Banking Valuation Quarterly Update
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1 Banking Valuation Quarterly Update Q A publication from PwC s Deals practice
2 Key Quarterly Trends: Trading multiples exhibited by the largest 20 banks have decreased over the course of the first quarter. Multiples are expected to fluctuate until the market gains more clarity on the interest rate environment. The rate on the 30-year Treasury bond decreased from 3.0% to 2.6% in the first quarter. The S&P 500 increased by 0.8% in the first quarter. The S&P Composite 1500 Regional Banks (Sub Ind) Index decreased by 10.2% in the first quarter and decreased by 8.6% year-over-year. During the first quarter, there were 17 transactions announced in the banking industry based on the search criteria below. The average publicly disclosed implied price-to-tangible book and price-to-book multiples of the transactions were 1.5x and 1.3x, respectively. The average and median publicly disclosed implied price-to-earnings multiples of the transactions were 19.1x and 17.8x, respectively. Top Twenty US Banks (1) Price/Tangible Book Value Price/Earnings (LTM). Price/Forward Earnings (2) Wells Fargo & Company JPMorgan Chase & Co Bank of America Corporation Citigroup Inc U.S. Bancorp The PNC Financial Services Group, Inc BB&T Corporation SunTrust Banks, Inc M&T Bank Corporation Fifth Third Bancorp Citizens Financial Group, Inc First Republic Bank KeyCorp New York Community Bancorp Inc NM Huntington Bancshares Incorporated Signature Bank Comerica Incorporated CIT Group Inc SVB Financial Group NM Average x 1.7x 1.5x 15.2x 15.3x 13.0x 12.3x 12.9x 10.5x Median x 1.5x 1.3x 15.1x 14.7x 12.5x 11.8x 12.3x 10.0x First Quarter Transactions in the Banking Industry (3) Target Country Announce Date Total Assets (4) Purchase Price ($ M) Price/ Tangible Book Value Price/ Book Value Acquirer Target Pannónia Nyugdíjpénztár and others MKB Bank Zrt. Hungary 3/30/2016 7, Byblos Bank S.A.L. (BDB:BYB) Banque Pharaon and Chiha SAL Lebanon 3/22/ Guaranty Bancorp (NasdaqGS:GBNK) Home State Bancorp United States 3/16/ N/A - To Be Announced TBIF Financial Services B.V. Netherlands 3/15/ Midland Financial Company 1st Century Bancshares, Inc. (NasdaqCM:FCTY) United States 3/10/ Horizon Bancorp (NasdaqGS:HBNC) Laporte Bancorp, Inc. (NasdaqCM:LPSB) United States 3/10/ Triumph Bancorp, Inc. (NasdaqGS:TBK) ColoEast Bankshares, Inc. United States 3/7/ Arbor Realty Trust Inc. (NYSE:ABR) Agency Business United States 2/25/ EFG International AG (SWX:EFGN) BSI SA Switzerland 2/22/ , , Hampton Roads Bankshares Inc. (NasdaqGS:HMPR) Xenith Bankshares, Inc. (NasdaqCM:XBKS) United States 2/10/2016 1, Computershare Limited (ASX:CPU) Capital Markets Cooperative, LLC United States 2/3/ Pinnacle Financial Partners Inc. (NasdaqGS:PNFP) Avenue Financial Holdings, Inc. (NasdaqGS:AVNU) United States 1/28/2016 1, Chemical Financial Corporation (NasdaqGS:CHFC) Talmer Bancorp, Inc. (NasdaqCM:TLMR) United States 1/26/2016 6, , The Huntington National Bank Inc. FirstMerit Corporation (NasdaqGS:FMER) United States 1/25/ , , Old National Bancorp. (NasdaqGS:ONB) Anchor BanCorp Wisconsin Inc. United States 1/12/2016 2, KTCAPITAL CO.,LTD. HK Mutual Savings Bank South Korea 1/7/ OceanFirst Financial Corp. (NasdaqGS:OCFC) Cape Bancorp, Inc. United States 1/5/2016 1, Average x 1.3x 19.1x Median x 1.2x 17.8x Price/ Earnings (LTM) (5) (1) Market data provided by Capital IQ, Inc. Selected institutions represent the largest depository and diversified banks in the U.S. based on market capitalization as of March 31, (2) Price/Forward Earnings calculated on a two year forward looking basis. The formula uses median normalized net income estimates from Capital IQ, Inc. (3) Data provided by Capital IQ, Inc. Selected transactions had deal values approximately $50.0 million or greater, were acquisitions of a majority stake, and were announced between January 01, 2016 and March 31, Acquisitions of loan portfolios, MSRs and RMBS have been exclud (4) Total assets denominated in U.S. dollars. (5) Outliers have been excluded.
