Methodology: The top-100 publicly traded banks under $2B of assets, 2023

Capital Performance Group conducts the rankings analysis using data provided by S&P Global Market Intelligence. 

Financial data is based on Security and Exchange Commission filings. If SEC data was unavailable, regulatory financials were used. Data is for the 12 months ending at Dec. 31, 2023, unless otherwise indicated. The banks were ranked on three-year return on average equity between 2021 and 2023; tiebreakers as follows: 2023 ROAE, 2022 ROAE, 2021 ROAE (in that order). 

Please note: For this year's analysis, the number of top-performing banks was reduced from the top-200 banks, which was observed in prior years, to the top-100 banks. This change reflects the industry consolidation of publicly traded institutions within this asset tier over recent years. Reducing the count of top performers more closely reflects the top quartile of banks in this asset tier.

ROAE is defined as net income as a percent of average equity. Net income is defined as net income after taxes, minority interest and extraordinary and other after-tax items. Noncontrolling interest may be included, per relevant accounting standards. Excluding criteria that would prevent a financial institution from being considered in the rankings include:

  • Institutions with a leverage ratio of less than 5%, or a Tier 1 risk-based capital ratio of less than 6%, or a total risk-based capital ratio of less than 10% during any quarter between 2021 and 2023;
  • Institutions with an equity-to-assets ratio of less than 4.5% as of Dec. 31, 2023;
  • Institutions that received a tax benefit of greater than 10% of net income in any year between 2021 and 2023;
  • Institutions whose regulatory charter type is an industrial bank;
  • Institutions that did not report SEC or regulatory data at year end for any year between 2021 and 2023; and
  • Institutions that operated as a subchapter S corporation during any quarter between 2021 and 2023

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