PROVIDENCE – Two Rhode Island financial institutions were named among the best performing community banks and credit unions in the nation by S&P Global Market Intelligence this month.
Washington Trust Bancorp Inc., based in Westerly, was named No. 33 for best community banks with between $3 billion and $10 billion in assets. The rankings are based on financials for 2018, including assets, net interest margin, return on average tangible common equity, net margin interest and other financial figures.
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“Washington Trust is honored to be recognized as one of the top performing community banks by S&P Global Market Intelligence,” said Edward O. Handy III, Washington Trust chairman and CEO, in prepared remarks. “Washington Trust is the oldest community bank in the nation and now we can proudly state that our strong performance, quality metrics and steady growth has also earned us recognition as the top financial institution in our region.”
Washington Trust was reported to have $5 billion in assets at the end of the year and a net interest margin fully taxable equivalent of 3 percent. The company’s efficiency ratio was 53.54 percent. Loan growth rate was 8.8 percent in 2018.
Sterling Bancorp Inc. of Southfield, Mich,. ranked No. 1 in the $3 billion to $10 billion category
In the less than $3 billion in asset community bank rankings, Independence Bank, based in East Greenwich, ranked No. 76 in the nation. The bank had $63.8 million in assets at the end of 2018 and a net interest margin FTE of 6.76 percent. The bank’s efficiency ratio was 32.74 percent. Loan growth rate was 45.7 percent on the year.
On its website, the bank said that its specialty is small business loans.
Park State Bank of Duluth, Minn., ranked No. 1 on the community banks with less than $3 billion in assets rankings.
J.P. O’Sullivan, managing director of financial institutions at S&P Global Market Intelligence said, “Year after year, we see the increasingly significant role that community banks and credit unions play in their local communities. From metropolitan cities to the rural towns across the U.S., access to credit through local banks and credit unions is a key driver for local economic growth. The results of these rankings demonstrate that many small institutions can thrive in an increasingly competitive landscape.”
The performance ratings also included credit unions, including three Rhode Island institutions.
The full reports may be viewed online ($3 billion -$10 billion) (Below $3 billion) (Credit Unions).
