $100 BILLION
The number of California publicly‐traded banks with assets between $10 and $100 billion increased by one
over the course of 2014 to a total of six banks. Through the acquisition of Capital Source Bank, PacWest
Bancorpgrewover$10billionlastyear.Theother ivebankswerecarryoversinthisclassfrom2013.
PacWestBancorpacquiredCapitalSourceinamixedcash‐stocktransactionvaluedat$2.4billionandpricedat
2.18xTBV.Thistransactioninvolvingthetwo$5+billionbanksclosedinApril2014.
Fourofthesixcompanieswithinthe$10and$100billionassetclassexperiencedannualgainsinstockprices
onayear‐endcomparison.BothEastWestBancorpandSVBFinancialGroupreportedsigni icantgainsinstock
pricesin2014withmatching10.7%gains.Thesharpestdeclineinstockpricewasthe4%dropintheshare
priceofCathayGeneralBancorp.
Allbanksinthisclasswerepricedabovetangiblebookvalue.CathayGeneralat1.63xwastheonlybankwitha
P/TBV below 2.0x. The highest P/TBV was the 2.70x ratio for PacWest Bancorp. All six banks in this group
reportedlowerratiosforP/TBVin2014thanin2013.
Thepricetotangiblebookvalueforbanksbetween$10and$100billionaveraged2.20xin2014,down6.0%
fromthe2.34xaveragein2013.At2.20x,thisgroupcarriedthehighestP/TBVratiooftheeightassetclasses
studied. That designation was also achieved in 2013. From 2006 to 2014, the P/TBV ratio for this class was
down12%,whiletheaverageP/TBVrallied50%fromthe2009lowinthemeasure.
All six banks were pro itable for the last twelve months through September 30, 2014, and all of the banks
reportedmeaningfulLTMP/Eratios.Theprice‐earningsratiorangedfrom15.2xforCathayGeneralBancorp
to34.7xforPacWestBancorp.ThesebanksachievedanaverageP/Eratioin2014of20.7x.Thisresultwasup
nearly 7% from the 19.4x average P/E in 2013. The average P/E ratio for this group was the highest ratio
among the eight classesanalyzedThe P/E forthe $10to $100 billion asset classwas 12%above thesecond
highestP/Eratio,thatis,forthe$1to$5billionbankgroup.
This class of banks had signi icant stock trading volume and market liquidity. The total annual number of
sharestradedforthisclassequaled882millionshares,up28%fromthe689millionsharestradedin2013.
Theaveragenumberofsharestradedper‐bankequaled147million,up9.7%fromthe134millionsharesin
2013.ExceptforCathayGeneralBancorpandCityNationalBank,allofthecompaniesinthegroupreported
morethan100millionsharesinannualtradingvolume.Therangeinannualtradingvolumein2014was66.6
millionsharesforCityNationalBankand240millionsharesforFirstRepublicBank.FirstRepublicreported
thehighestannualtradingvolumeofthe132companiesinthisreport.
PricetoBook‐‐ CABanks$10‐$100Billion
2.5
2.5
2.3
2.1
LargestPriceGains
SVBFinancialGroup
EastWestBancorp
2.2
1.9
2.0
1.7
1.5
1.5
1.6
11
12
SteepestPriceDecline
CathayGeneralBancorp
1.5
1.0
0.5
0.0
06
07
08
09
10
Carpenter & Company
13
14
--
+10.7%
+10.7%
‐4.3%
Industry Valuations
BANKS BETWEEN $10 AND $100 BILLION (continued)
The total market capitalization for the $10‐$100 billion asset category in 2013 equaled $23.0 billion and
climbed 30% to $29.8 billion in 2014. Market capitalization per‐institution in 2013 equaled $4.6 billion. Per‐
bankmarketcapwas8.7%higherin2014,cominginatanaverageof$5.0billion.ExceptforCathayGeneral,
theother ivebanksreportedastep‐upinmarketcapitalizationoverthecourseof2014.
At $7.2 billion, First Republic Bank reported the highest market capitalization of the group, as well as the
largestmarketcapitalizationofall132stocksinthetrackingreport.Thatwasthesecondconsecutiveyearfor
First Republic to possess the highest market capitalization among all California publicly‐traded inancial
institutions.CathayGeneralhadthelowestmarketcapitalizationwithinthiscategoryofbanksat$2.1billion.
Outstandingcommonstockforallsixbanksinthisgroupincreasedduring2014.Thesmallestincreaseinshare
countwasexperiencedbyCathayGeneralBancorp.Thelargestannualriseincommonstockoutstandingwas
the57millionshareincreaseforPacWestBancorp.EastWestBancorpreportedthemostsharesoutstandingat
143millionshares.
Industry Valuations: California Thrifts
Forthe inalyear,theCarpenter&Companystockreportsegregatedpublicly‐traded inancialinstitutionswith
a thrift charter into a thrift group regardless of the size of the institution. This separation meant that
institutionswerecodi iedintothesamegroupdespitethevariationintheassetsizeofthethrifts,whichranged
from$300milliontonearly$5.0billion.Startingin2015,theMonthlyStockReporteliminatedthethriftclass
andincorporatedthethriftsintoappropriateclassesbasedupontheassetsizeofthethrift.
Thenumberofpublicly‐tradedCaliforniathriftsheldsteadyatsixin2014.BancofCalifornialeftthethriftclass
due to its conversion to a banking charter. First ULB Corp, the parent company of United Business Bank,
initiatedtradingofitscommonstockin2014.Accordingtodata,asofSeptember30,2014,thriftsrangedinsize
from$330millionto$4.8billion.BroadwayFinancialCorpwasthesmallestpublicly‐tradedthrift,whileBofI
Holding,Inc.hadthemostthriftassets.
In September 2014, HomeStreet, Inc., a Washington‐state thrift holding company, announced its intention to
acquireSimplicityBancorp,Inc.SimplicityBancorpistheparentcompanyofSimplicityBank,formerlyknown
asKaiserFederalSavingBank.TheHomeStreetannouncementproposedtermsof$133millioninanall‐stock
consideration,whichyieldedavaluationof0.96xtotangiblebookvalue.
PricetoBook‐‐ CAThrifts
LargestPriceGains
BroadwayFinancial
MalagaFinancialCorp
2.5
2.1
1.9
2.0
1.5
1.8
1.6
1.7
1.4
1.4
1.1
1.0
0.8
0.5
0.4
0.4
08
09
0.8
0.8
10
11
0.0
02
03
04
05
06
07
Carpenter & Company
12
13
14
--
+41.0%
+13.3%
Industry Valuations
THRIFTS (continued)
Fiveofthesixthriftsexperiencedyear‐over‐yearstockpricegainsin2014.OnlyBofIHoldings,Inc.recordeda
slightdeclineinstockpriceinthepastyear.ThesteepestpricegainwasexperiencedbyBroadwayFinancial
Corp,withits41%stockpriceadvance.MalagaFinancialCorprecordedasigni icantpriceadvanceofup13%.
Duetolimiteddata,onlyhalfofthesixthriftsreportedmeaningfulratiosforpricetotangiblebookvalue.Asa
result, theaverage P/TBVwas heavily skewed by the 2.82x P/TBV ratio for BofI Holdings, Inc. BofIHoldings
reported the second highest price to tangible book value ratio of the 132 stocks analyzed in this report.
Nonetheless,theP/TBVforBofIHoldings,Inc.wasdownsigni icantlyfromits3.90xratioin2013.Theother
meaningfulP/TBVratioswere0.95xforSimplicityBancorp,Inc.and1.27xforMalagaFinancialCorp.Broadway
FinancialCorp,FirstULBCorp,andProvidentFinancialHoldingswereallclassi iedashavingnot‐meaningful
P/TBVratios.
The averagepriceto tangible book value ratio for the thriftclass equaled 1.68xin 2014, down from 1.83xin
2013. Over the past eight years, the P/TBV for the thrift class recovered sharply from its 2008 low of 0.41x.
Despiteits8%declineintheP/TBVratiolastyear,the1.68xratiofor2014wasup310%fromthe2008low.
Thethriftclasswastheonlyoneoftheeightgroupsthattradedaboveits2006P/TBVratio.
Only one ofthe sixthrifts,First ULB Corp, reportedanot‐meaningful price/earnings ratiofor the last twelve
months ending September 2014. The average P/E ratio for the remaining ive thrifts equaled 17.7x in 2014,
comparedwith16.4xin2013.TherangeofP/Eratiosequaledalowof11.8xforMalagaFinancialCorptoahigh
of23.8xforSimplicityBancorp,Inc.ComparedtotheP/E/ratiosfor2013,twoofthethriftsreportedhigher
ratiosin2014,whiletwohadlowerratios.
