Independent Bank was one of 31 banks and thrifts that comprised the Piper Sandler Sm-All Stars Class of 2023. The list issued in September 2023 identified top performing small-cap banks and thrifts throughout the United States based on a variety of categories.
This year, Piper Sandler evaluated approximately 350 publicly-traded banks and thrifts across the United States. To earn Sm-All Star status, companies were required to have a market cap below $2.5 billion as of 9/15/23, and out-perform in four metrics—growth, profitability, credit quality, and capital strength.
Companies were then evaluated based on seven financial variables: year-over-year growth trends in EPS, loans, and deposits, with the last 12 months return on average equity (ROAE) also included. Asset quality measures included non-performing assets to loans plus other real estate owned (OREO) ratio and net charge-off ratio. Finally, the TCE/TA ratio was also included as an indicator of capital levels.
Banks in the Midwest region contributed 11 of the 31 members to this year’s class, making this the largest number of members contributed by any one region this year. Independent Bank was the only bank selected in Michigan to receive the award this year. They also received this recognition in 2018.
“I continue to be very proud of our team in earning this recognition from Piper Sandler, a well-known and highly respected firm within the investment banking industry,” said Independent Bank President and CEO, Brad Kessel.
Equal Housing Lender