State Commercial Banks stocks: intrinsic value, ROIC & growth
46 U.S. state commercial banks companies with at least three years of SEC filings, ranked by size. 33 of the 41 with a current price trade below their Graham intrinsic value. The median company earned a 10.5% average return on invested capital and grew revenue 7.5% a year.
Updated October 18, 2026
46companies
33below Graham value
10.5%median 10-yr ROIC
7.5%median revenue CAGR
Most undervalued state commercial banks stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| RVRF | River Financial Corp | +277% | $47.00 | $177.12 | 73% below | $368.0M | 12.1% | 21.6% |
| ORRF | ORRSTOWN FINANCIAL SERVICES INC | +233% | $41.66 | $138.84 | 70% below | $806.3M | 11.2% | 38.9% |
| BFST | Business First Bancshares, Inc. | +196% | $31.31 | $92.67 | 66% below | $925.1M | 10.3% | 20.3% |
| FBP | FIRST BANCORP /PR/ | +161% | $27.37 | $71.41 | 62% below | $4.4B | 13.2% | 4.5% |
| BPOP | POPULAR, INC. | +157% | $158.89 | $408.55 | 61% below | $10.7B | 9.6% | 6.7% |
| WTFC | WINTRUST FINANCIAL CORP | +142% | $144.08 | $348.37 | 59% below | $9.8B | 11.1% | 36.2% |
| CZFS | CITIZENS FINANCIAL SERVICES INC | +103% | $80.03 | $162.38 | 51% below | $384.2M | 8.5% | 9.2% |
| PCB | PCB BANCORP | +95% | $27.93 | $54.53 | 49% below | $398.8M | 10.3% | 3.0% |
| CIVB | CIVISTA BANCSHARES, INC. | +73% | $26.85 | $46.42 | 42% below | $467.8M | 10.2% | 4.0% |
| CFFI | C & F FINANCIAL CORP | +72% | $102.06 | $175.23 | 42% below | $330.4M | 25.8% | 2.3% |
Highest-ROIC state commercial banks stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| CFFI | C & F FINANCIAL CORP | 25.8% | $102.06 | $175.23 | 42% below | $330.4M | 25.8% | 2.3% |
| LKFN | LAKELAND FINANCIAL CORP | 23.3% | $58.00 | $82.96 | 30% below | $1.5B | 23.3% | 10.1% |
| UCB | UNITED COMMUNITY BANKS INC | 16.8% | $34.09 | $51.81 | 34% below | $4.1B | 16.8% | 43.1% |
| CBSH | COMMERCE BANCSHARES INC /MO/ | 15.2% | $55.69 | $64.27 | 13% below | $7.8B | 15.2% | 5.4% |
| FHB | FIRST HAWAIIAN, INC. | 14.8% | $24.95 | $28.47 | 12% below | $3.1B | 14.8% | 65.0% |
| BUSE | FIRST BUSEY CORP /NV/ | 13.7% | $29.43 | $12.15 | 142% above | $2.5B | 13.7% | 85.0% |
| BUSEP | FIRST BUSEY CORP /NV/ | 13.7% | $25.45 | $12.15 | 109% above | $2.2B | 13.7% | 85.0% |
| FBP | FIRST BANCORP /PR/ | 13.2% | $27.37 | $71.41 | 62% below | $4.4B | 13.2% | 4.5% |
| NTRS | Northern Trust | 12.6% | $165.54 | $184.74 | 10% below | $31.8B | 12.6% | 0.1% |
| CATY | CATHAY GENERAL BANCORP | 12.2% | $59.96 | $95.96 | 38% below | $4.2B | 12.2% | 8.7% |
All state commercial banks stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| TYFG | Tri-County Financial Group, Inc. | $80.00 | $141.86 | 44% below | $192.8B | 10.0% | 10.2% |
| BNY | BNY Mellon | $143.30 | $181.31 | 21% below | $102.7B | 6.1% | 34.4% |
| STT | State Street Corporation | $165.72 | $187.99 | 12% below | $47.9B | 6.8% | 3.5% |
| BK | Bank of New York Mellon Corp | — | $181.31 | — | — | 9.5% | 34.4% |
| MTB | M&T Bank | $215.28 | $359.33 | 40% below | $34.2B | 7.4% | -12.1% |
| NTRS | Northern Trust | $165.54 | $184.74 | 10% below | $31.8B | 12.6% | 0.1% |
| CFG | Citizens Financial Group | $63.36 | $79.99 | 21% below | $27.7B | 6.2% | -12.2% |
| ALLY | Ally Financial Inc. | $37.68 | $21.84 | 73% above | $11.8B | 4.2% | -15.1% |
| BPOP | POPULAR, INC. | $158.89 | $408.55 | 61% below | $10.7B | 9.6% | 6.7% |
