monthly stock performance report california banks and ... · closing march at 20.84x. group count...

Source: SNL Financial 1

California Banks and Thrifts: Monthly Stock Performance Report

March 2015

Inside this issue

Overview ……………………………………………….2

Ratios by Asset Size………………………..……...3

Industry Ratio Comparison………………….….4

Assets Under $150M……………………………...5

Assets Between $150M and $250M……....6

Assets Between $250M and $500M…... ...7

Assets Between $500M and $1B…………….8

Assets Between $1B and $5B………………...9

Assets Between $5B and $10 B…………….10

Assets Over $10B………………………………...10

California Banks & Thrifts:

Monthly Stock Performance Report

March 31, 2018


MONTHLY STOCK PERFORMANCE REPORT OVERVIEW OF MARKET PERFORMANCE BY PEER GROUP

California Banks: Overview of Market Performance by

Asset Group for March 2018

Group count and composition held constant over the period, leaving the number of banks covered at 4 for the assets under $150M group. Of the four publicly-traded banks with assets under $150M, 2 reported a gain in stock price, 1 declined in price, and 1 was unchanged. No stocks gained in excess of 10% during the period. The average Price-to-Tangible-Book Value (P/TBV) was up slightly during the month, closing at 1.39x. The Price-to-Earnings Ratio (P/E) also increased, ending the month at 16.20x. It remains worth noting, the average P/E ratio is composed of only one of the four banks that reported.

The overall count and composition remained constant in the $150M—$250M range during the period leaving the count at 11 banks. Of the 11 publicly-traded banks in the asset range, 7 reported monthly gains in stock price, 2 declined in price, and 2 were unchanged during the period. No banks reported a gain in stock price over 10% in March. The average P/TBV ratio for banks between $150—$250M increased over the month, closing at 1.39x. P/E also increased, closing March at 20.60x.

Group count remained constant in the $250M—$500M asset range as no banks were acquired during the month, leaving the count at 20 banks. Of the 20 publicly-traded banks in the category, 11 experienced gains in monthly stock price, 4 sustained price declines, and 5 were unchanged. One bank in the category reported significant price gains over 10% during the period: PVBK, which was up 17.8%. P/TBV ratio increased slightly, closing the month at 1.42x. P/E ratio also increased, ending the month at 17.62x.

Group count and composition remained constant for the $500M—$1B range, leaving the total count at 24 banks. Of the 24 companies, 17 recorded stock price gains, 5 declined in stock price and 2 were unchanged. One bank reported significant price gains over 10% for the asset category during the period: OPBK, which was up 21.5%. P/TBV was up during the month, closing at 1.81x. P/E was also up, ending the month at 23.06x, and now the highest P/E multiple across all asset categories.

Group count and composition remained constant over the period, leaving the count at 25 banks. For the 25 companies in the group, 16 reported stock price gains, 7 declined in stock price, and 2 were unchanged. One bank reported significant price gains over 10% for the period: PMBC, which was up 15.8%. P/TBV was down slightly for the category, closing the month at 1.83x for March. P/E also decreased, ending the month at 21.50x.

Both the count and composition of the group held steady during the month. Of the 7 banks in the category, 1 bank increased in price during the period and 6 declined in stock price. No banks saw significant price gains over 10% during the course of the month. P/TBV was up sharply for the category, ending the period at 2.27x and remaining the highest multiple for all categories. P/E was down, closing March at 20.84x.

Group count remained constant for the $5B—$10B asset category during the month of March. Of the 8 banks in the asset range, 3 bank reported a stock price gain and 5 declined in price. No banks in the $5—$10B range reported a gain over 10% during March. P/TBV was up sharply for the category, ending the period at 2.22x. P/E was also up, closing March at 22.81x, and dropping from the highest P/E multiple for all categories.

Under $150M —4 Banks

$150M-$250M —11 Banks

$250M-$500M —20 Banks

$500M-$1B —24 Banks

$1B-$5B —25 Banks

$5B-$10B — 8 Banks

$10B-$100B — 7 Banks

As of March, the number of banks covered in the Monthly Stock Report remained constant as no banks were acquired or dropped from coverage during the month. This left the overall total count at 99 banks. Group composition held constant across all categories.