3 (continued) Top Depository US Banks (1) The PNC Financial Services Group, Inc Capital One Financial Corporation BB&T Corporation Discover Financial Services Fifth Third Bancorp First Republic Bank New York Community Bancorp Inc NM Huntington Bancshares Incorporated SVB Financial Group NM Zions Bancorporation People's United Financial Inc East West Bancorp, Inc PacWest Bancorp Bank of the Ozarks, Inc NM NM Synovus Financial Corporation BOK Financial Corporation BankUnited, Inc Average x 1.9x 1.7x 15.6x 16.5x 14.5x 13.5x 14.0x 11.5x Median x 1.8x 1.7x 15.4x 16.4x 13.6x 13.7x 14.0x 11.5x Top Non-Depository US Banks (2) American Express Company Capital One Financial Corporation Synchrony Financial Discover Financial Services Ally Financial Inc Navient Corporation Santander Consumer USA Holdings Inc Credit Acceptance Corp OneMain Holdings, Inc NM NM LendingClub Corporation NM NM NM NM NM 18.0 Average x 2.4x 2.4x 11.2x 9.6x 8.5x 11.7x 9.2x 8.6x Median x 2.0x 2.1x 11.2x 9.7x 9.1x 9.8x 9.2x 8.4x Top Custody US Banks (3) State Street Corporation The Bank of New York Mellon Corporation Northern Trust Corporation U.S. Bancorp Wells Fargo & Company M&T Bank Corporation Comerica Incorporated SunTrust Banks, Inc UMB Financial Corporation Average x 2.0x 1.8x 16.1x 16.0x 14.7x 12.9x 13.4x 11.5x Median x 2.1x 1.8x 15.8x 15.4x 14.3x 12.8x 12.9x 11.1x (1) Market data provided by Capital IQ, Inc. Selected institutions represent the largest depository banks in the U.S. based on market capitalization. (2) Market data provided by Capital IQ, Inc. Selected institutions represent the largest non-depository banks in the U.S. based on market capitalization. (3) Market data provided by Capital IQ, Inc. Selected institutions represent the largest custody banks in the U.S. based on total fiduciary accounts including custody. (4) Price/Forward Earnings calculated on a two year forward looking basis. The formula uses median normalized net income estimates from Capital IQ, Inc PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
4 (continued) Purchase Price Allocation Benchmarking - Transactions in the US Banking Industry (1) Allocation of Purchase Price as a Percentage of Excess Consideration Purchase Price ($ M) Goodwill Core Deposit Intangible Acquirer Target Closing Date Ameris Bancorp Jacksonville Bancorp Inc. 3/11/ % 15.7% Seacoast Banking Corp. of FL Floridian Financial Group Inc 3/11/ % 10.1% First Midwest Bancorp Inc. NI Bancshares Corporation 3/8/ % 34.5% CenterState Banks Cmnty Bk of South FL Inc. 3/1/ % 12.6% German American Bancorp Inc. River Valley Bancorp 3/1/ % 7.3% Yadkin Financial Corporation NewBridge Bancorp 3/1/ % 9.7% RBB Bancorp TFC Holding Co. 2/19/ NA NA F.N.B. Corp. Metro Bancorp Inc. 2/13/ % 17.5% Heartland Financial USA Inc. CIC Bancshares Inc. 2/5/ % 18.1% HomeStreet Inc. Orange County Business Bank 2/1/ % 16.5% Pacific Premier Bancorp Security California Bancorp 1/29/ % 7.8% Southern BancShares (NC) Heritage Bankshares Inc. 1/29/ % 17.6% Liberty Bank Naugatuck Valley Finl 1/15/ NA NA Northfield Bancorp Inc. Hopewell Valley Cmnty Bank 1/8/ % 8.3% Park Sterling Corporation First Capital Bancorp Inc. 1/1/ % 9.7% Prosperity Bancshares Inc. Tradition Bancshares Inc. 1/1/ % NA First Merchants Corp. Ameriana Bancorp 