Due to the wide differential in the asset sizes of California thrifts, between $300 million to $5.0 billion, the
marketcapitalizationofthecompaniesinthethriftgroupalsorangedwidely.Thelowestmarketcapitalwas
heldbyFirstULBCorpat$21.5million.ThehighestmarketcapitalwasthatofBofIHoldings,Inc.at$1.2billion.
TotalmarketcapitalizationoftheCaliforniathriftsfellfrom$1.8billionattheendof2013to$1.6billionatthe
end of 2014. Replacing Banc of California with its 2013 market capitalization of $262 million with First ULB
Corpandits$21.5millioninmarketcapcontributedgreatlytotheannualreductioninthegroup’smarketcap.
The 2014 market capitalization per thrift equaled $266 million. Only BofI Holdings reported a market
capitalizationthatwasabovethataverage.ThesecondhighestmarketcapinthegroupwasheldbyProvident
Financial,withitsmarketcapsome88%belowthatofBofIHoldings.
Of the ive companies that were carried over from 2013, three companies reported increases in market
capitalization, and two were lower. As was the case in 2013, Provident Financial Holdings and Simplicity
Bancorpreportedlowerlevelsofmarketcapitalizationin2014thanintheprioryear.
With the elimination of Banc of California from the thrift group, annual share trading volume in 2014 was
signi icantlyfewerthanthe87.8millionsharestradedin2013.Theannualtradesin2014equaled74.5million
shares,15%belowtheprioryear.Theaveragetradingvolumein2014was12.4millionshares.BOFIHoldings
reportedtradingvolumeof58millionshares,anincreaseof35%overthatcompany’sannualtradesin2013.
Thelowesttradingvolumewasforthenewestpublicly‐tradedthrift,FirstULBCorp,at5,597shares.Fiveofthe
thriftsreportedtradingactivityinDecember.ThatexceptionwasFirstULBCorp,whichreporteditslast2014
tradeonNovember17th.
Broadway Financial Corp conducted a follow‐on stock offering, increasing its common shares outstanding by
44%overthepastyear.ProvidentFinancialandSimplicityBancorptrimmedtheirsharesoutstandingoverthe
courseof2014.
Carpenter & Company
--
Industry Valuations
California Banks Closed in 2014
(sorted by asset size)
InstitutionName
City
Date
Closed
TotalAssets Publicly
($000)
Traded*
Transaction
CapitalSourceBank
LosAngeles
7‐Apr‐14
8,289,723
yes
AcquiredbyPacWestBancorpat
2.184xTBV
NorthValleyBank
Redding
3‐Oct‐14
921,796
yes
AcquiredbyTriCountiesBankat
1.506xTBV
1stEnterpriseBank
LosAngeles
30‐Nov‐14
800,739
yes
AcquiredbyCUBancorpat1.918x
TBV
MetroUnitedBank
SanDiego
17‐Jan‐14
486,370
no
AcquiredbyEastWestBank
MissionCommunityBank
SanLuisObispo
28‐Feb‐14
432,406
yes
AcquiredbyHeritageOaksBancorp
at1.887xTBV
AmericanSecurityBank
NewportBeach
15‐May‐14
431,171
no
AcquiredbyCitizensBusinessBank
at1.334xTBV
WedbushBank
LosAngeles
5‐Jun‐14
225,949
no
Voluntarilyliquidatedcharter
PremierServiceBank
Riverside
31‐Jan‐14
130,856
yes
AcquiredbyIndependenceBankat
1.373xTBV
SantaClaraValleyBank,NA
SantaPaula
14‐Nov‐14
129,391
yes
AcquiredbyBankofSierraat
1.136xTBV
CommunityBankofSan
Joaquin
Stockton
25‐Apr‐14
123,585
yes
AcquiredbyBayCommercialBank
MissionOaksNationalBank
Temecula
2‐May‐14
98,552
yes
AcquiredbyAltaPacificBank
FrontierBank,FSB
PalmDesert
7‐Nov‐14
80,736
no
Failed
FirstSecurityBusinessBank
Orange
29‐Dec‐14
61,646
no
Voluntarilyliquidatedcharter
*Traded:yesmeanspubliclytradedandnomeansprivatelyheld
Carpenter & Company
--
TBV=Tangiblebookvalue
Industry Valuations
California Bank Mergers
Announced or Completed in 2014
Buyer
Seller
Assets($ooo)
Deal Price/
Value
TBV
($Mln)
x
Buyer/Target
Announce
Date SellerCity
Completion
DealStatus
Date
AltaPacificBancorp/Mission
OaksBancorp
1/31/2014 Temecula
Completion
5/2/2014
238,900
95,951
3.46
NM
BankofSouthernCalifornia,
N.A./FrontierBank,FSB**
**Bankingfailure
11/7/2014 PalmDesert
Completion
11/7/2014
NA
NA
NA
NA
BayCommercialBank/Bank
OnIt,Inc.
1/16/2014 Stockton
Completion
4/25/2014
327,181
118,480
4.27
NA
BayCommercialBank/Valley
11/10/2014 Pleasanton
CommunityBank
Completion
2/13/2015
503,549
134,481
7.80
83.0
CITGroupInc./IMBHoldCo
LLC
DefinitiveAgreement
21,807,098 3,369.06
NA
CUBancorp/1stEnterprise
Bank
CVBFinancialCorp./
AmericanSecurityBank
SouthernCalifornia/First
MountainBank
7/22/2014 Pasadena
6/3/2014 LosAngeles
48,578,100
Completion
11/30/2014
1,382,363
775,912
104.34
191.8
2/18/2014 NewportBeach
Completion
5/15/2014
6,664,967
412,295
57.00
133.4
5/5/2014 BigBearLake
Termination
7/17/2014
176,578
134,397
14.29
NA
901,548
138,911
6.24
NA
FNBBancorp/Valley
CommunityBank
5/22/2014 Pleasanton
Termination 11/10/2014
FordFinancialFundII,L.P./
MechanicsBank
9/25/2014 Richmond
Completion
4/30/2015
NA
3,303,385
338.00
151.0
Completion
2/28/2014
1,096,882
446,956
55.98
188.7
HeritageOaksBancorp/
MissionCommunityBancorp
10/21/2013 SanLuisObispo
HomeStreet,Inc./Simplicity
Bancorp,Inc.
9/29/2014 Covina
Completion
3/1/2015
3,235,676
879,188
132.87
96.3
IndependenceBank/Premier
ServiceBank
11/4/2013 Riverside
Completion
1/31/2014
311,772
128,987
8.64
137.3
10/30/2014 ChulaVista
Completion
4/7/2015
209,212
148,101
17.47
122.9
PacificPremierBancorp,Inc./
10/22/2014 NewportBeach
IndependenceBank
Completion
1/26/2015
1,921,525
407,960
71.20
167.9
PacWestBancorp/
CapitalSourceInc.
7/22/2013 LosAngeles
Completion
4/7/2014
5,299,905
8,482,677 2,381.89
218.4
9/16/2013 LosAngeles
DefinitiveAgreement
NA
377,977
NA
NA
PacificCommerceBank/
VibraBank
Privateinvestor/NCAL
Bancorp
Privateinvestors/First
NationalBankofSouthern
California
g
/
12/10/2013 Riverside
Completion
3/6/2014
NA
144,480
19.00
104.4
Deposit/Loan‐1stSecurity
BusinessBank
10/22/2014 Orange
Completion
12/26/2014
339,504
NA
NA
NA
SierraBancorp/SantaClara
ValleyBank,N.A.
7/17/2014 SantaPaula
Completion
11/14/2014
1,458,321
127,163
12.29
113.6
SKBHCHoldingsLLC/Greater
10/15/2014 Sacramento
SacramentoBancorp
Completion
2/2/2015
4,053,767
467,869
59.83
154.0
TriCoBancshares/North
ValleyBancorp
Completion
10/3/2014
2,632,106
912,447
178.92
150.6
1/21/2014 Redding
Carpenter & Company
--
STOCK PERFORMANCE: 2014 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
12/31/2014
12/31/2013
% Change YTD
14.75
14.41
17.27
13.94
18.57
14.27
20.75
17.66
16.56
16.13
17.88
14.74
16.89
18.47
19.42
16.45
-10.91%
-10.69%
-3.39%
-5.42%
9.95%
-22.74%
6.82%
7.34%
25
20
15
10
5
0
Under $125M - $250M - $500M $125M $250M $500M $1Bn
$1Bn $5Bn
12/31/2013
$5Bn $10Bn
Over
$10Bn
CA
Thrifts
12/31/2014
*LT M= Last T welve Months. LT M P/E calculated based on last twelve months earnings through 9/30/2014.