MONTHLY STOCK PERFORMANCE REPORT EARNINGS AND BOOK VALUE RATIOS BY SIZE

3/31/2018 12/31/2017

Total Assets:

$150M - $250M 20.60 20.41 15.10 0.90% 36.40%

$250M - $500M 17.62 17.35 15.83 1.55% 11.28%

$500M - $1Bn 23.06 22.69 18.19 1.63% 26.72%

$1Bn - $5Bn 21.50 21.66 17.31 -0.76% 24.21%

$5Bn - $10Bn 22.81 20.92 21.79 9.05% 4.69%

Over $10Bn 20.84 21.42 18.69 -2.71% 11.52%

Average LTM P/E Ratio (x)

Previous Month

% Change Monthly

% Change YTD

5.0x

10.0x

15.0x

20.0x

25.0x

$150M -$250M

$250M -$500M

$500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

P/E Ratio Previous Month

3/31/2018

Total Assets:

$150M - $250M 1.39 1.31 1.23 5.46% 12.62%

$250M - $500M 1.42 1.41 1.40 0.75% 1.11%

$500M - $1Bn 1.81 1.77 1.59 2.46% 13.71%

$1Bn - $5Bn 1.83 1.86 1.79 -1.53% 2.35%

$5Bn - $10Bn 2.22 1.95 1.86 14.11% 19.64%

Over $10Bn 2.27 2.20 2.13 2.98% 6.41%

Average P/TBV Ratio (x)

Previous Month 12/31/2017

% Change Monthly

% Change YTD

0.5x

1.0x

1.5x

2.0x

2.5x

$150M -$250M

$250M -$500M

$500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

P/TBV Ratio Previous Month


MONTHLY STOCK PERFORMANCE REPORT INDUSTRY-WIDE RATIO COMPARISON

California Banks

SNL Banks

California Banks

SNL Banks

California Banks

SNL Banks

Total Assets:

$250M - $500M 1.42 1.54 1.41 1.71 1.40 1.63

$500M - $1Bn 1.81 1.67 1.77 1.52 1.59 1.70

$1Bn - $5Bn 1.83 1.99 1.86 2.09 1.79 2.04

$5Bn - $10Bn 2.22 2.42 1.95 2.69 1.86 2.47

Over $10Bn 2.27 2.09 2.20 1.84 2.13 1.99

Carpenter California Banks - SNL Bank Index: Price/Tangible Book Ratio (x)

3/31/2018 Previous Month 12/31/2017

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

$250M - $500M $500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

California Banks SNL Banks

Current Month Comparison

California Banks

SNL Banks

California Banks

SNL Banks

California Banks

SNL Banks

Total Assets:

$250M - $500M 17.62 25.65 17.35 17.14 15.83 26.93

$500M - $1Bn 23.06 23.83 22.69 18.69 18.19 21.68

$1Bn - $5Bn 21.50 22.76 21.66 21.54 17.31 20.60

$5Bn - $10Bn 22.81 22.17 20.92 22.03 21.79 20.50

Over $10Bn 20.84 18.47 21.42 15.56 18.69 16.47

Previous Month 12/31/20173/31/2018

Carpenter California Banks - SNL Bank Index: Price/LTM EPS Ratio (x)

5.0x

10.0x

15.0x

20.0x

25.0x

$250M - $500M $500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

California Banks SNL Banks

Current Month Comparison


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS LESS THAN $150 MILLION

Symbol Name Monthly Mkt Cap LTM Price/

Date Price ($) Volume ($MM) P/E T. Book ($) (%) ($) (%)

CABB California Business Bank 28-Feb 0.15 0 14.15 NM NM 0.00 0.0% -0.01 -6.3%

CAIB California International Bank, N.A. 15-Mar 0.08 1,225 12.95 NM 0.79 -0.01 NA -0.02 -24.0%

