US Regional Banks Over $50B: Peer Comps Table, Huntington Near the Median on Valuation, Below on Capital and Margin
Header and basis
- As-of date: 2026-10-06 (first run, so no change-vs-last-run comparison exists).
- Basis: latest reported quarter, Q2 2026 (period end 2026-06-30), USD, as reported by each bank. No Q3 2026 results were out at execution (First Horizon reports 2026-10-15). NIM is the quarterly figure, mostly taxable-equivalent; LTM NIM was not collected, so "LTM where applicable" is not met for NIM. P/TBV pairs the 2026-10-05 close (latest posted at execution; stockanalysis.com history pages, a secondary aggregator) with 30 June tangible book value per share (TBVPS).
- Inclusion rule: US-listed independent bank holding companies with total assets above $50B at 30 June 2026, excluding the largest money-centre and trust banks. This is my judgement-based list of 22 peers plus the benchmark. It has not been tested against FFIEC rankings, so some qualifying banks may be missing.
- Interpretations: "NPL ratio" is nonperforming (or nonaccrual) loans over total loans; banks define it differently (see row notes), so the median mixes bases. CET1 is each bank's own reported estimate, mostly preliminary pending the 10-Q.
- What moved: Webster was delisted after Santander closed its acquisition on 20 August 2026 and is excluded. Synovus is now part of Pinnacle (PNFP).
Comps table
Figures in %, P/TBV in x. Rows needing attention first, then clean rows in order of assets reported. All "Change vs last run" cells read "first run".
| Company | Period end | CET1 | NIM | NPL ratio | P/TBV | Change vs last run | Source |
|---|---|---|---|---|---|---|---|
| Flagstar Financial (FLG) | 2026-06-30 | 13.16% (bank level) | 2.13% | 4.59% | 0.66x | first run | Q2 release |
| Cullen/Frost (CFR) | 2026-06-30 | 13.95% | 3.75% (FTE) | 0.49% | not found (no TBVPS disclosed) | first run | Q2 release |
| Pinnacle (PNFP, incl. Synovus) | 2026-06-30 | 9.93% | 3.44% (TE) | 0.47% | 1.52x | first run | Q2 release, Q2 deck |
| Valley National (VLY) | 2026-06-30 | 10.71% | 3.20% (FTE) | 0.88% | 1.26x | first run | Q2 release |
| PNC (PNC) | 2026-06-30 | 9.9% | 2.96% (TE) | 0.55% | 1.98x | first run | Q2 release |
| U.S. Bancorp (USB) | 2026-06-30 | 10.8% | 2.79% (TE) | 0.32% (computed) | 1.91x | first run | Q2 release |
| Truist (TFC) | 2026-06-30 | 10.9% | 2.98% (TE) | 0.51% | 1.39x | first run | Q2 release |
| Fifth Third (FITB) | 2026-06-30 | 9.93% | 3.36% (FTE) | 0.58% (nonaccrual) | 2.19x | first run | Q2 release |
| Citizens (CFG) | 2026-06-30 | 10.4% | 3.17% (FTE) | 0.97% (nonaccrual) | 1.68x | first run | Q2 release |
| M&T (MTB) | 2026-06-30 | 10.19% | 3.70% (TE) | 0.84% (nonaccrual) | 1.86x | first run | Q2 release |
| KeyCorp (KEY) | 2026-06-30 | 11.2% | 2.89% (TE) | 0.73% | 1.48x | first run | Q2 release |
| Regions (RF) | 2026-06-30 | 10.7% | 3.66% (FTE) | 0.67% | 1.96x | first run | Q2 release |
| First Citizens (FCNCA) | 2026-06-30 | 10.77% | 3.10% | 0.96% (nonaccrual) | 1.21x | first run | Q2 release |
| Zions (ZION) | 2026-06-30 | 11.8% | 3.27% | 0.467% (computed) | 1.41x | first run | Q2 release |
| Western Alliance (WAL) | 2026-06-30 | 11.0% | 3.53% | 0.92% (nonaccrual) | 1.20x | first run | Q2 release |
| East West (EWBC) | 2026-06-30 | 15.44% | 3.43% | 0.35% (nonaccrual) | 1.98x | first run | Q2 release |
| First Horizon (FHN) | 2026-06-30 | 10.5% | 3.49% (FTE) | 0.81% | 1.61x | first run | Q2 release (mirror) |
| Wintrust (WTFC) | 2026-06-30 | 10.4% | 3.52% (FTE) | 0.32% | 1.58x | first run | Q2 release |
| BOK Financial (BOKF) | 2026-06-30 | 12.89% | 2.91% (TE) | 0.23% | 1.56x | first run | Q2 release |
| Old National (ONB) | 2026-06-30 | 11.09% | 3.54% (FTE) | 0.91% (nonaccrual) | 1.74x | first run | Q2 release |
| Columbia Banking (COLB) | 2026-06-30 | 11.6% | 3.93% | 0.57% | 1.50x | first run | Q2 release |
| Popular (BPOP) | 2026-06-30 | 16.08% | 3.66% (non-TE) | 1.04% | 1.81x | first run | Q2 release |
| Huntington (HBAN), benchmark | 2026-06-30 | 10.0% (gap -0.85pp) | 3.21% (FTE; gap -0.19pp) | 0.84% (nonaccrual; gap +0.22pp, rounded from +0.215) | 1.58x (gap 0.00x) | first run | Q2 release |
| Peer median (range) | 10.85% (9.90 to 16.08) | 3.40% (2.13 to 3.93) | 0.625% (0.23 to 4.59) | 1.58x (0.66 to 2.19) | first run | computed, data_med.py |
Median counts: n=22 for CET1, NIM and NPL; n=21 for P/TBV (CFR excluded). Huntington is excluded from the median. Gaps are Huntington minus median, using the table figures. Median inputs follow the displayed values, except that data_med.py used GAAP NIM for Valley (3.19%) and Wintrust (3.50%) and 9.99% for Huntington CET1; recomputing with displayed values gives the same medians (NIM 3.395%, rounded to 3.40%).