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
12/31/2014
12/31/2013
% Change YTD
0.73
1.12
1.13
1.13
1.62
1.57
2.20
1.68
0.75
1.08
1.18
1.19
1.68
2.14
2.34
1.83
-2.08%
3.19%
-3.66%
-4.42%
-3.73%
-26.84%
-5.71%
-8.01%
2.5
2.0
1.5
1.0
0.5
0.0
Under $125M - $250M - $500M - $1Bn $125M $250M $500M $1Bn
$5Bn
12/31/2013
$5Bn $10Bn
Over
$10Bn
CA
Thrifts
12/31/2014
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
Industrywide Ratio Comparisons
Carpenter California Banks - SNL Bank Index: Price/Tangible Book Ratio (x)
12/31/2014
California Banks
SNL Banks
Total Assets:
Less than $250M
Less than $500M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
Thrifts
1.01
1.04
1.13
1.13
1.62
1.57
2.20
1.68
12/31/2013
California Banks
SNL Banks
3.18
1.23
1.19
1.18
1.74
2.21
1.74
1.58
0.75
1.05
1.18
1.19
1.68
2.14
2.34
1.83
3.27
1.23
1.15
1.27
2.05
2.36
1.73
1.73
2014 Comparison
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Less than Less than $250M - $500M $250M
$500M
$500M
$1Bn
California Banks
$1Bn $5Bn
$5Bn $10Bn
SNL Banks
Over
$10Bn
Thrifts
Carpenter California Banks - SNL Bank Index: Price/LTM EPS Ratio (x)
12/31/2014
California Banks
SNL Banks
Total Assets:
Less than $250M
Less than $500M
$250M - $500M
$500M - $1Bn
$1Bn - $5Bn
$5Bn - $10Bn
Over $10Bn
Thrifts
14.46
15.47
16.84
13.94
18.57
14.27
20.75
17.66
12/31/2013
California Banks
SNL Banks
NA
15.17
15.17
16.02
19.24
19.61
18.90
26.87
16.24
16.78
17.88
14.74
16.89
18.47
19.42
16.45
24.47
14.12
13.92
14.65
18.54
20.22
15.15
19.91
2014 Comparison
30.00
25.00
20.00
15.00
10.00
5.00
0.00
Less than Less than $250M - $500M $250M
$500M
$500M
$1Bn
California Banks
$1Bn $5Bn
$5Bn $10Bn
SNL Banks
Over
$10Bn
Thrifts
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— 2014 Annual Stock Performance Report
California Banks with Total Assets Under $125 Million
Total Market Capitalization: $231 Million
Symbol
Name
Last Trade
Date
CABB
CKTM
CMUV
DEBC
FHLB
FTFS
GSBB
MOLB
PAMB
PPFC
SAGN
SFRK
SUTB
SVBA
TRVB
USMT
CALIFORNIA BUSINESS BANK
COMMERCE BANK OF T EMECULA
COMMUNIT Y VALLEY BANK
DELT A NAT IONAL BANCORP
FRIENDLY HILLS BANK
F&T FINANCIAL SERVICES
GOLDEN ST AT E BANK
MOT HER LODE BANK
PAN AMERICAN BANK
PAN PACIFIC BANK
SAIGON NAT IONAL BANK
SECURIT Y FIRST BANK
SUT T ER COMMUNIT Y BANK
SIERRA VIST A BANK
T RI-VALLEY BANK
US MET RO BANK
31-Dec
20-Oct
26-Dec
17-Dec
31-Dec
29-Dec
12-Nov
26-Dec
21-Nov
31-Dec
18-Dec
30-Dec
30-Dec
31-Dec
31-Dec
30-Dec
Annual
Price ($) Volume
0.97
4.25
5.16
8.00
7.11
69.25
0.60
1.10
0.50
2.65
0.08
4.85
5.60
4.50
0.28
1.70
271,166
80,746
336,524
373
491,717
8,761
127,043
357,782
3,550
414,210
85,279
68,541
86,455
82,474
381,860
73,912
Mkt Cap
($)
91,010,805
6,385,090
8,425,263
3,042,424
11,489,760
20,298,976
1,106,760
4,881,784
16,708,380
13,209,882
5,554,093
8,657,371
5,329,397
18,077,972
6,950,448
10,166,000
Average
Median
High
Low
LTM Price/ 2014 Pricing
P/E T. Book Min Max
N/M
34.70
N/M
N/M
6.41
N/M
N/M
N/M
N/M
4.32
N/M
9.89
29.28
3.91
N/M
N/M
14.75
8.15
34.70
3.91
N/M
0.71
0.77
0.38
0.79
0.59
0.33
0.96
N/M
0.75
N/M
0.67
0.58
1.11
0.89
0.95
0.73
0.75
1.11
0.33
0.22
3.75
5.05
7.00
5.01
67.75
0.19
1.05
0.12
2.40
0.08
3.88
5.00
2.53
0.21
1.07
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
2.00
4.99
6.00
8.10
7.95
72.00
1.00
4.00
0.50
2.90
0.27
5.71
5.75
6.00
0.63
2.20
YTD Change
($)
0.75
0.00
0.01
1.00
2.09
0.75
0.42
-0.15
0.35
0.20
-0.08
0.68
-0.15
1.97
-0.11
0.45
(%)
340.9%
0.0%
0.2%
14.3%
41.6%
1.1%
224.3%
-12.0%
233.3%
8.2%
-50.0%
16.3%
-2.6%
77.9%
-28.2%
36.0%
STOCK PERFORMANCE
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between $125 and $250 Million
Total Market Capitalization: $651 Million
Symbol
ARBV
AUNB
BNNP
CALW
CBBC
CBJC
CBYAA
CCBC
CFBN
CRSB
CTBP
CYSM
FBBN
FBCP
FMBP
FOLB
GVYB
LGHT
LIBC
MNBO
NCNB
NRLB
NWBN
OCBB
OJCB
PBKX
PBNK
PFBN
PFCI
PMRA
PVBK
RVVY
SBKK
SMAL
UIFC
VBBK
VCBC
Name
Last Trade
Date Price ($)
31-Dec
30-Dec
BANK OF NAPA NA
31-Dec
CALWEST BANCORP
29-Dec
COMMUNIT Y BUSINESS BANK
29-Dec
CAPIT AL BANK
12-Dec
COMMUNIT Y BANK OF T HE BAY
26-Dec
CHINO COMMERCIAL BANCORP
31-Dec
COMMUNIT Y 1ST BANK
31-Dec
CORNERST ONE COMMUNIT Y BANK
31-Dec
COAST BANCORP
26-Dec
COMMUNIT Y BANK OF SANT A MARIA 31-Dec
BANK OF SOUT HERN CALIFORNIA NA 10-Dec
FOUNDERS BANCORP
31-Dec
FIRST MOUNT AIN BANK
31-Dec
FOLSOM LAKE BANK
31-Dec
GOLDEN VALLEY BANCORP
24-Dec
LIGHT HOUSE BANK
24-Dec
LIBERT Y BANCORP INC
18-Dec
MNB HOLDINGS CORP
2-Dec
NORT HERN CALIFORNIA NAT IONAL B 31-Dec
NORT HERN CALIFORNIA BANCORP IN 12-Dec
NEW RESOURCE BANK
29-Dec
ORANGE COUNT Y BUSINESS BANK NA 31-Dec
OCB BANCORP
31-Dec
PART NERS BANK OF CALIFORNIA
3-Dec
PINNACLE BANK
30-Dec
PACIFIC ALLIANCE BANK
18-Dec
PACIFIC COMMERCE BANK
30-Dec
PROMERICA BANK
30-Dec
PACIFIC VALLEY BANK
30-Dec
RIVER VALLEY COMMUNIT Y BANK
31-Dec
SUNCREST BANK
31-Dec
SUMMIT BANCSHARES INC
31-Dec
UNIT I FINANCIAL CORP
26-Dec
VIBRA BANK
5-Dec
VALLEY COMMUNIT Y BANK
3-Dec
AMERICAN RIVIERA BANK
AMERICAS UNIT ED BANK
9.47
6.75
8.50
0.67
9.15
18.97
4.25
14.25
3.57
8.20
1.50
7.81
6.50
12.00
7.00
7.20
12.51
16.15
12.00
34.00
9.57
1.33
4.48
6.20
5.50
3.25
7.40
7.75
5.60
5.75
8.00
14.50
6.75
15.36
2.00
20.75
3.82
Annual
Volume
710,872
793,378
276,555
238,024
124,773
23,558
737,239
143,994
356,560
302,240
86,614
371,672
4,719
105,140
811,281
71,032
27,170
226,854
7,947
16,839
57,599
36,506
795,070
397,070
217,889
14,267
390,536
11,100
227,136
239,887
91,187
28,913
123,525