CKTM Commerce Bank of Temecula Valley 28-Mar 13.93 51,059 22.51 NM 1.69 0.61 4.6% 5.33 62.0%

TRVB Tri-Valley Bank 28-Mar 0.81 50,545 31.66 16.20 1.69 0.03 3.8% 0.07 9.4%

Average 16.20 1.39

TOTAL MARKET CAPITALIZATION: $81 MILLION Median 16.20 1.69

High 16.20 1.69

Low 16.20 0.79

Monthly ChangeLast Trade YTD Change

3/31/2018


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS BETWEEN $150 MILLION AND $250 MILLION



AUNB Americas United Bank 29-Mar 12.90 318,158 37 21.86 1.30 -0.13 -1.0% 1.10 9.3%

CALW CalWest Bancorp 27-Mar 0.40 606,478 29 19.75 1.95 0.02 3.9% 0.02 3.9%

CCBC Chino Commercial Bancorp 23-Mar 18.70 35,016 29 15.98 1.49 0.85 4.8% -0.55 -2.9%

CMUV CMUV Bancorp 29-Mar 10.10 77,977 22 14.63 1.18 0.05 0.5% 0.30 3.1%

CRSB Cornerstone Community Bancorp 28-Mar 18.20 3,955 23 15.17 1.30 0.20 1.1% 0.50 2.8%

FHLB Friendly Hills Bank 29-Mar 9.83 37,740 19 31.71 1.20 0.03 0.3% -0.02 -0.2%

GSBX Golden State Bancorp 23-Mar 15.68 204 22 9.55 1.26 -0.92 -5.5% 2.63 20.1%

GVYB Golden Valley Bank 15-Mar 16.31 1,767 34 18.53 1.49 0.01 0.1% 2.57 18.7%

NCNB Northern California National Bank 27-Mar 18.05 120 25 15.57 1.30 0.00 0.0% 1.75 10.7%

PBKX Partners Bank of California 22-Mar 8.80 100 30 43.22 NM 0.16 1.9% 0.30 3.5%

NRLB Northern California Bancorp, Inc. 7-Mar 1.50 100 5 NM NM 0.00 0.0% 0.12 8.7%

Average 20.60 1.39


High 43.22 1.95

Low 9.55 1.18


3/31/2018


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS BETWEEN $250 MILLION AND $500 MILLION



ABNK AltaPacific Bancorp 29-Mar 13.35 108,926 87 21.57 1.35 -0.20 -1.5% 1.26 10.5%

BSCA Bank of Santa Clarita 23-Mar 19.95 32,044 47 25.49 1.60 0.35 1.8% 1.45 7.8%

CBBC CBBC Bancorp 29-Mar 24.52 91,549 62 20.43 1.92 0.57 2.4% 0.67 2.8%

CBYAA Community Bank of the Bay 29-Mar 5.90 10,846 39 32.78 1.16 0.04 0.7% -0.35 -5.6%

CFST Communities First Financial Corporation 29-Mar 20.95 6,226 60 16.37 1.72 0.45 2.2% 1.40 7.2%

CYSM Community Bancorp of Santa Maria 29-Mar 14.50 39,440 36 24.17 1.51 -0.18 -1.2% -0.20 -1.4%

LGHT Lighthouse Bank 28-Mar 24.50 2,228 63 20.42 1.82 0.25 1.0% 0.25 1.0%

MVLY Mission Valley Bancorp 26-Mar 15.40 3,756 49 14.39 1.61 0.00 0.0% 0.80 5.5%

NRBC New Resource Bancorp 28-Mar 8.09 105,914 48 NM 1.17 0.04 0.5% -0.06 -0.7%

PBNK Pinnacle Bank 29-Mar 12.59 17,305 51 17.25 1.46 0.24 1.9% 0.09 0.7%

PFBN Pacific Alliance Bank 28-Mar 10.90 500 34 18.17 NM 0.00 0.0% 0.70 6.9%

PVBK Pacific Valley Bank 26-Mar 11.25 21,550 40 25.77 NM 1.70 17.8% 2.55 29.3%

RVCB River Valley Community Bancorp 27-Mar 18.00 7,937 43 17.14 1.53 0.00 0.0% -1.89 -9.5%

