The stand-out thrifts of 2007 were those that maintained a conservative balance sheet and kept expenses low
Charlottesville, Va. (Vocus) May 6, 2008
Washington Federal Inc. topped SNL Financial’s annual performance ranking of the 100 largest thrifts, with Severn Bancorp and Hudson City Bancorp rounding out the top three. The Seattle-based thrift achieved the highest return on average assets (1.35%) as well as the strongest efficiency ratio (23.60%) during 2007, propelling it ahead of the competition.
Rank, Company, Ticker, State, Score
1. Washington Federal Inc., WFSL, WA, 85.4
2. Severn Bancorp Inc., SVBI, MD, 84.4
3. Hudson City Bancorp Inc., HCBK, NJ, 83.6
4. Flushing Financial Corp., FFIC, NY, 83.2
5. New York Community Bancorp Inc., NYB, NY, 82.6
6. FirstFed Financial Corp., FED, CA, 81.2
7. Timberland Bancorp Inc., TSBK, WA, 80.0
8. HMN Financial Inc., HMNF, MN, 78.8
9. Parkvale Financial Corp., PVSA, PA, 77.9
10. Pulaski Financial Corp., PULB, MO, 77.4
For the entire list of the best of the biggest – the 100 largest public thrifts by asset size, ranked by financial performance for FY 2007 – go to: http://www.snl.com/interactivex/article.aspx?CDID=A-7732231-12900
SNL Financial analyzed the performance of the 100 largest thrifts by asset size, ranking each in six categories and weighting each ranking to determine an overall score. The following four categories received a 20% weighting: Core return on average assets; core return on average equity; three-year compound annual growth in tangible book value; and efficiency ratio. The ratio of nonperforming assets and loans 90 days past due to total assets and net charge-offs as a percent of total loans were each weighted at 10%.
Many thrifts experienced declines in the rankings due to the crisis in the mortgage and housing markets. IndyMac Bancorp, PFF Bancorp, Washington Mutual, Downey Financial and Federal Trust were among the hardest hit.
“The stand-out thrifts of 2007 were those that maintained a conservative balance sheet and kept expenses low,” said Maria Tor, senior analyst for SNL. “Thrifts that resisted the tempting high margins of riskier loans in 2005 and 2006 were rewarded in 2007.”
Bank & thrift data, news and analysis are a standard part of the SNL Unlimited Information Service for Financial Institutions. To learn more about SNL Unlimited, contact call 866.296.3743.
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