24,719
107,683
44,364
360,679
Mkt Cap
($)
24,481,531
19,427,513
19,455,514
1,689,397
19,781,367
29,481,220
17,600,823
13,061,664
19,453,794
10,097,956
8,470,322
18,667,743
21,212,971
13,905,996
10,954,482
11,470,399
24,624,959
34,563,536
10,639,344
15,564,282
13,013,918
2,375,235
25,598,922
29,292,371
12,016,494
6,176,359
24,353,459
14,397,067
24,983,028
15,933,250
28,775,968
25,201,319
17,361,452
19,970,734
24,761,514
15,331,449
7,177,345
Average
Median
High
Low
LTM Price/
P/E T. Book
19.73
5.29
14.17
4.19
10.76
10.03
10.90
11.02
17.00
13.67
1.72
20.91
17.11
12.77
21.88
10.59
17.91
15.09
6.86
N/M
15.97
N/M
15.99
11.07
20.40
N/M
25.52
21.53
18.67
3.89
6.64
25.54
4.71
11.26
11.95
40.69
N/M
14.41
13.67
40.69
1.72
1.03
0.98
0.95
N/M
1.07
1.68
1.20
1.38
1.11
0.76
2.58
1.04
1.09
1.18
N/M
0.88
1.48
1.53
0.87
N/M
0.91
N/M
0.93
0.80
0.96
N/M
1.13
0.70
1.17
0.73
1.22
1.37
0.91
0.97
1.13
1.23
0.79
1.12
1.05
2.58
0.70
2014 Pricing
Min
Max
9.40
5.75
8.00
0.57
8.75
17.50
3.96
12.65
3.10
8.20
1.36
6.81
6.11
10.30
5.56
7.10
9.34
10.75
11.50
26.00
8.60
0.90
3.95
5.85
5.05
2.70
5.25
4.55
4.25
5.25
6.16
13.20
6.00
11.30
1.28
18.00
1.85
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
10.95
8.15
9.20
1.70
9.50
23.00
4.64
15.99
4.49
9.30
3.45
9.40
7.75
14.90
8.85
9.00
14.00
17.99
22.10
37.00
10.00
1.48
4.80
7.25
6.19
7.00
7.40
7.75
6.00
6.75
11.50
20.00
9.00
16.75
2.15
21.25
4.05
YTD Change
($)
(%)
-1.03
1.00
-0.20
-1.03
0.25
-0.53
-0.15
-1.65
-0.43
-0.30
-0.42
0.91
-0.50
1.70
-0.30
0.10
3.11
5.25
0.00
8.00
0.82
0.13
0.53
-1.05
-0.50
-3.75
2.12
2.85
1.35
0.70
-2.10
-2.50
0.85
4.06
0.63
2.75
1.57
-9.8%
17.4%
-2.3%
-60.6%
2.8%
-2.7%
-3.4%
-10.4%
-10.8%
-3.5%
-21.9%
13.2%
-7.1%
16.5%
-4.1%
1.4%
33.1%
48.2%
0.0%
30.8%
9.4%
10.8%
13.4%
-14.5%
-8.3%
-53.6%
40.2%
58.2%
31.8%
13.9%
-20.8%
-14.7%
14.4%
35.9%
46.0%
15.3%
69.8%
STOCK PERFORMANCE
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between $250 and $500 Million
Total Market Capitalization: $1.1 Billion
Symbol
ABNK
AVBH
BSCA
CABC
CNYB
CWBK
FCSB
FISB
GSCB
IDPK
MNHN
MSBC
MVLY
NCAL
OPBK
RWCB
SCBH
SCZC
SDPB
SSBI
TFCH
UABK
VCBP
VLLX
Name
Last Trade
Annual
Date Price ($) Volume
29-Dec
31-Dec
BANK OF SANT A CLARIT A
30-Dec
CALIFORNIA BANK OF COMMERCE
31-Dec
COUNT Y COMMERCE BANK
31-Dec
COMMERCEWEST BANK
31-Dec
FOCUS BUSINESS BANK
30-Dec
1ST CAPIT AL BANK
31-Dec
GREAT ER SACRAMENT O BANCORP
31-Dec
INDEPENDENCE BANK
31-Dec
MANHAT T AN BANCORP
31-Dec
MISSION BANCORP
30-Dec
MISSION VALLEY BANCORP
31-Dec
NCAL BANCORP
31-Dec
OPEN BANK
31-Dec
REDWOOD CAPIT AL BANCORP
26-Dec
SEACOAST COMMERCE BANC HOLDING 31-Dec
SANT A CRUZ COUNT Y BANK
29-Dec
SAN DIEGO PRIVAT E BANK
31-Dec
SUMMIT ST AT E BANK
31-Dec
T FC HOLDING COMPANY
30-Dec
UNIT ED AMERICAN BANK
31-Dec
VALLEY COMMERCE BANCORP
31-Dec
VALLEY REPUBLIC BANK
24-Dec
ALT APACIFIC BANK
AVIDBANK HOLDING
592,527
10.25
410,617
12.05
260,405
9.15
474,339
11.95
76,045
18.70
13.05 1,780,590
247,986
9.30
973,922
11.36
361,259
21.50
496,628
14.70
165,027
3.30
133,646
28.10
205,546
6.10
135,876
0.50
625,796
7.10
95,546
9.98
488,643
12.05
125,653
21.42
210,540
14.10
13.88 1,279,159
569,020
12.75
541,624
0.24
235,638
15.25
37,024
15.55
Mkt Cap
($)
54,858,636
52,274,840
21,430,535
51,579,164
26,803,626
53,804,524
27,804,415
42,472,586
56,272,810
70,877,932
41,574,284
39,802,020
16,050,521
11,147,784
88,029,946
18,576,882
67,843,163
45,783,087
57,663,854
66,323,776
84,716,840
10,802,374
44,451,447
54,350,920
Average
Median
High
Low
LTM
P/E
21.19
21.91
19.47
12.24
14.29
13.45
23.25
22.01
19.20
21.94
24.00
13.64
14.88
N/M
22.90
9.24
17.99
11.33
14.84
14.16
13.31
N/M
11.43
23.31
17.27
16.43
24.00
9.24
Price/ 2014 Pricing
T. Book Min Max
1.12
1.04
0.91
1.11
1.22
1.08
0.99
1.05
1.45
N/M
0.84
1.08
0.96
N/M
1.37
1.08
N/M
1.23
1.15
1.38
1.23
N/M
1.03
1.34
1.13
1.10
1.45
0.84
8.49
10.60
8.76
10.05
15.75
3.01
8.56
10.67
15.20
8.00
3.30
24.05
5.85
0.25
7.00
8.51
7.31
17.51
11.69
11.27
8.05
0.22
12.87
15.05
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
11.00
12.20
9.30
12.05
19.15
14.50
9.70
12.00
21.65
14.70
4.21
30.00
7.00
1.00
8.75
10.00
12.10
23.00
14.34
14.24
12.75
0.65
15.65
19.00
YTD Change
($)
(%)
2.85 38.5%
0.35
3.0%
0.20
2.2%
1.05
9.6%
2.60 16.1%
-0.85 -6.1%
0.40
4.5%
0.03
0.3%
6.30 41.4%
6.70 83.8%
-0.86 -20.7%
4.05 16.8%
-0.40 -6.2%
-0.05 -9.1%
-0.40 -5.3%
1.17 13.3%
4.05 50.6%
3.67 20.7%
2.41 20.6%
3.38 32.2%
2.75 27.5%
0.02
9.1%
1.74 12.9%
-0.73 -4.5%
STOCK PERFORMANCE
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between
$500 Million and $1 Billion
Total Market Capitalization: $1.6 Billion
12/31/2014
Symbol
AMRB
BCML
BOCH
CFNB
CRPB
CWBB
CWBC
FCTY
FNBG
FNRN
OVLY
PDOB
PFCF
PLBC
PLZB
PVLY
SCAF
SWBC
UBFO
Name
Last Trade
Annual
Date Price ($) Volume
31-Dec
9.42
31-Dec
11.90
BANK OF COMMERCE HLDG
31-Dec
5.96
CALIFORNIA FIRST NAT IONAL BANCORP 31-Dec
14.19
CALIFORNIA REPUBLIC BANK
30-Dec
27.00
COMMONWEALT H BUSINESS BANK
31-Dec
23.00
COMMUNIT Y WEST BANCSHARES
31-Dec
6.56
1ST CENT URY BANCSHARES
31-Dec
6.35
FNB BANCORP
31-Dec
27.75
FIRST NORT HERN COMMUNIT Y BANCOR 31-Dec
7.92
OAK VALLEY BANCORP
31-Dec
10.16
PRESIDIO BANK
31-Dec
12.50
PACIFIC CIT Y FINANCIAL CORP
7-Oct
12.38
PLUMAS BANCORP
31-Dec
7.99
PLAZA BANK
30-Dec
2.95
PREMIER VALLEY BANK
31-Dec
6.15
SECURIT Y CALIFORNIA BANCORP
31-Dec
11.62
SUNWEST BANK
3-Sep 38,000.00
UNIT ED SECURIT Y BANCSHARES
31-Dec
5.46
AMERICAN RIVER BANKSHARES
BAY COMMERCIAL BANK
