The best-run banks over $50 billion in assets didn’t follow one formula in 2024. Some leaned into fee engines, others doubled down on lending niches, and a few capitalized on well-timed M&A.  

The latest ranking, based on three-year average ROAE through year-end 2024, makes one thing clear: there are multiple paths to outperformance at scale. 

The Scoreboard: Returns Over Size 

Among banks over $50B, the top 10 boosted noninterest-income/average assets by 19 basis points last year versus just 1 bp for peers. Translation: the winners diversified revenue beyond spreads. The top performers include universal banks, wealth managers, super-regionals, and niche lenders, showing that strategy fit matters more than strategy fashion. 

Top performers (3-year ROAE, 2022–2024): 

1. First Citizens (29.02%) 
2. Raymond James (17.81%) 
3. East West (17.78%) 
4. Cullen/Frost (16.59%) 
5. JPMorgan Chase (15.54%) 
6. Western Alliance (15.17%) 
7. Comerica (14.83%) 
8. UMB Financial (13.77%) 
9. Zions (13.73%) 
10. Northern Trust (12.73%) 

The median size across all ranked banks was $156B, but the median among the top 10 was just $82B. Scale alone wasn’t the edge. Even as the top-10 median ROAE eased to 14.31% in 2024 with rates, election uncertainty, and geopolitics weighing on results, the leaders still managed to separate from the pack. 

Three Winning Playbooks 

1. Fee-first diversification. Raymond James’ wealth flywheel delivered a noninterest-income/asset ratio of 13.77% versus a 1.12% median for its peer group. When lending slows, durable fee franchises carry returns. The talent takeaway: advice, distribution, and platform economics matter as much as credit. Banks need rainmakers and operators who can scale recurring fee businesses. 
2. Niche lending with deposit magnets. East West Bank continues to stand out by building around Asian and Asian-American markets, including a Lunar New Year CD campaign that drove deposits in 2024. True product-market fit in communities and verticals is a moat, but only if you have bankers who truly own those relationships.

3. M&A as a disciplined catalyst. First Citizens’ 2023 SVB acquisition quadrupled the bank’s size in four years and kept ROAE elevated. M&A can accelerate growth but magnifies integration risk. Teams that win here pair balance-sheet stewardship with post-merger operating rigor. 

What This Means for Bank Leaders 

The data rejects the idea that “bigger is better.” Winning banks hire to align with their revenue architecture – fee engines, niche lending, or M&A integration – rather than chasing generic résumés. Noninterest income builders are critical: relationship managers who cross-sell treasury, wealth, and custody; product leaders who expand attach rates; and partnership executives who stand up fintech programs. 

Deposit growth is no longer just about rate. East West’s wins came from culturally resonant campaigns, requiring marketers, data scientists, and product owners who can move quickly and localize offers. 

Integration is where deals succeed or fail. First Citizens’ performance highlights the need for leaders experienced in migration, credit harmonization, and culture management.  

At Anderson Search Group, we’re already helping banks find and place this type of talent. If you’re building a bench for 2025, let’s talk.