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Tech-forward banks among top-performing US bank stocks by YTD total return

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Tech-forward banks among top-performing US bank stocks by YTD total return

Several tech-forward banks are among the best-performing U.S. bank stocks by year-to-date total return, according to an S&P Global Market Intelligence analysis.

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Pennsylvania-based Customers Bancorp Inc., New York-based Signature Bank, Delaware-based Bancorp Inc. and California-based Silvergate Capital Corp. posted year-to-date total returns of 146.0%, 115.5%, 99.0% and 105.9%, respectively, as of Oct. 5.

All of them outpaced the broader market, with the S&P U.S. BMI Banks index returning 38.8% year-to-date. The S&P 500 returned 17.0% during the same period.

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The top-performing bank was Carver Bancorp Inc., one of the nation's largest African American- and Caribbean American-operated banks. The New York-based bank posted a 176.0% year-to-date total return.

On the other side of the coin, the bank with the lowest year-to-date return was Indiana-based First Capital Inc., which registered negative 31.1%.

It was followed by Michigan-based ChoiceOne Financial Services Inc., at negative 18.4%. The median return for banks in the covered universe was 33.3%.

Both First Capital and ChoiceOne fell out of the Russell 3000 recently.

But a bank removed from the index, Select Bancorp Inc., was one of the best-performing bank stocks in this analysis, returning 87.4%. The North Carolina-based bank announced a deal with in-state peer First Bancorp in June.

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