RWCB Redwood Capital Bancorp 27-Mar 16.60 7,382 32 12.48 1.33 -0.40 -2.4% -1.28 -7.2%

UABK United American Bank 26-Mar 35.00 3,290 33 6.69 1.59 0.45 1.3% 9.00 34.6%

UIFC Uniti Financial Corporation 29-Mar 3.20 30,621 49 15.60 1.15 0.08 2.6% -0.25 -7.2%

USMT US Metro Bank 23-Mar 3.80 25,764 62 9.27 NM -0.15 -3.8% -0.60 -13.6%

MNBO MNB Holdings Corporation 28-Mar 49.00 4,143 22 13.07 0.97 0.00 0.0% 0.00 0.0%

LIBC Liberty Bancorp 6-Nov 19.55 0 17 4.84 0.90 0.00 0.0% 0.00 0.0%

SMAL Summit Bancshares, Inc. 21-Mar 30.05 545 36 18.86 1.27 0.25 0.8% 0.05 0.2%

Average 17.62 1.42


High 32.78 1.92

Low 4.84 0.90

Last Trade Monthly Change YTD Change

3/31/2018


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS BETWEEN $500 MILLION AND $1 BILLION



AMRB American River Bankshares 29-Mar 15.51 243,068 146 31.02 1.57 0.21 1.4% 0.27 1.8%

ARBV American Riviera Bank 27-Mar 19.30 21,466 85 24.13 1.73 0.30 1.6% -0.45 -2.3%

AVBH Avidbank Holdings, Inc. 29-Mar 24.75 99,655 146 22.92 1.64 0.45 1.9% 0.80 3.3%

CALB California BanCorp 29-Mar 21.99 96,812 144 24.71 1.83 -0.16 -0.7% 0.24 1.1%

CFNB California First National Bancorp 28-Mar 16.65 17,162 171 16.01 NM 1.30 8.5% 1.57 10.4%

CWBC Community West Bancshares 29-Mar 11.35 56,090 93 19.91 1.33 -0.15 -1.3% 0.70 6.6%

CWBK CommerceWest Bank 26-Mar 25.09 34,766 94 20.40 NM 0.14 0.6% 2.09 9.1%

FCBP First Choice Bancorp 29-Mar 25.99 167,897 188 25.48 NM 0.49 1.9% 1.49 6.1%

FISB 1st Capital Bank 19-Mar 16.05 19,282 75 26.75 1.45 0.25 1.6% 0.66 4.3%

MSBC Mission Bancorp 20-Mar 63.40 2,883 106 17.37 2.03 1.30 2.1% 3.40 5.7%

OPBK OP Bancorp 29-Mar 12.45 1,918,169 164 18.86 1.80 2.20 21.5% 2.65 27.0%

PBAM Private Bancorp of America, Inc. 29-Mar 26.30 43,731 132 37.04 1.65 0.70 2.7% 0.85 3.3%

PBCA PBB Bancorp 29-Mar 19.20 182,416 95 20.00 1.91 0.62 3.3% 0.20 1.1%

PCBC Pacific Commerce Bancorp 29-Mar 11.65 192,110 104 23.30 NM 0.66 6.0% 2.02 21.0%

PDOB Presidio Bank 29-Mar 26.60 99,542 162 30.57 2.16 -0.30 -1.1% 2.35 9.7%

PEBN Pacific Enterprise Bancorp 2-Mar 22.05 147,000 68 NM 1.48 0.00 0.0% 0.05 0.2%

PLBC Plumas Bancorp 29-Mar 24.90 69,618 126 15.76 2.27 0.45 1.8% 1.90 8.3%

SBKK Suncrest Bank 29-Mar 12.00 94,147 84 25.53 NM 0.90 8.1% 0.93 8.4%

SCBH Seacoast Commerce Banc Holdings 28-Mar 20.30 41,366 187 NM 2.39 0.10 0.5% -0.05 -0.2%

