These banks experienced the biggest local market share changes in 2022
12/21/2022
Out of all the banks in the Louisville region, no bank experienced as large an uptick in market share than Jasper, Indiana-based German American Bank (Nasdaq: GABC), going from No. 18 on our list in 2021 with 0.66% of the market share ($215.8 million in deposits) to No. 10 with 2.12% ($259.6 million) — a market share increase of 221.2%
The bank’s rise up the rankings can be traced in large part to its acquisition of Citizen Union Bank of Shelbyville, which had been No. 11 on the list at 1.8% of the market share ($703.18 million in deposits) in January 2021.
German American Bank was only one of three banks to have an increase of 1.0 or greater on their basis points from 2021 to 2022 with PNC Bank (NYSE: PNC) at 1.72 and Stock Yards Bank & Trust (Nasdaq: SYBT) at 1.6 being the other two.
Republic Bank & Trust (Nasdaq: RBCAA) was the only institution on our list to have a basis point decrease of 1.0, with a decline of 1.4 points.
Out of the 40 banks on our list, 30 of them experienced a basis point change between -1.0 and 1.0 basis points from 2021 to 2022.
The largest percentage of Louisville market share growth
Paducah Bank & Trust had the second largest jump with a 100% increase after doubling its market share from 0.02% ($6.9 million in deposits) in 2021 to 0.04% ($15.61 million) in 2022.
Park National Bank, out of Louisville, had the third largest increase with a 25% climb, going from 0.04% ($14.77 million in deposits) in 2021 to 0.05% ($22.62 million) in 2022.
Louisville-based Eclipse Bank — recently named as one of Louisville Business First's Fast 50 companies — had the fourth largest growth at 22.2%, going from 0.54% ($212.65 million in deposits) in 2021 to 0.66% ($285.23) in 2022.
Rounding out the top five increases, Stock Yards had a 17.4% increase, going from No. 5 overall at 9.17% of market share ($3.58 billion in deposits) in 2021 to No. 3 at 10.77% ($4.67 billion) in 2022. This was in part to the bank’s acquisition of Commonwealth Bank & Trust in March, which had the ninth largest share at 2.31% ($901.02 million in deposits) in 2021.
The banks with the largest market share in Louisville
PNC (NYSE: PNC) maintained its No. 1 ranking. It also had a 7.9% increase in market share, going from 21.83% ($8.53 billion in deposits) in 2021 to 23.55% ($10.21 billion in deposits) in 2022.
JPMorgan Chase (NYSE: JPM) — the nation’s largest bank with more than $2.12 trillion in total deposits — remained No. 2 on the list, while benefiting from a 2% bump from 18.85% ($7.37 billion in deposits) in 2021 to 19.23% ($8.34) in 2022.
Fifth Third Bank (Nasdaq: FITB) dropped from third to fourth in market share with a 2.8% decrease, going from 9.96% ($3.89 billion in deposits) in 2021 to 9.68%, even though its local deposits increased to $4.2 billion.
Republic Bank & Trust went from No. 4 in market share to No. 5 with a 14.7% decrease going from 9.52% ($3.72 billion in deposits) in 2021 to 8.12% ($3.52 billion) in 2022.
Also of note is Truist Financial (NYSE: TFC) maintaining its sixth spot in market share, but having a 10.1% bump from 2021 with 6.65% ($2.6 billion in deposits) to 2022 with 7.32% ($3.17 billion).