U.S. financials continued to underperform the broader market in March as stocks exhibited extreme daily swings.

Within the S&P 500, financials trailed only energy as the worst-performing sector. The market capitalization-weighted SNL U.S. Bank and Thrift index plunged 26.9%, far worse than the negative 12.5% total return for the S&P 500.

The median return of the 320 banks in the S&P Global Market Intelligence analysis was negative 25.0%. Only five of those banks had a positive total return last month: Ontario, Calif.-based CVB Financial Corp. at 8.1%; Gallipolis, Ohio-based Ohio Valley Banc Corp. at 7.8%; Dunmore, Pa.-based FNCB Bancorp Inc. at 4.5%; Dunmore, Pa.-based Fidelity D & D Bancorp Inc. at 3.5%; and San Rafael, Calif.-based Westamerica Bancorp. at 1.7%.

Some of the most energy-concentrated U.S. banks took the worst market beating. Houston-based Cadence Bancorp. was the second-worst performer in the analysis, with a total return of negative 53.6%. Its price-to-adjusted tangible book value fell to 45.6%, which was the fourth-lowest valuation in the analysis as of March 31, from 97.8% at the end of February. Cadence has traded at a discount to the industry median since May 2019.

Tulsa, Okla.-based BOK Financial Corp. declined 41.2% in March. For most of the last year, BOK Financial has traded higher than the industry in terms of P/ATBV. But at the end of March, its valuation discount was 16 percentage points.

Cullen/Frost Bankers Inc. withstood the sell-off better than several of its peers, returning negative 28.8%. The San Antonio-based bank has consistently traded at a substantial premium to the industry, but most of that gap has been filled in the last two months. Energy exposure at Cullen/Frost is mitigated by one of the lowest loan-to-deposit ratios among the banks in the analysis.

CIT Group Inc. had the lowest P/ATBV in the analysis as of March 31, at 30.1%. The New York-based bank also was the worst market performer in March with a return of negative 56.5%. CIT Group was one of six banks to end the month with a dividend yield in excess of 8%.

With all the market turmoil, the composition of the bottom-25 valuation list changed significantly during March. The 11 new additions were Cadence Bancorp.; Dallas-based Comerica Inc.; Santa Ana, Calif.-based Banc of California Inc.; Providence, R.I.-based Citizens Financial Group Inc.; Miami Lakes, Fla.-based BankUnited Inc.; Pittsburgh-based TriState Capital Holdings Inc.; Harrisburg, Pa.-based Riverview Financial Corp.; Boston-based Berkshire Hills Bancorp Inc.; Rosemont, Ill.-based Wintrust Financial Corp.; Baton Rouge, La.-based Investar Holding Corp.; and Columbus, Ga.-based Synovus Financial Corp.

Dropping off the list were Amesbury, Mass.-based Provident Bancorp Inc.; Toano, Va.-based C&F Financial Corp.; Santa Rosa, Calif.-based Luther Burbank Corp.; Los Angeles-based OP Bancorp; Oswego, N.Y.-based Pathfinder Bancorp Inc.; Bayonne, N.J.-based BCB Bancorp Inc.; Coral Gables, Fla.-based Amerant Bancorp Inc.; Burr Ridge, Ill.-based BankFinancial Corp.; Hamilton, N.J.-based First Bank; Costa Mesa, Calif.-based Pacific Mercantile Bancorp; and Seattle-based HomeStreet Inc.

Click here to see S&P Global Market Intelligence's calculations for price-to-adjusted tangible book value as of March 31.