What the table says
Huntington's profile is a capital and margin gap with no valuation gap. Its CET1 of 10.0% sits 0.85 points below the peer median of 10.85% and only just above the lowest cluster (PNC at 9.9%, FITB and PNFP at 9.93%). Its P/TBV of 1.58x equals the peer median.
Huntington's CET1 slid from 10.4% at year-end to 10.0% at 30 June, and its nonaccrual ratio rose from 0.62% to 0.84% over the same period, per the Huntington release and its supplement. The release also reports $152M of pre-tax notable items tied to acquisition-related charges in Q2. Whether the NPL rise reflects acquired loans is my inference: the supplement shows acquired nonperforming assets in Q1 but none in Q2, so the Q1 to Q2 increase (0.71% to 0.84%) is not explained by new acquired assets. I did not verify the Cadence or Veritex closing terms.
The peer set is wide. Capital runs from 9.90% (PNC) to 16.08% (Popular), and P/TBV from 0.66x (Flagstar) to 2.19x (Fifth Third). Flagstar is a clear outlier on NPLs (4.59%, versus a median of 0.625%) and on margin (2.13%), and it reports capital at bank level after its holding-company reorganisation. These calls are descriptive, not investment advice.
Notable changes (last 7 days and new to the record)
- Valley National: on 2026-09-28 it agreed to buy Bluevine for about $340M (75% cash), with close expected early 2027 (GlobeNewswire release). It stays independent.
- Webster: delisted 2026-08-20 on completion of the Santander acquisition (Santander press release); removed from the peer set. Outside the 7-day window but new to this record.
- Synovus/Pinnacle: merger completed around 1 to 2 January 2026 (sources differ on the exact day; Synovus announcement dated 2026-01-02); Synovus is dropped and PNFP carries combined results.
- No other merger, delisting or restatement was found for the seven days to 2026-10-06, but the check relied on news headlines, not each bank's EDGAR index.
Row notes (rows that are not clean)
- CFR: neither the release, deck nor 10-Q pages fetched gave goodwill and intangibles, so TBVPS and P/TBV are "not found". Book value per share is $72.04, giving price to book of about 2.14x, shown for reference only.
- FLG: capital is for Flagstar Bank, N.A., not a holding company. TBVPS adjusted for warrant exercise is $15.54 (about 0.74x), a different basis from the 0.66x shown.
- NPL definitions differ: PNC, USB, TFC, KEY, RF, WTFC, PNFP, COLB, BPOP use nonperforming loans; FITB, CFG, MTB, HBAN, FCNCA, WAL, EWBC, ONB, ZION, VLY, FHN, FLG use nonaccrual loans; CFR uses nonaccrual loans plus held-for-sale over loans plus held-for-sale; BOKF's disclosed ratio is nonperforming assets over loans plus repossessed assets (0.23% either way). USB, ZION and BOKF values are my computation from disclosed dollar amounts.
- Preliminary or estimated CET1: PNC, TFC, FITB, CFG, KEY, RF, HBAN, MTB, FCNCA, ZION, WAL, PNFP, FHN, WTFC and ONB are release-date estimates and may change in the 10-Q. Wintrust's 10.4% rests on my reading of a table with one column missing. ONB labels its ratio "Tier 1 common equity".
- KEY TBVPS: computed as tangible common equity of $14,597M over 1,072.035M shares ($13.62), not stated by Key.
- NIM bases: FTE status unconfirmed for COLB, WAL, EWBC, FCNCA and ZION. Popular's taxable-equivalent NIM is 4.17%; the table uses its non-TE 3.66%, which makes it not strictly comparable with TE peers.
- Prices: closes are 2026-10-05, not 2026-10-06, from a secondary aggregator (stockanalysis.com example page).
Do next
- Rerun after Q3 2026 earnings (First Horizon 2026-10-15; others mid-October) and after 10-Qs finalise CET1.
- Confirm CFR goodwill and intangibles from the 10-Q or call report to complete its P/TBV.
- Add LTM NIM and a FFIEC total-assets screen to confirm no qualifying bank is missing.
Coverage
Primary documents were Q2 2026 earnings releases (8-K exhibits); 10-Qs, FR Y-9C and call reports were not checked, and prices came from a secondary aggregator. EDGAR filing indexes were not scanned for the seven-day window. Webster was skipped as delisted; the 25-company cap was not hit.
Sources
- Huntington Q2 2026 earnings release
- Huntington 10-Q period 2026-06-30
- PNC Q2 2026 release
- U.S. Bancorp Q2 2026 release
- Truist Q2 2026 release
- Fifth Third Q2 2026 release (mirror)
- Citizens Q2 2026 release
- M&T Q2 2026 release
- KeyCorp Q2 2026 release
- Regions Q2 2026 release
- First Citizens Q2 2026 release
- Zions Q2 2026 release
- Western Alliance Q2 2026 release
- East West Q2 2026 release
- Pinnacle Q2 2026 release
- Cullen/Frost Q2 2026 release
- Old National Q2 2026 release
- Columbia Banking Q2 2026 release
- Flagstar Financial Q2 2026 release
- Popular Q2 2026 release
- Santander completes Webster acquisition
- Pinnacle and Synovus complete merger
- Valley Q2 2026 release
- Wintrust Q2 2026 release
- BOK Financial Q2 2026 release
- First Horizon Q2 2026 release (mirror)
- stockanalysis.com MTB price history (representative of price pages for all tickers)