Genesee Regional among top performing banks
Genesee Regional Bank was recognized by S&P Global Market Intelligence as one of the Best Performing Community Banks for 2020, ranking 23rd among banks with up to $3 billion in assets.
S&P calculated scores for more than 4,000 financial institutions on six weighted metrics: pre-tax return on tangible common equity, efficiency ratio, net interest margin, operating revenue growth, leverage ratio and nonperforming assets and loans 90 days past due as a percentage of total assets, and the net of the Paycheck Protection Program loans.
GRB delivered an efficiency ratio of 46.03%, keeping non-performing assets to 0.3% as a percent of total assets and delivering a return on tangible common equity of 25.83%.
“Our previous years’ investments in technology and ability to develop a committed, high-performing workforce allowed us to respond quickly to the PPP program and simultaneously move forward with other lending activities, deposit growth and support a record-breaking year for our residential mortgage team,” said Philip Pecora, president and CEO.