2,978,855
1,512,048
4,132,816
1,564,927
632,160
447,617
1,721,314
1,359,108
348,460
645,620
907,276
454,090
19,819
682,112
117,877
2,699,644
500,466
22
1,719,072
Mkt Cap
($)
LTM
P/E
76,204,173
56,643,893
79,230,911
148,417,954
208,345,743
89,159,500
53,809,928
64,427,595
118,048,361
77,619,612
82,040,527
52,487,500
109,859,390
38,289,185
50,560,935
75,638,850
65,896,044
84,170,000
83,387,206
19.22
12.14
13.86
19.17
11.74
8.49
7.72
31.75
17.24
14.67
11.16
18.66
8.60
9.07
11.80
10.25
17.82
10.35
11.10
Average
Median
High
Low
13.94
11.80
31.75
7.72
Price/ 2014 Pricing YTD Change
T. Book Min Max
($)
(%)
1.06
8.51 10.00
1.02
9.70 12.10
0.97
5.63
6.90
0.80 13.91 15.62
2.01 23.45 29.25
1.22 19.32 23.60
0.93
6.00
7.84
1.08
6.35
8.50
1.30 24.90 28.25
1.00
6.98
8.06
1.13
8.25 11.05
1.31
9.90 12.50
1.31 11.00 14.00
1.10
5.98
8.25
0.93
2.86
3.55
1.39
5.76
6.37
1.08
9.61 11.89
0.83 33,000 39,000
1.09
4.56
5.94
1.13
1.08
2.01
0.80
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
-0.03
2.20
0.25
-0.91
3.30
1.60
0.00
-0.80
-0.25
0.72
1.79
2.55
8.38
1.77
-0.03
0.33
2.01
5,000
0.54
-0.3%
22.7%
4.4%
-6.0%
13.9%
7.5%
0.0%
-11.2%
-0.9%
10.0%
21.4%
25.6%
209.5%
28.4%
-1.0%
5.7%
20.9%
15.2%
11.0%
STOCK PERFORMANCE
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between $1 and $5 Billion
Total Market Capitalization: $8.5 Billion
Symbol
Name
Last Trade
Date
AMBZ
BANC
BBNK
BMRC
BSRR
CUNB
CVCY
EXSR
FMCB
HAFC
HEOP
HTBK
MCHB
OPB
PFBC
PMBC
PPBI
RCBC
TCBK
WABC
WIBC
31-Dec
31-Dec
BRIDGE CAPIT AL HOLDINGS
31-Dec
BANK OF MARIN BANCORP
31-Dec
SIERRA BANCORP
31-Dec
CU BANCORP
31-Dec
CENT RAL VALLEY COMMUNIT Y BAN 31-Dec
EXCHANGE BANK
30-Dec
FARMERS & MERCHANT S BANCORP ( 23-Dec
HANMI FINANCIAL CORP
31-Dec
HERIT AGE OAKS BANCORP
31-Dec
HERIT AGE COMMERCE CORP
31-Dec
MECHANICS BANK
31-Dec
OPUS BANK
31-Dec
PREFERRED BANK
31-Dec
PACIFIC MERCANT ILE BANCORP
31-Dec
PACIFIC PREMIER BANCORP
31-Dec
RIVER CIT Y BANK
22-Dec
T RICO BANCSHARES
31-Dec
WEST AMERICA BANCORP
31-Dec
WILSHIRE BANCORP INC
31-Dec
AMERICAN BUSINESS BANK
BANC OF CALIFORNIA
Price ($)
27.76
11.47
22.38
52.59
17.56
21.69
11.08
84.00
463.00
21.81
8.39
8.83
26,200
28.37
27.89
7.04
17.33
120.00
24.70
49.02
10.13
Annual
Volume
Mkt Cap TMLTM Price/ 2014 Pricing
S P/E T. Book Min Max
($)
482,168
165,020,125
51,508,258
381,052,784
5,709,828
358,841,345
3,875,050
312,037,927
6,412,707
242,110,028
4,814,237
355,763,132
3,997,762
121,656,073
88,988
144,004,896
9,955
360,159,366
41,934,991
695,826,916
12,956,197
284,719,332
8,035,560
233,298,781
380
507,756,000
14,485,354
797,569,441
7,537,076
376,377,168
4,950,347
136,822,618M
10,245,051
292,776,763
7,930
149,031,360
18,500,099
561,059,611
45,801,918 1,268,980,446
93,007,001
793,250,923
Average
Median
High
Low
14.35
16.87
18.81
18.01
16.26
23.07
12.59
8.42
14.58
15.47
44.16
21.54
24.83
22.52
16.22
N/M
17.68
15.09
15.73
20.95
14.27
1.43
1.01
1.98
1.68
1.35
1.81
1.20
0.90
1.58
1.61
1.73
1.44
1.57
N/M
1.64
1.29
1.75
N/M
1.59
3.20
1.96
18.57
16.56
44.16
8.42
1.62
1.59
3.20
0.90
24.20
9.78
19.48
42.02
14.98
17.17
10.51
67.50
417.00
19.42
6.77
7.77
13,000
25.98
20.02
6.07
13.65
98.10
21.70
44.96
8.94
30.00
13.84
24.88
53.05
17.79
22.07
13.38
87.00
466.00
24.87
8.42
8.98
26,200
31.74
27.89
7.25
17.36
120.00
28.10
55.98
11.82
YTD Change
($)
(%)
-2.52 -8.3%
-1.94 -14.5%
1.84
9.0%
9.20 21.2%
1.47
9.1%
4.21 24.1%
-0.17 -1.5%
15.00 21.7%
46.00 11.0%
-0.08 -0.4%
0.89 11.9%
0.59
7.2%
13,200 101.5%
-1.63 -5.4%
7.84 39.1%
0.82 13.2%
1.59 10.1%
20.00 20.0%
-3.67 -12.9%
-7.44 -13.2%
-0.80 -7.3%
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between $5 and $10 Billion
Total Market Capitalization: $3.6 Billion
Symbol
Name
Last Trade
Date
BBCN
CVBF
FMBL
31-Dec
31-Dec
FARMERS & MERCHANT S BAN 30-Dec
BBCN BANCORP
CVB FINANCIAL CORP
Price ($)
14.38
16.02
6,060
Annual
Volume
112,104,633
111,855,784
4,035
Mkt Cap
($)
1,143,171,620
1,695,314,145
793,423,680
Average
Median
High
Low
LTM Price/ 2014 Pricing YTD Change
P/E T. Book Min Max
($)
(%)
13.57
16.35
12.89
14.27
13.57
16.35
12.89
1.51
2.20
0.99
1.57
1.51
2.20
0.99
13.27
13.81
5,226
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
18.21
16.95
6,200
-2.21 -13.3%
-1.05 -6.2%
834.00 16.0%
STOCK PERFORMANCE
Carpenter and Company— 2014 Annual Stock Performance Report
California Banks with Total Assets Between $10 and $100 Billion
Total Market Capitalization: $29.8 Billion
Symbol
Name
Last Trade
Date
CATY
CYN
EWBC
FRC
PACW
SIVB
CAT HAY GENERAL BANCORP
CIT Y NAT IONAL CORP
EAST WEST BANCORP INC
FIRST REPUBLIC BANK
PACWEST BANCORP
SVB FINANCIAL GROUP
Mkt Cap
($)
97,276,044
66,587,520
162,775,647
239,912,835
208,809,343
106,187,469
2,039,631,962
4,453,805,250
5,556,934,501
7,201,716,859
4,683,645,152
5,902,075,697
15.23
19.66
16.90
16.81
34.70
21.18
1.63
2.25
2.45
2.01
2.70
2.17
Average
Median
High
Low
20.75
18.28
34.70
15.23
2.20
2.21
2.70
1.63
Price ($)
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
25.59
80.81
38.71
52.12
45.46
116.07
LTM
P/E
Price/ 2014 Pricing
T. Book Min Max
Annual
Volume
YTD Change
22.76 27.02
68.39 81.85
31.65 39.31
45.77 55.62
38.12 47.58
96.02 132.27
($)
(%)
-1.14
1.59
3.74
-0.23
3.24
11.21
-4.3%
2.0%
10.7%
-0.4%
7.7%
10.7%
Carpenter and Company— 2014 Annual Stock Performance Report
California Thrifts
Total Market Capitalization: $1.6 Billion
Symbol
BOFI
BYFC
FUBP
MLGF
PROV
SMPL
Name
Last Trade
Annual
Date Price ($) Volume
31-Dec
31-Dec
FIRST ULB CORP.
