SNL Financial Places FirstFed At The Top Of Its Annual Thrift Rankings
Mortgage lenders outperformed in 2006 with high returns on equity and assets.
Charlottesville, VA (Vocus/PRWEB ) May 11, 2007 -- FirstFed Financial Corp. topped SNL Financial's annual ranking of the 100 largest thrifts. In four of the six performance categories used by SNL to calculate the rankings, FirstFed, based in Santa Monica, Calif., held a top-10 spot.
Rank -- Company -- Ticker -- State -- Score
1. FirstFed Financial Corp. -- FED -- CA -- 90.9
2. Severnbancorp Inc. -- SVBI -- MD -- 84.5
3. PFF Bancorp Inc. -- PFB -- CA -- 81.6
4. Washington Federal Inc. -- WFSL -- WA -- 81.0
5. TrustCo Bank Corp NY -- TRST -- NY -- 80.8
6. Provident Financial Holdings Inc. -- PROV -- CA -- 80.7
7. Downey Financial Corp. -- DSL -- CA -- 78.6
8. Coastal Financial Corp. -- CFCP -- SC -- 77.7
9. Hudson City Bancorp Inc. -- HCBK -- NJ -- 76.1
9. BankUnited Financial Corp. -- BKUNA -- FL -- 76.1
SNL Financial ranked the 100 largest thrifts based on six 2006 financial performance metrics. The following four categories were applied a 20% weighting: 1) Core return on average assets; 2) core return on average equity; 3) three-year core cash EPS growth; and 4) efficiency ratio. The ratio of nonperforming assets, including loans 90 days past due, to total assets, and net charge-offs as a percent of total loans were each weighted at 10%.
Making noteworthy appearances were controversial mortgage lenders Downey Financial Corp. at No. 7, BankUnited Financial Corp. at the No. 9 spot (tied with Hudson City), and IndyMac Bancorp at No. 13.
"The rankings show how profitable it was to be in the mortgage business in 2006," said Maria Tor, senior analyst for SNL. "However, many of the companies that did so well in 2006 are now being punished in the stock market for possibly underwriting risky loans."
For the entire list of the best of the biggest -- the 100 largest public thrifts by asset size, ranked by financial performance for FY 2006 -- go to: http://www.snl.com/interactivex/article.aspx?CDID=A-5681452-11364
About SNL Financial
SNL collects, standardizes and disseminates all relevant corporate, financial, market and M&A data -- plus news and analysis -- for the Energy, Banking, Specialized Financial Services, Insurance, Real Estate and Media & Communications industries. For more information, visit www.SNL.com.
To speak to an analyst or get additional information about the annual ranking, contact:
Lauren Keyson
Public Relations Manager
Tel. 212.341.7319
SNL Financial * One SNL Plaza * Charlottesville, Va. * 22902 * 434.977.1600
Other office locations: Ahmedabad, India; Arlington, Va.; Islamabad, Pakistan; Jersey City, N.J.; London, England; Monterey, Calif.; New York, N.Y.
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