Thursday, April 20, 2017
Steamboat Springs Yampa Valley Bank credits its local ownership and a loyal customer base for being recognized as one of the best-performing banks in the country.
Bank officials said it is a sign the local economy continues to rebound, and the future is promising.
Publicly available financial information from banks was used to compile the S&P Global Market Intelligence’s 2016 ranking of the top 100 community banks with assets less than $1 billion.
“Of course, we’re very proud of this,” Yampa Valley Bank board chairman Tim Borden said.
The bank ranked 58th and was one of only two Colorado banks that made the list.
A total of 4,585 community banks throughout the country were analyzed, 76 of them in Colorado.
In determining the rankings, S&P Global looked at things such as a bank’s return on assets.
“That’s a very important number in the banking industry,” Borden said. “For every dollar we got in, we had a 21 percent return in 2016.”
S&P Global also looked at problematic loans held by the banks and the growth of issued loans.
In 2016, Yampa Valley Bank grew its loans by 18 percent.
The bank has about 60 employees who manage 14,000 accounts at its branches in Steamboat Springs and Craig.
The bank made $4.68 million in 2016.
Ownership is made up of 75 shareholders, most of whom live here, Borden said.
“All of our profits, all of our salaries, all of the economics of our bank stay in Routt and Moffat (counties),” Borden said.
Borden and Yampa Valley Bank President PJ Wharton said the performance of the bank signals good things for the community.
“Bottom line is, it’s about gratitude to the community,” Wharton said. “We’re a reflection of how the community has rebounded from the recession.”
Borden said they are already outpacing their projections for 2017, and recent news that Aspen Skiing Co./KSL Capital plans to purchase the Steamboat Ski Area has created more optimism.
“We believe there is a lot more energy in this town that will lead to people wanting to grow their business,” Borden said.