17-Nov
MALAGA FINANCIAL CORP
31-Dec
PROVIDENT FINANCIAL HOLDINGS INC 31-Dec
SIMPLICIT Y BANCORP, INC
31-Dec
BOFI HOLDINGS INC
BROADWAY FINANCIAL CORP
77.81 58,055,873
1.31 2,901,293
5,597
15.15
179,694
21.75
15.13 8,048,440
17.15 5,371,289
Mkt Cap
($)
LTM Price/ 2014 Pricing YTD Change
P/E T. Book Min Max
($)
(%)
1,152,644,582
28,040,796
21,522,817
130,602,203
138,470,743
126,795,232
18.53
14.56
N/M
11.76
19.65
23.82
2.82
N/M
N/M
1.27
N/M
0.95
Average
Median
High
Low
17.66
18.53
23.82
11.76
1.68
1.27
2.82
0.95
65.67 105.55
0.96
2.68
14.50 15.50
19.05 22.06
13.81 15.94
16.02 18.03
Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.
Carpenter & Company
--
-0.62 -0.8%
0.38 41.0%
0.15 1.0%
2.55 13.3%
0.13 0.9%
0.99 6.1%
INDUSTRY RANKINGS: Returns year ending 12/2014
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
Year
Charter
Assets
Est.
Type
($000)
S‐CorpAdjusted
ROAA
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
1stCapitalBank
2007 CommercialBank
464,863
0.45
4.98
163
147
106
93
1stCenturyBank,N.A.
2004 CommercialBank
585,189
0.43
4.45
166
157
188
191
AltaPacificBank
2006 CommercialBank
337,918
1.11
7.18
56
98
30
30
AmericaCaliforniaBank
1972 CommercialBank
133,648
0.42
3.35
167
168
185
184
AmericanBusinessBank
1998 CommercialBank
1,535,724
0.80
10.51
105
44
155
171
AmericanContinentalBank
2003 CommercialBank
198,850
0.82
6.21
102
122
54
62
AmericanPlusBank,N.A.
2007 CommercialBank
303,187
1.41
9.46
31
59
48
136
AmericanRiverBank
1983 CommercialBank
617,911
0.78
5.36
112
138
45
46
AmericanRivieraBank
2006 CommercialBank
225,203
0.76
6.05
117
125
116
86
AmericasUnitedBank
2006 CommercialBank
161,093
0.41
2.60
169
181
205
201
ArmedForcesBankofCalifornia,N.A.
1999 CommercialBank
16,903
‐0.58
‐1.77
198
193
202
189
AsianPacificNationalBank
1990 CommercialBank
55,431
0.49
3.04
158
173
90
91
Avidbank
2003 CommercialBank
468,920
0.58
5.66
148
131
92
110
BACCommunityBank
1965 CommercialBank
488,159
0.62
6.68
143
109
102
119
BalboaThriftandLoanAssoc.
1980 IndustrialBank
206,126
1.17
7.16
48
99
186
182
BanamexUSA
1963 CommercialBank
1,206,785
‐8.31
‐42.94
210
209
208
207
BancofCalifornia,N.A.
1941 CommercialBank
5,958,502
0.54
5.32
153
140
165
177
BankofAmericaCalifornia,N.A.
1984 CommercialBank 26,261,000
1.97
22.03
9
4
34
51
BankofFeatherRiver
2007 CommercialBank
74,760
1.13
8.65
53
75
99
81
BankofHemet
1974 CommercialBank
489,353
1.71
14.40
19
19
135
139
BankofManhattan,N.A.
2007 CommercialBank
499,208
‐0.64
‐5.65
199
199
191
193
BankofMarin
1990 CommercialBank
1,786,799
1.12
10.81
55
37
61
56
BankofNapa,N.A.
2006 CommercialBank
179,335
0.73
5.57
126
133
179
175
BankofNewYorkMellonTrustCo.,N.A. 1981 CommercialBank
1,957,197
4.47
5.12
3
144
195
159
BankofRioVista
1904 CommercialBank
195,159
0.55
4.34
152
158
35
39
BankofSacramento
1998 CommercialBank
468,558
0.74
7.74
124
93
74
87
BankofSanFrancisco
2005 CommercialBank
174,586
0.68
6.98
133
102
126
115
BankofSantaBarbara
2005 CommercialBank
160,129
‐0.37
‐3.70
194
196
193
198
BankofSantaClarita
2004 CommercialBank
261,025
0.38
4.48
175
156
109
112
BankofSouthernCalifornia,N.A.
2001 CommercialBank
317,376
1.73
15.51
17
14
16
14
BankofStockton
1867 CommercialBank
2,391,091
0.91
6.19
91
123
56
94
BankoftheOrient
1971 CommercialBank
466,559
‐0.47
‐4.06
196
198
196
204
BankoftheSierra
1978 CommercialBank
1,634,631
1.07
7.52
63
95
79
77
All rankings in the top 25 are shaded; multiple top 25 rankings are shared in orange.
Carpenter & Company
--
Industry Rankings: 2014 Returns on Average Assets and Average Equity
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
Year
Charter
Assets
Est.
Type
($000)
S‐CorpAdjusted
ROAA
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
BankoftheWest
1874 CommercialBank 71,682,343
0.80
4.61
106
151
130
113
BankofWhittier,N.A.
1982 CommercialBank
54,521
0.45
2.82
164
177
162
158
BayCommercialBank
2004 CommercialBank
504,391
1.13
9.45
54
61
37
28
BBCNBank
1986 CommercialBank
7,135,461
1.35
10.52
36
43
125
105
BeneficialStateBank
2007 CommercialBank
366,037
0.54
4.92
154
148
27
26
BofIFederalBank
2000 SavingsBank
5,190,392
1.65
19.04
20
5
93
99
BridgeBank,N.A.
2001 CommercialBank
1,810,353
1.10
10.61
58
40
84
84
BroadwayFederalBank,F.S.B.
1947 SavingsBank
350,860
0.96
8.88
81
71
17
15
CaliforniaBank&Trust
1972 CommercialBank 11,340,164
0.91
6.60
92
112
171
168
CaliforniaBankofCommerce
2007 CommercialBank
445,613
0.84
6.61
98
111
55
111
CaliforniaBusinessBank
2005 CommercialBank
80,836
‐3.70
‐21.06
209
207
2
1
CaliforniaFirstNationalBank
2001 CommercialBank
601,914
1.08
5.36
60
137
141
124
CaliforniaPacificBank
1980 CommercialBank
97,286
0.92
3.44
88
165
181
172
CaliforniaRepublicBank
2007 CommercialBank
1,121,028
1.33
16.34
37
11
25
21
CaliforniaUnitedBank
2005 CommercialBank
2,264,327
0.66
6.00
136
126
138
155
CapitalBank
2008 CommercialBank
252,474
1.44
13.86
29
20
52
34
CapitalBankandTrustCompany,FSB
2000 CommercialBank
90,743
23.50
44.68
1
1
1
24
CathayBank
1962 CommercialBank 11,488,897
1.24
8.45
42
80
78
82
CentralValleyCommunityBank
1980 CommercialBank
1,191,439
0.49
4.26
159
159
172
167
ChinoCommercialBank,N.A.
2000 CommercialBank
130,009
1.01
9.75
70
54
65
76
CitizensBusinessBank
1974 CommercialBank
7,372,382
1.50
12.62
25
25
97
85
CityNationalBank
1954 CommercialBank 32,314,043
0.83
9.48
101
58
91
92
CoastNationalBank
1997 CommercialBank
128,123
0.41
4.89
170
149
174
190
CommerceBankofTemeculaValley
2007 CommercialBank
60,346
0.40
2.74
172
179
15
20
CommerceWestBank
2001 CommercialBank
422,567
1.36
9.49
34
57
76
69
CommercialBankofCalifornia
2003 CommercialBank
322,788
0.16
1.15
190
189
41
44
CommonwealthBusinessBank
2005 CommercialBank
653,450
1.84
15.95
13
13
104
67
Community1stBank
2006 CommercialBank
230,025
0.67
6.75
134
107
151
161
CommunityBank
1983 CommercialBank
3,585,719
0.75
9.32
120
63
115
127
CommunityBankofSantaMaria
2001 CommercialBank
211,001
0.37
3.75
177
163
127
126
CommunityBankoftheBay
1996 CommercialBank
224,571
0.91
8.55
93
77
166
165
CommunityBusinessBank
2005 CommercialBank
213,234
1.08
8.35
61
81
31
31
CommunityCommerceBank
1976 IndustrialBank
199,501
1.45
6.26
28
120
175
180
CommunityValleyBank
2007 CommercialBank
121,783
1.74
15.42
15
15
26
27
CommunityWestBank,N.A.