SCZC Santa Cruz County Bank 27-Mar 49.50 31,250 120 17.68 2.09 -0.45 -0.9% 0.55 1.1%

SSBI Summit State Bank 29-Mar 13.48 138,464 82 24.96 1.47 -0.52 -3.7% 0.83 6.5%

UBFO United Security Bancshares 29-Mar 10.75 358,848 182 21.08 1.87 0.55 5.4% -0.25 -2.3%

VLLX Valley Republic Bancorp 29-Mar 29.00 8,886 113 20.72 1.94 1.00 3.6% -7.00 -19.4%

NCAL NCAL Bancorp 9-Feb 1.00 0 134 NM NM 0.00 0.0% 0.04 4.2%

Average 23.06 1.81

TOTAL MARKET CAPITALIZATION: $3.4 BILLION Median 22.92 1.81

High 37.04 2.39

Low 15.76 1.33


3/31/2018


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS BETWEEN $1 BILLION AND $5 BILLION



AMBZ American Business Bank 29-Mar 40.00 125,745 302 37.38 1.97 -0.55 -1.4% 0.60 1.5%

BCML BayCom Corp. 29-Mar 22.49 95,822 164 27.77 1.63 -0.26 -1.1% 3.04 15.6%

BMRC Bank of Marin Bancorp 29-Mar 68.95 475,195 474 27.04 1.83 2.80 4.2% 0.95 1.4%

BOCH Bank of Commerce Holdings 29-Mar 11.65 741,530 189 24.27 1.51 0.85 7.9% 0.15 1.3%

BSRR Sierra Bancorp 29-Mar 26.64 529,589 406 19.59 1.82 0.62 2.4% 0.08 0.3%

CBBI CBB Bancorp, Inc. 29-Mar 18.00 314,069 164 14.17 1.43 -0.95 -5.0% -1.00 -5.3%

CVCY Central Valley Community Bancorp 29-Mar 19.56 531,528 269 17.78 1.75 0.06 0.3% -0.62 -3.1%

CYHT Community Bank 27-Mar 266.00 42,281 834 31.22 2.38 -3.05 -1.1% 86.00 47.8%

EXSR Exchange Bank 29-Mar 182.00 4,628 312 15.99 1.54 2.00 1.1% 30.00 19.7%

FFWM First Foundation Inc. 29-Mar 18.54 3,197,370 723 23.77 1.96 0.28 1.5% 0.00 0.0%

FMCB Farmers & Merchants Bancorp 29-Mar 645.30 729 524 18.42 1.75 -4.70 -0.7% -30.70 -4.5%

FNBG FNB Bancorp 29-Mar 36.79 357,343 275 26.09 NM 1.05 2.9% 0.30 0.8%

FNRN First Northern Community Bancorp 29-Mar 13.39 87,516 150 17.85 1.56 0.24 1.8% 0.60 4.7%

GPNC Grandpoint Capital, Inc. 29-Mar 20.50 4,100 572 27.70 2.34 0.30 1.5% 0.50 2.5%

HTBK Heritage Commerce Corp 29-Mar 16.48 2,406,864 631 26.58 2.86 0.70 4.4% 1.16 7.6%

MLGF Malaga Financial Corporation 29-Mar 29.80 29,274 195 13.80 1.54 0.00 0.0% 0.04 0.1%

OVLY Oak Valley Bancorp 29-Mar 22.30 171,166 180 19.73 2.08 0.88 4.1% 2.76 14.1%

PFBC Preferred Bank 29-Mar 64.20 1,809,138 983 21.69 2.74 1.87 3.0% 5.42 9.2%

PFCF Pacific City Financial Corporation 28-Mar 15.10 42,170 203 12.48 1.42 0.35 2.4% -0.40 -2.6%

PMBC Pacific Mercantile Bancorp 29-Mar 9.55 480,582 223 21.22 1.97 1.30 15.8% 0.80 9.1%

