Unveiling the Best-Performing U.S. Banks and Credit Unions for 2024
S&P Global Market Intelligence has recently released its yearly rankings showcasing the top-performing community banks and credit unions for 2024. This evaluation focuses on financial institutions classified by their asset sizes, including those under $3 billion, those between $3 billion and $10 billion, as well as credit unions and public banks overseeing more than $10 billion in total assets.
The rankings, which have been an annual tradition since 2011, are based on several criteria. These criteria include returns, growth rates, and funding sources but highlight the importance of the strength and risk profiles associated with the balance sheets of these institutions.
“In a shifting macroeconomic landscape, it is gratifying to observe how banks and credit unions are dedicated to serving their local markets effectively,” remarked Nathan Stovall, the director of financial institutions research at S&P Global Market Intelligence. “Amidst these turbulent times, accurate data and insights are crucial. Our rankings strive to provide transparency, supporting the industry in making informed choices.”
Key National Rankings in 2024
Best Performing U.S. Public Bank with over $10 Billion in Assets: Axos Financial Inc., formerly recognized as BofI Holding Inc., stands out as the best performing public bank. It uniquely achieved top 20 rankings across all seven metrics assessed, securing top 10 scores in five.
Best Performing U.S. Community Bank (Assets Between $3 Billion and $10 Billion): Olney Bancshares of Texas Inc. dominated the community banks in its category, holding total assets of approximately $4.53 billion. This institution excelled in six out of eight performance metrics during the evaluation.
Best Performing U.S. Community Bank (Under $3 Billion in Assets): FNB South showcased a commendable performance by surpassing the top 100 median metrics in credit quality, capital ratios, and deposit growth. Its remarkable return on average assets was 2.69%, significantly above the median of 1.08%.
Best Performing Credit Union: WCLA CU emerged as the leading credit union this year, climbing from fourth in the previous year’s rankings. Notably, its shares-and-deposits ratio per member, approximately $64,336, marked the highest among the top 100 credit unions for 2024.
Regional Insights into Banking Performance
Best Performing Midwest Bank (Under $10 Billion in Assets): American Interstate Bank earned the highest performance score in its region while outperforming six metrics against the median scores of the top 50 community banks.
Best Performing Northeast Bank (Under $10 Billion in Assets): NorthEast Community Bank matched or improved upon the median metrics of the regional top 50 banks across seven out of eight analyzed indicators.
Best Performing Southeast Bank (Under $10 Billion in Assets): FNB South made notable strides, outperforming the top 50 median across seven metrics and ranking first in its national category.
Best Performing South Central Bank (Under $10 Billion in Assets): First State Bank of Odem achieved the highest overall performance score within its regional analysis, demonstrating its superiority across most key metrics.
Best Performing West Bank (Under $10 Billion in Assets): Security State Bank demonstrated excellence across multiple metrics, including net interest margin and efficiency ratios, reinforcing its previous year’s ranking.
About S&P Global Market Intelligence
S&P Global Market Intelligence emphasizes the need for precise, in-depth, and insightful data. Their skilled team delivers unmatched insights and leading technology solutions, partnering with clients to enhance their understanding, operate with assurance, and make decisive choices.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). Renowned for providing credit ratings, benchmarks, analytics, and solutions in various financial markets, S&P Global assists organizations in navigating the economic landscape with confidence for future planning.
Frequently Asked Questions
What are the primary criteria used for the bank rankings?
The banks are evaluated based on returns, growth rates, and funding, with a strong emphasis on the strength and risk profiles of their balance sheets.
Who leads the rankings of public banks in 2024?
Axos Financial Inc. is recognized as the best performing U.S. public bank with over $10 billion in assets, excelling in multiple performance metrics.
What is the performance of FNB South?
FNB South has distinguished itself, being named the best community bank under $3 billion in assets, showcasing an impressive return on average assets.
How does S&P Global contribute to the banking sector?
S&P Global provides essential insights and data solutions, aiding banks in understanding market trends and making informed decisions in a changing economic landscape.
Where can I find more information on these rankings?
For detailed insights and a full list of rankings, visit the S&P Global Market Intelligence website to explore their resources.