1989 CommercialBank
556,996
1.32
11.40
38
32
178
179
CornerstoneCommunityBank
2006 CommercialBank
149,064
0.56
5.95
151
127
167
169
CountyCommerceBank
2003 CommercialBank
252,706
0.80
8.89
107
70
122
123
CTBCBankCorp.(USA)
1965 CommercialBank
2,309,031
0.54
2.98
155
174
210
209
DeltaBank,N.A.
1973 CommercialBank
101,981
‐0.76
‐9.13
201
200
23
22
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
Industry Rankings: 2014 Returns on Average Assets and Average Equity
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
EastWestBank
Year
Charter
Assets
Est.
Type
($000)
1973 CommercialBank 28,678,038
S‐CorpAdjusted
ROAA
1.14
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
11.90
52
31
136
141
EasternInternationalBank
1985 CommercialBank
122,325
0.49
3.44
160
166
124
140
EHNationalBank
2005 CommercialBank
231,444
‐0.03
‐0.20
192
192
18
23
ElDoradoSavingsBank,F.S.B.
1957 SavingsBank
1,893,663
0.63
6.38
140
118
68
68
EverTrustBank
1995 CommercialBank
678,291
0.93
4.79
86
150
119
96
ExchangeBank
1890 CommercialBank
1,881,314
0.99
11.37
77
33
70
57
FarEastNationalBank
1974 CommercialBank
1,340,351
0.60
2.79
145
178
83
73
Farmers&MerchantsBankofCentralCA 1916 CommercialBank
2,361,078
1.21
11.30
45
34
114
106
Farmers&MerchantsBankofLongBeac 1907 CommercialBank
5,581,239
1.15
7.96
51
90
123
125
121,888
0.82
3.27
103
170
134
133
FinanceandThriftCompany
1925 IndustrialBank
FirstAmericanTrust,F.S.B.
1985 SavingsBank
2,627,805
0.78
10.96
113
36
98
120
FirstChoiceBank
2005 CommercialBank
626,473
0.75
8.94
121
69
87
60
FirstCommercialBank(USA)
1997 CommercialBank
481,791
0.97
4.50
79
152
29
38
FirstCommunityBank
2005 CommercialBank
914,859
1.37
12.91
33
22
121
89
FirstCreditBank
1983 CommercialBank
384,264
3.75
9.14
5
66
190
176
FirstFederalS&LAofSanRafael
1963 SavingsBank
173,614
0.26
1.20
187
188
152
149
FirstFoundationBank
2007 CommercialBank
1,352,172
0.88
10.23
95
47
159
174
FirstGeneralBank
2005 CommercialBank
585,152
1.77
15.39
14
16
94
146
FirstMountainBank
1981 CommercialBank
137,895
0.51
5.57
156
134
95
114
FirstNationalBankofNorthernCA
1963 CommercialBank
914,981
1.08
10.14
62
48
42
40
131
FirstNationalBankofSouthernCA
1984 CommercialBank
169,976
‐0.52
‐3.74
197
197
139
FirstNorthernBankofDixon
1910 CommercialBank
957,884
0.63
7.01
141
101
101
90
FirstRepublicBank
2010 CommercialBank 48,353,330
1.06
10.68
64
39
147
156
FiveStarBank
1999 CommercialBank
603,753
1.39
16.17
32
12
107
103
FocusBusinessBank
2007 CommercialBank
391,283
0.32
4.18
182
160
105
65
FolsomLakeBank
2007 CommercialBank
154,323
0.84
8.51
99
78
71
74
FoundersCommunityBank
2005 CommercialBank
168,808
0.99
10.25
78
46
43
33
FremontBank
1964 CommercialBank
2,716,157
0.93
9.90
87
51
192
194
FresnoFirstBank
2005 CommercialBank
253,669
0.89
9.19
94
65
19
16
FriendlyHillsBank
2006 CommercialBank
119,903
2.00
16.57
8
9
10
11
GatewayBank,F.S.B
1990 SavingsBank
186,462
‐1.79
‐34.98
206
208
128
183
GBCInternationalBank
1976 CommercialBank
485,261
1.01
9.39
71
62
77
102
GoldenPacificBank,N.A.
1986 CommercialBank
132,239
‐1.08
‐12.30
204
205
182
186
GoldenStateBank
2003 CommercialBank
93,960
‐1.25
‐9.56
205
201
158
18
GoldenValleyBank
2006 CommercialBank
165,755
0.96
8.31
82
82
113
78
GrandpointBank
2007 CommercialBank
2,750,197
0.81
6.35
104
119
33
35
HanmiBank
1982 CommercialBank
4,230,522
1.16
9.46
49
60
169
153
HeritageBankofCommerce
1994 CommercialBank
1,616,356
0.96
8.82
83
74
81
72
HeritageOaksBank
1983 CommercialBank
1,708,212
0.61
5.18
144
143
176
173
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
Industry Rankings: 2014 Returns on Average Assets and Average Equity
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
Year
Charter
Assets
Est.
Type
($000)
121,520
S‐CorpAdjusted
ROAA
HomeBankofCalifornia
1981 CommercialBank
1.73
IndependenceBank
2004 CommercialBank
423,151
InternationalCityBank,N.A.
1984 CommercialBank
139,833
JPMorganBankandTrustCompany,N.A. 2008 CommercialBank
6,144,071
1.93
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
8.85
18
73
0.74
6.60
125
113
67
41
0.80
5.86
108
129
198
197
9.49
11
56
180
185
39
55
LibertyBank
1982 CommercialBank
235,848
0.57
4.48
149
154
163
162
LighthouseBank
2007 CommercialBank
168,334
1.47
10.06
27
49
86
137
LutherBurbankSavings
1982 SavingsBank
3,983,776
0.76
6.19
118
124
168
170
MalagaBankF.S.B.
1985 SavingsBank
946,456
1.31
9.87
39
52
140
143
ManufacturersBank
1962 CommercialBank
2,450,443
0.40
3.25
173
171
80
80
MechanicsBank
1905 CommercialBank
3,370,491
0.77
8.07
115
88
58
63
MegaBank
2008 CommercialBank
269,997
0.44
3.39
165
167
103
104
MerchantsBankofCalifornia,N.A.
1989 CommercialBank
87,924
1.74
8.09
16
87
40
75
MerchantsNationalBankofSacramento 1921 CommercialBank
220,675
0.75
8.22
122
85
129
118
MetropolitanBank
1983 CommercialBank
142,908
1.05
9.98
68
50
108
101
MissionBank
1998 CommercialBank
412,713
0.73
8.27
127
84
62
58
MissionNationalBank
1982 CommercialBank
177,448
1.00
8.12
73
86
88
122
MissionValleyBank
2001 CommercialBank
264,181
0.71
5.06
131
146
120
129
MontecitoBank&Trust
1975 CommercialBank
1,190,168
0.79
7.78
111
92
118
121
MontereyCountyBank
1977 CommercialBank
211,083
1.87
28.71
12
3
9
3
MotherLodeBank
2004 CommercialBank
74,150
‐0.76
‐9.90
202
203
189
196
MUFGUnionBank,N.A.
1953 CommercialBank 113,120,106
0.70
5.23
132
142
69
98
MurphyBank
1984 CommercialBank
189,195
1.62
12.68
23
24
156
79
NationalBankofCalifornia
1982 CommercialBank
348,144
‐0.73
‐11.86
200
204
157
178
NeighborhoodNationalBank
1997 CommercialBank
69,797
‐1.06
‐18.67
203
206
38
42
NewOMNIBank,N.A.
1979 CommercialBank
310,665
0.57
4.48
150
155
150
132
NewResourceBank
2006 CommercialBank
247,372
0.75
5.84
123
130
47
43
NorthernCaliforniaNationalBank
2006 CommercialBank
161,970
0.50
5.34
157
139
133
108
OakValleyCommunityBank
1991 CommercialBank
749,385
1.06
10.58
65
41
57
59
OjaiCommunityBank
2005 CommercialBank
165,496
0.32
3.08
183
172
110
107
OneWestBank,N.A.
