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Bank Director’s Nifty 50


              The top 50 best users of capital
Bank Director’s Nifty 50
Bank Director magazine went hunting for banks
that deliver high returns, despite high levels of
capital.

In an age when regulators are demanding higher
capital, which tends to produce lower earnings,
this can be extremely hard to do.
Bank Director’s Nifty 50
Investment firm Sandler O’Neill + Partners
compiled this list from the 484 banks and thrifts
listed on the NYSE, NYSE Amex and NASDAQ
OMX stock exchanges, using core return on
tangible common equity and the ratio of
average tangible common equity to tangible
assets.
Steve Trager, CEO
                                                                        Republic Bancorp, Inc.




The winner of the Nifty 50 was Republic Bancorp Inc., a Louisville, Kentucky-
based bank holding company with $3 billion in assets.
Republic Bancorp looks for non-traditional product opportunities where returns are higher. It is the largest
processor of income tax returns in the country. The FDIC forced it to scale back the product after 2012–citing
riskiness.
Scott Dueser, chairman and
CEO of First Financial



First Financial Bankshares Inc., based in Abilene, Texas, was the second
ranked best user of capital.
“Our board’s approach has always been to maintain high levels of capital because capital is what got us through
the hard times,’’ says F. Scott Dueser, chairman and CEO of the $3.8-billion asset holding company.
Bank Director’s Nifty 50

Like Republic, First Financial invests
 most of its earnings back into the
 company, rather than paying high
             dividends.
Bank Director’s Nifty 50
National Bankshares Inc. in Blacksburg, Virginia,
was the third best user of capital.

Commercial National Financial Corp. in Latrobe,
Pennsylvania, was no. 4 on the ranking.
Joe Evans, chairman & CEO of
State Bank Financial Corp.




State Bank Financial Corp. in Atlanta was the 5th best user of capital.
Joe Evans and his team sold Atlanta-based Flag Financial Corp. in 2006 and were in a position to buy another
bank in 2009 in an FDIC-assisted transaction. State Bank was born. It soon acquired five other failed banks.
Comparison of Top 5 Banks
          25

          20

          15

          10

            5

            0
                       Republic            First Financial            National              Commercial               State Bank
                       Bancorp                                       Bankshares              National                 Financial
                                                                                             Financial
                                             Core ROTCE                               Average TCE/TA

* Core ROTCE is return on tangible common equity and based on core income as defined by SNL Financial and average TCE
for eight quarters ending June 30, 2011. Average TCE/TA is tangible common equity to tangible assets and represents the
average for eight quarters ending June 30, 2011.
Source: SNL Financial and Sandler O'Neill + Partners
Bank Director’s Nifty 50
             Mark Fitzgibbon, director
             of research at Sandler
             O’Neill + Partners, says
             most of the top ranked
             banks are located in
             smaller, urban markets
             where business conditions
             are probably better.
Bank Director’s Nifty 50
Another similarity is low
expense ratios, attractive net
interest margins–a reflection
probably of pricing
advantages compared to
banks in more competitive
markets–and low credit
costs, which suggests the top    Mark Fitzgibbon, director of research at
                                       Sandler O’Neill + Partners
ranked banks and thrifts are
better lenders.
Bank Director’s Nifty 50

           Check out the full
           Nifty 50 ranking
           here, where it
           appeared in Bank
           Director magazine’s
           1st quarter issue.

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Nifty 50: The Best Users of Capital in Banking

  • 1. Bank Director’s Nifty 50 The top 50 best users of capital
  • 2. Bank Director’s Nifty 50 Bank Director magazine went hunting for banks that deliver high returns, despite high levels of capital. In an age when regulators are demanding higher capital, which tends to produce lower earnings, this can be extremely hard to do.
  • 3. Bank Director’s Nifty 50 Investment firm Sandler O’Neill + Partners compiled this list from the 484 banks and thrifts listed on the NYSE, NYSE Amex and NASDAQ OMX stock exchanges, using core return on tangible common equity and the ratio of average tangible common equity to tangible assets.
  • 4. Steve Trager, CEO Republic Bancorp, Inc. The winner of the Nifty 50 was Republic Bancorp Inc., a Louisville, Kentucky- based bank holding company with $3 billion in assets. Republic Bancorp looks for non-traditional product opportunities where returns are higher. It is the largest processor of income tax returns in the country. The FDIC forced it to scale back the product after 2012–citing riskiness.
  • 5. Scott Dueser, chairman and CEO of First Financial First Financial Bankshares Inc., based in Abilene, Texas, was the second ranked best user of capital. “Our board’s approach has always been to maintain high levels of capital because capital is what got us through the hard times,’’ says F. Scott Dueser, chairman and CEO of the $3.8-billion asset holding company.
  • 6. Bank Director’s Nifty 50 Like Republic, First Financial invests most of its earnings back into the company, rather than paying high dividends.
  • 7. Bank Director’s Nifty 50 National Bankshares Inc. in Blacksburg, Virginia, was the third best user of capital. Commercial National Financial Corp. in Latrobe, Pennsylvania, was no. 4 on the ranking.
  • 8. Joe Evans, chairman & CEO of State Bank Financial Corp. State Bank Financial Corp. in Atlanta was the 5th best user of capital. Joe Evans and his team sold Atlanta-based Flag Financial Corp. in 2006 and were in a position to buy another bank in 2009 in an FDIC-assisted transaction. State Bank was born. It soon acquired five other failed banks.
  • 9. Comparison of Top 5 Banks 25 20 15 10 5 0 Republic First Financial National Commercial State Bank Bancorp Bankshares National Financial Financial Core ROTCE Average TCE/TA * Core ROTCE is return on tangible common equity and based on core income as defined by SNL Financial and average TCE for eight quarters ending June 30, 2011. Average TCE/TA is tangible common equity to tangible assets and represents the average for eight quarters ending June 30, 2011. Source: SNL Financial and Sandler O'Neill + Partners
  • 10. Bank Director’s Nifty 50 Mark Fitzgibbon, director of research at Sandler O’Neill + Partners, says most of the top ranked banks are located in smaller, urban markets where business conditions are probably better.
  • 11. Bank Director’s Nifty 50 Another similarity is low expense ratios, attractive net interest margins–a reflection probably of pricing advantages compared to banks in more competitive markets–and low credit costs, which suggests the top Mark Fitzgibbon, director of research at Sandler O’Neill + Partners ranked banks and thrifts are better lenders.
  • 12. Bank Director’s Nifty 50 Check out the full Nifty 50 ranking here, where it appeared in Bank Director magazine’s 1st quarter issue.