12/31/ % 8.1% Community Bank System Inc. Oneida Financial Corp. 12/4/ NA NA Valley National Bancorp CNLBancshares Inc. 12/1/ % 14.7% First NBC Bank Holding Co. State Investors Bancorp Inc. 11/30/ NA NA Heartland Financial USA Inc. Premier Valley Bank 11/30/ % 10.7% Independent Bk Group Inc. Grand Bank 11/1/ NA NA M&T Bank Corp. Hudson City Bancorp Inc. 11/1/2015 3, % 11.0% Atlantic Capital Bcshs Inc. First Security Group Inc. 10/31/ % 40.9% Camden National Corp. SBM Financial Inc. 10/16/ % 8.2% WSFS Financial Corp. Alliance Bancorp of Penn 10/9/ NA NA PacWest Bancorp Square 1 Financial Inc. 10/6/ % 7.5% First Horizon National Corp. TrustAtlantic Financial Corp. 10/2/ NA NA Banner Corp. Starbuck Bancshares Inc. 10/1/ % 12.9% Bear State Financial Inc. Metropolitan National Bank 10/1/ % 24.7% Green Bancorp Inc. Patriot Bancshares Inc. 10/1/ % 13.2% Home BancShares Inc. Florida Bus. BancGroup Inc. 10/1/ NA NA Home Bancorp Inc. Louisiana Bancorp Inc. 9/15/ % 12.3% United Community Banks Inc. Palmetto Bancshares Inc. 9/1/ % 10.7% Pinnacle Financial Partners Magna Bank 9/1/ % 9.6% Heritage Commerce Corp Focus Business Bank 8/20/ % 16.5% Northwest Bancshares, Inc. LNB Bancorp Inc. 8/14/ % 7.9% Bank of the Ozarks Inc. Bank of the Carolinas Corp. 8/5/ % 9.4% CIT Group Inc. IMB HoldCo LLC 8/3/2015 3, % 17.4% Pinnacle Financial Partners CapitalMark Bank & Trust 7/31/ % 4.0% First Financial Bankshares FBC Bancshares Inc. 7/31/ % 5.1% BB&T Corp. Susquehanna Bancshares Inc. 7/31/2015 2, % 11.0% Cathay General Bancorp Asia Bancshares Inc. 7/31/ % 2.2% Horizon Bancorp Peoples Bancorp Inc 7/1/ % 17.0% BNC Bancorp Valley Financial Corp. 7/1/ % 10.6% Renasant Corp. Heritage Financial Group Inc. 7/1/ % 6.5% ESB Bancorp MHC Citizens National Bancorp Inc. 7/1/ NA NA Western Alliance Bancorp Bridge Capital Holdings 6/30/ % 5.5% Sterling Bancorp Hudson Valley Holding Corp. 6/30/ % 9.9% Plaza Bank Manhattan Bancorp 6/29/ NA NA Bridge Bancorp Inc. Community National Bk 6/19/ % 6.5% Farmers National Banc Corp. National Bancshares Corp. 6/19/ % 14.2% BB&T Corp. Bank of Kentucky Finl Corp. 6/19/ % 5.6% IBERIABANK Corp. Georgia Commerce Bancshares 5/31/ % 5.4% UMB Financial Corp. Marquette Financial Companies 5/31/ NA NA Chemical Financial Corp. Lake Michigan Financial Corp. 5/31/ % 6.8% Ameris Bancorp Mrchnt & Sthrn Banks of FL Inc 5/22/ % 27.5% MidWestOne Financial Grp Inc. Central Bancshares Inc. 5/1/ % 21.7% United Community Banks Inc. MoneyTree Corp. 5/1/ % 24.5% Ford Financial Fund II L.P. Mechanics Bank 4/30/ NA NA Stupp Bros. Inc. Southern Bancshares Corp. 4/24/ NA NA Berkshire Hills Bancorp Inc. Hampden Bancorp Inc. 4/17/ % 6.0% Cape Bancorp Inc. Colonial Financial Services 4/1/ NA NA Average % 12.7% Median % 10.6% NA = Not Available (1) Search criteria includes acquisitions of U.S. banks with purchase price greater than or equal to $50.0 million and transaction close dates occurring between March 31, 2014 and March 31, 2016.
5 (continued) Contacts To have a deeper discussion about valuation developments and trends, please contact: Scott Carmelitano Principal scott.j.carmelitano@us.pwc.com Nisha Sheth Principal nisha.sheth@us.pwc.com Earl Wallis Managing Director earl.wallis@us.pwc.com
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