The First National Bank & Trust Company of Newtown Recognized as Top-Performing Publicly Traded Community Bank by American Banker
Newtown, Pa. (June 14, 2024) – The First has been recognized as one of the top-performing publicly traded community banks by American Banker, a leading industry organization, on their annual ranking list. Their list of the top 200 publicly traded community banks under $2 billion in assets ranked The First, FNB Bancorp, as 4th in the United States.
This year, American Banker trimmed the list from the 200 top performers to 100 banks due to consolidation and the shrinking number of institutions in this asset class, better representing the top quartile of banks with under $2 billion of assets.
Recently, banks have struggled with a shrinking deposit base. According to American Banker, “For publicly traded banks with less than $2 billion of assets, core deposits dropped by more than 8% at year-end 2023, though for the top-100 banks the median decline was just 7.21%. These smaller banks actually recorded gains in their core deposits last year.”
The ranking is based on data from year-end 2023 and uses the institutions’ three-year average return on average equity (ROAE) to determine the ranking. ROAE is defined as net income as a percent of average equity. For all publicly traded banks with under $2 billion of assets, the median ROAE was 10.91%. The First’s 3-year average ROAE was 23.83%. The rankings were completed using data from S&P Global Market Intelligence compiled by Capital Performance Group.
“This recognition from American Banker is owed to our team’s commitment to providing best-in-class customer service to the individuals, families, and businesses we serve throughout Bucks County,” said President & CEO, Dan Schaffer.
The full article was published in June, 2024 and can be read in full on their website.
About The First
The First National Bank & Trust Company of Newtown has served Bucks County, PA, since 1864 as an independent community bank. With twelve locations throughout the county, they serve the banking needs of their customers with a comprehensive suite of financial services. The First offers personal banking and lending, business deposit accounts and financing, as well as trust and wealth services through their Wealth Management Group. For additional information, visit their website, www.fnbn.com. Member FDIC.