PROV Provident Financial Holdings, Inc. 29-Mar 18.09 306,409 135 NM 1.12 -0.13 -0.7% -0.31 -1.7%

RBB RBB Bancorp 29-Mar 26.37 1,969,077 420 15.70 1.79 0.81 3.2% -1.00 -3.7%

RCBC River City Bank 29-Mar 196.00 2,340 278 17.01 1.51 2.50 1.3% 9.00 4.8%

TCBK TriCo Bancshares 29-Mar 37.22 1,907,147 854 21.39 1.96 -0.13 -0.3% -0.64 -1.7%

WFCL 1867 Western Financial Corporation 16-Feb 6,500.00 0 582 17.25 1.44 0.00 0.0% 300.00 4.8%

Average 21.50 1.83

TOTAL MARKET CAPITALIZATION: $7.5 BILLION Median 20.48 1.77

High 37.38 2.86

Low 12.48 1.12

3/31/2018Monthly ChangeLast Trade YTD Change


MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS BETWEEN $5 BILLION AND $10 BILLION

CALIFORNIA BANKS AND THRIFTS WITH TOTAL ASSETS OVER $10 BILLION



BOFI BofI Holding, Inc. 29-Mar 40.53 16,032,252 2,533 19.12 2.93 3.34 9.0% 10.63 35.6%

CVBF CVB Financial Corp. 29-Mar 22.64 7,960,084 2,494 23.83 2.64 -0.36 -1.6% -0.92 -3.9%

FMBL Farmers & Merchants Bank of Long Beach 28-Mar 7,900.00 147 1,034 15.97 1.08 -96.00 -1.2% 40.00 0.5%

HAFC Hanmi Financial Corporation 29-Mar 30.75 4,553,592 997 18.20 1.81 0.20 0.7% 0.40 1.3%

MCHB Mechanics Bank 28-Mar 30,800 13 848 26.65 1.76 -690.00 -2.2% 650.00 2.2%

OPB Opus Bank 29-Mar 28 4,346,324 1,008 22.22 1.63 -0.05 -0.2% 0.70 2.6%

PPBI Pacific Premier Bancorp, Inc. 29-Mar 40 10,778,844 1,869 25.77 2.63 -1.85 -4.4% 0.20 0.5%

WABC Westamerica Bancorporation 29-Mar 58 2,847,382 1,543 30.73 3.30 0.79 1.4% -1.47 -2.5%

Average 22.81 2.22

TOTAL MARKET CAPITALIZATION: $8 BILLION Median 23.03 2.22

High 30.73 3.30

Low 15.97 1.08


3/31/2018



BANC Banc of California, Inc. 29-Mar 19.30 13,237,969 976 27.18 1.40 -0.65 -3.3% -1.35 -6.5%

CATY Cathay General Bancorp 29-Mar 39.98 8,637,605 3,243 18.42 2.03 -1.08 -2.6% -2.19 -5.2%

EWBC East West Bancorp, Inc. 29-Mar 62.54 25,778,093 9,040 18.02 2.70 -3.01 -4.6% 1.71 2.8%

FRC First Republic Bank 29-Mar 92.61 27,992,960 14,982 21.49 2.29 -0.19 -0.2% 5.97 6.9%

HOPE Hope Bancorp, Inc. 29-Mar 18.19 11,762,836 2,465 17.66 1.70 0.13 0.7% -0.06 -0.3%

PACW PacWest Bancorp 29-Mar 49.53 20,336,147 6,199 17.02 2.72 -2.61 -5.0% -0.87 -1.7%

SIVB SVB Financial Group 29-Mar 240.01 23,094,955 12,694 26.09 3.03 -8.97 -3.6% 6.24 2.7%

TOTAL MARKET CAPITALIZATION: $30.7 BILLION Average 20.84 2.27

Median 18.42 2.29

High 27.18 3.03

Low 17.02 1.40


3/31/2018

monthly stock performance report california banks and ... · closing march at 20.84x. group count...

Documents