| WTFC | WINTRUST FINANCIAL CORP | $144.08 | $348.37 | 59% below | $9.8B | 11.1% | 36.2% |
| CBSH | COMMERCE BANCSHARES INC /MO/ | $55.69 | $64.27 | 13% below | $7.8B | 15.2% | 5.4% |
| PB | PROSPERITY BANCSHARES INC | $67.79 | $83.70 | 19% below | $6.4B | 7.1% | 1.8% |
| GBCI | GLACIER BANCORP, INC. | $43.83 | $23.25 | 89% above | $5.3B | 11.5% | 5.1% |
| FBP | FIRST BANCORP /PR/ | $27.37 | $71.41 | 62% below | $4.4B | 13.2% | 4.5% |
| CATY | CATHAY GENERAL BANCORP | $59.96 | $95.96 | 38% below | $4.2B | 12.2% | 8.7% |
| UCB | UNITED COMMUNITY BANKS INC | $34.09 | $51.81 | 34% below | $4.1B | 16.8% | 43.1% |
| FHB | FIRST HAWAIIAN, INC. | $24.95 | $28.47 | 12% below | $3.1B | 14.8% | 65.0% |
| SBCF | SEACOAST BANKING CORP OF FLORIDA | $32.54 | $33.40 | 3% below | $2.9B | 6.2% | 11.8% |
| BUSE | FIRST BUSEY CORP /NV/ | $29.43 | $12.15 | 142% above | $2.5B | 13.7% | 85.0% |
| FBNC | FIRST BANCORP /NC/ | $60.36 | $57.11 | 6% above | $2.5B | 9.2% | -10.5% |
| BUSEP | FIRST BUSEY CORP /NV/ | $25.45 | $12.15 | 109% above | $2.2B | 13.7% | 85.0% |
| TCBK | TRICO BANCSHARES / | $52.04 | $74.63 | 30% below | $1.7B | 10.0% | 5.4% |
| LKFN | LAKELAND FINANCIAL CORP | $58.00 | $82.96 | 30% below | $1.5B | 23.3% | 10.1% |
| CTBI | COMMUNITY TRUST BANCORP INC /KY/ | $75.08 | $114.78 | 35% below | $1.4B | 10.5% | 5.5% |
| SBSI | SOUTHSIDE BANCSHARES INC | $30.66 | $26.04 | 18% above | $926.7M | 9.1% | 9.6% |
| BFST | Business First Bancshares, Inc. | $31.31 | $92.67 | 66% below | $925.1M | 10.3% | 20.3% |
| ORRF | ORRSTOWN FINANCIAL SERVICES INC | $41.66 | $138.84 | 70% below | $806.3M | 11.2% | 38.9% |
| WASH | WASHINGTON TRUST BANCORP INC | $37.06 | $20.06 | 85% above | $714.6M | 11.0% | -11.6% |
| RRBI | RED RIVER BANCSHARES INC | $101.27 | $149.83 | 32% below | $679.0M | 11.3% | 13.6% |
| CIVB | CIVISTA BANCSHARES, INC. | $26.85 | $46.42 | 42% below | $467.8M | 10.2% | 4.0% |
| OBT | Orange County Bancorp, Inc. /DE/ | $37.19 | $110.61 | 66% below | $465.2M | 15.1% | 28.1% |
| PCB | PCB BANCORP | $27.93 | $54.53 | 49% below | $398.8M | 10.3% | 3.0% |
| CZFS | CITIZENS FINANCIAL SERVICES INC | $80.03 | $162.38 | 51% below | $384.2M | 8.5% | 9.2% |
| RVRF | River Financial Corp | $47.00 | $177.12 | 73% below | $368.0M | 12.1% | 21.6% |
| CZNC | CITIZENS & NORTHERN CORP | $25.50 | $22.10 | 15% above | $353.5M | 9.7% | 13.2% |
| CFFI | C & F FINANCIAL CORP | $102.06 | $175.23 | 42% below | $330.4M | 25.8% | 2.3% |
| JMSB | John Marshall Bancorp, Inc. | $22.90 | — | — | $325.1M | 11.7% | 6.4% |
| COSO | CoastalSouth Bancshares, Inc. | $26.65 | $39.80 | 33% below | $307.0M | 11.7% | 6.4% |
| MYFW | First Western Financial Inc | $29.45 | $36.14 | 19% below | $289.5M | 20.8% | 7.5% |
| FRAF | FRANKLIN FINANCIAL SERVICES CORP /PA/ | $62.75 | $100.19 | 37% below | $280.9M | 4.9% | 7.0% |
| FCCO | FIRST COMMUNITY CORP /SC/ | $32.54 | $82.04 | 60% below | $252.5M | 9.6% | -4.6% |
| OPBK | OP Bancorp | $14.75 | $54.07 | 73% below | $219.9M | 12.8% | 10.8% |
| CCFN | MUNCY COLUMBIA FINANCIAL Corp | $30.19 | $219.96 | 86% below | $106.8M | 6.5% | 14.3% |
| FFIC | FLUSHING FINANCIAL CORP | — | — | — | — | 2.6% | 7.9% |
| OSBK | OCONEE FINANCIAL CORP | $55.00 | — | — | — | -7.0% | -9.8% |
| SLBK | Skyline Bankshares, Inc. | $28.65 | — | — | — | 13.1% | -45.8% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue