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Credit metrics across the banking system continue to improve, i.e.
as reflected in nonperforming assets, but if we scratch the surface it doesn’t take much to ascertain the reality of widespread insolvency Noncurrent assets (as a % of total assets) remain stubbornly high at 2.20% (down from a peak of 3.367% in 2009) while loan loss reserves are down for eleven consecutive quarters.
Following is a list of the most profitable banks in the U. Before explaining the situation at Customers Bank, which is our top idea, we briefly describe the attractive opportunities for investing in banks in the Washington DC market. S., the Washington DC market is dominated by large money center banks such as Capital One (COF), Wells Fargo (WFC), Bank of America (BAC), and Citigroup (C), along with super-regionals including Sun Trust (STI), BB&T (BBT), and PNC Financial (PNC).
In terms of pure plays (relatively), we identify 4 that are investable:1.
United Bank (UBSI) of West Virginia recently entered the DC market via the acquisition of Virginia Commerce Bank (VCBI) for a fair price of 1.8x TBV.
With .5 billion of in-market deposits, United Bank is now the leading independent bank in Washington DC in terms of deposit share; however, the stock is already fully valued at 2.2x TB60%).
The slope of the yield curve as measured by the difference between the 3-month and the 10-year Treasury yields averaged 172 basis points for the year, roughly in line with the 20-year average of 180 basis points.The age of the small local community bank serving one MSA is over.Community banks can’t compete anymore, so they are merging with each other and morphing into stronger regional institutions.for the Fourth Quarter 2012, FDIC-insured institutions earned 1.3 billion, the second-highest annual earnings ever reported, after the 5.2 billion in 2006.Average return on assets (ROA) for the industry rose to the psychologically-important level of 1.00%, a level last realized in 2006.
With leverage still high at 9x, the banking system is embedded with ~20% losses, and that ignores loans that are mismarked on the books of nearly all banks across the United States.