2009 CommercialBank
21,805,004
0.76
5.61
119
132
177
160
OpenBank
2005 CommercialBank
530,892
1.09
8.64
59
76
187
188
OpusBank
1993 CommercialBank
5,085,649
1.00
5.89
74
128
207
205
OrangeCountyBusinessBank
2002 CommercialBank
206,012
3.62
18.12
6
7
5
8
PacificAllianceBank
2006 CommercialBank
213,189
0.59
5.38
147
136
154
151
PacificCityBank
2003 CommercialBank
893,960
1.48
15.00
26
18
194
195
PacificCoastBankers'Bank
1997 CommercialBank
595,654
0.80
6.63
109
110
50
54
PacificCommerceBank
2002 CommercialBank
217,780
0.87
6.43
96
117
200
199
PacificEnterpriseBank
2007 CommercialBank
402,251
1.59
13.77
24
21
111
130
PacificMercantileBank
1999 CommercialBank
1,094,120
0.28
2.54
186
182
8
6
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
Industry Rankings: 2014 Returns on Average Assets and Average Equity
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
Year
Charter
Assets
Est.
Type
($000)
PacificPremierBank
1983 CommercialBank
2,033,786
PacificValleyBank
2004 CommercialBank
PacificWesternBank
1982 CommercialBank
PanAmericanBank
1971 CommercialBank
PanPacificBank
2005 CommercialBank
PartnersBankofCalifornia
2007 CommercialBank
140,594
S‐CorpAdjusted
ROAA
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
1.02
8.87
69
72
36
36
252,934
0.35
2.98
180
175
199
203
15,997,619
1.36
7.30
35
96
24
45
37,989
‐3.63
‐52.15
208
210
28
17
120,096
2.66
18.43
7
6
6
7
1.06
9.24
66
64
11
10
PinnacleBank
2006 CommercialBank
230,421
0.46
4.11
162
161
206
208
PlazaBank
2005 CommercialBank
554,105
1.01
9.13
72
67
148
147
PlumasBank
1980 CommercialBank
538,073
1.06
10.81
67
38
44
37
PreferredBank
1991 CommercialBank
2,054,281
1.31
11.09
40
35
63
64
PremierBusinessBank
2006 CommercialBank
219,908
0.41
3.50
171
164
197
200
PremierValleyBank
2001 CommercialBank
650,281
1.20
10.56
46
42
85
66
PresidioBank
2006 CommercialBank
542,753
0.64
6.84
139
104
72
47
ProAméricaBank
2006 CommercialBank
165,214
0.40
2.26
174
184
203
202
ProvidentSavingsBank,FSB
1956 SavingsBank
1,112,398
0.78
6.52
114
115
170
164
Rabobank,N.A.
1981 CommercialBank
RanchoSantaFeThrift&LoanAssoc.
1982 IndustrialBank
15,154,000
0.30
1.88
185
187
137
135
28,169
0.35
0.36
181
191
60
97
ReddingBankofCommerce
1982 CommercialBank
996,565
RedwoodCapitalBank
2004 CommercialBank
280,260
0.77
6.56
116
114
145
142
0.92
9.50
89
55
73
71
RiverCityBank
1963 CommercialBank
1,276,101
0.96
8.29
84
83
100
117
RiverValleyCommunityBank
2006 CommercialBank
210,987
0.60
5.49
146
135
153
144
RoyalBusinessBank
2008 CommercialBank
920,715
1.25
7.98
41
89
49
53
SaigonNationalBank
2005 CommercialBank
48,867
‐2.35
‐9.81
207
202
201
192
166
SanDiegoPrivateBank
2006 CommercialBank
423,513
0.73
5.06
128
145
173
SantaCruzCountyBank
2004 CommercialBank
459,795
1.00
12.17
75
28
53
50
SavingsBankofMendocinoCounty
1903 CommercialBank
974,642
0.84
5.24
100
141
164
157
ScottValleyBank
1858 CommercialBank
576,796
0.67
6.23
135
121
64
70
SeacoastCommerceBank
2003 CommercialBank
410,350
1.24
15.21
43
17
20
13
SecurityBankofCalifornia
2005 CommercialBank
610,997
0.72
7.60
129
94
82
61
SecurityFirstBank
2007 CommercialBank
104,203
1.96
16.40
10
10
12
12
SierraVistaBank
2007 CommercialBank
121,689
0.42
2.97
168
176
209
210
SiliconValleyBank
1983 CommercialBank
37,619,619
0.80
11.92
110
30
117
83
SilvergateBank
1988 CommercialBank
864,692
0.72
7.03
130
100
142
134
SimplicityBank
1953 SavingsBank
863,218
0.66
4.48
137
153
131
128
SouthCountyBank,N.A.
1999 CommercialBank
132,484
0.36
6.83
178
105
66
49
StateBankofIndia(California)
1982 CommercialBank
698,071
0.08
0.46
191
190
89
95
SummitBank
1982 CommercialBank
216,755
1.44
12.86
30
23
21
25
SummitStateBank
1982 CommercialBank
459,674
1.19
8.48
47
79
46
48
SuncrestBank
2008 CommercialBank
188,639
0.24
2.13
188
185
204
206
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--
Industry Rankings: 2014 Returns on Average Assets and Average Equity
PERFORMANCEOFCALIFORNIAFINANCIALINSTITUTIONS,CALENDARYEAR2014
RANKINGBASEDON
CompanyName
SunwestBank
Year
Charter
Assets
Est.
Type
($000)
1970 CommercialBank
837,515
S‐CorpAdjusted
ROAA
CHANGEIN
ROAE ROAA ROAE ROAA ROAE
1.00
7.95
76
91
184
181
SutterCommunityBank
2006 CommercialBank
67,422
0.36
2.69
179
180
96
100
TomatoBank
2000 CommercialBank
444,077
1.63
9.86
21
53
75
116
TransPacificNationalBank
1984 CommercialBank
112,352
0.38
3.31
176
169
146
152
TriCountiesBank
1975 CommercialBank
3,914,555
0.96
9.07
85
68
143
150
Tri‐ValleyBank
2005 CommercialBank
95,317
‐0.24
‐2.99
193
194
13
9
TustinCommunityBank
1981 CommercialBank
69,971
0.92
6.69
90
108
161
154
UnitedAmericanBank
2003 CommercialBank
265,250
0.87
12.19
97
27
14
5
UnitedBusinessBank,F.S.B.
1990 SavingsBank
362,305
0.19
1.96
189
186
183
187
UnitedPacificBank
1982 CommercialBank
108,250
1.11
6.44
57
116
51
88
UnitedSecurityBank
1987 CommercialBank
665,243
0.97
7.20
80
97
160
163
UnitiBank
2001 CommercialBank
189,906
4.25
29.99
4
2
3
4
UniversalBank
1954 SavingsBank
316,829
0.49
3.84
161
162
32
32
USMetroBank
2006 CommercialBank
109,989
0.32
2.38
184
183
4
2
ValleyBusinessBank
1996 CommercialBank
407,881
1.16
10.25
50
45
132
138
ValleyCommunityBank
1998 CommercialBank
126,393
‐0.37
‐3.20
195
195
144
148
ValleyRepublicBank
2009 CommercialBank
421,258
0.66
6.86
138
103
59
52
VibraBank
2008 CommercialBank
140,434
0.63
6.80
142
106
22
19
WellsFargoBank,Ltd.
1985 CommercialBank
719,459
12.41
16.63
2
8
7
29
WestAmericaBank
1884 CommercialBank
4,995,062
1.24
12.21
44
26
149
145
WilshireBank
1980 CommercialBank
4,149,966
1.63
11.97
22
29
112
109
ABOUT THE RETURN RANKINGS
Rankingsofthe2014returnsonaverageassetsandaverageequityarebasedupondataforCalifornia inancial
institutions, as of December 31, 2014, obtained from SNL Financial. This analysis excludes non‐depository
trustcompanies.TherankingsarebasedonreturnsadjustedforS‐Corptreatment.
Therankingswerebaseduponthefollowingmetrics:
 ReturnsonassetsandequityforthecalendaryearendingDecember31,2014
 Year‐over‐yearchangeinreturnonaverageassets(ROAA)andreturnonaverageequity(ROAE)
Note:Noadjustments were make in the return dataand rankings for thefollowing factorsthat may cause a
distortioninthereturnratiosrelativetoother inancialinstitutions:
 A inancialinstitutionwithahighdependencyonfeeincome.
 A inancial institution that is owned by a holding company; a holding company could absorb a
portionoftheoperatingexpensesoftheindividual inancialinstitution.
 A inancialinstitutionwithalargeincometaxlosscarry‐forwardsoritsearningsarenottaxedat
thefulltaxrateforCaliforniacorporations.
All rankings in the top 25 are shaded; multiple top 25 rankings are shaded in orange.
Carpenter & Company
--