The state of New Jersey is home to 116 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 60 of these banks are headquartered in the state and therefore can be considered New Jersey-based banks. Banks operating within the state had in total $194 billion of assets, $153 billion of deposits and $140 billion of loans outstanding as of this writing. Looking at the asset composition of banks in New Jersey, residential mortgages made up 15% of the assets managed by these banks. In addition to this, these banks in total employ 18,510 people within the state. This represents 0.2% of the population.

Density of Banks in New Jersey

Banks in New Jersey currently have a total of 2,600 branches located within the state. This equates to 2.9 branches per 10,000 people in New Jersey.  Comparing the banks in New Jersey to banks operating in other states on this measure, New Jersey ranks 22nd out of 52 states and territories in terms of branches per capita.  Taking a different approach, let’s look at the physical density of branches within this state. When the total square mileage of a state is factored in, banks in New Jersey had on average 35.4 branches per 100 square miles. Therefore, New Jersey ranks 2nd out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in New Jersey

performance-of-banks-in-New Jersey

  • Net Interest Margin – banks in this state are on average above the national average on this metric. In total the net interest margin for the banks in New Jersey is ranked 27th out of the 52 states and main territories in the country.
  • Return on Assets – in terms of this important return metric, banks in this state are on average lower than the national average. Altogether the Return on Assets for the banks in New Jersey is ranked 34th out of the 52 states and main territories in the country.
  • Return on Equity – banks in this state on average have a lower return on equity than the national average. Overall, the Return on Equity for banks in New Jersey is ranked 34th out of the 52 states and main territories in the country.
  • Loan to Deposit – Banks in this state are on average below the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in New Jersey are ranked 1st out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in New Jersey are ranked 37th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of New Jersey

deposit-market-share-of-banks-in-New Jersey

As of this writing Bank of America is the largest bank operating in New Jersey and this is based on its share of deposits within the state. Bank of America currently has a 17% share of the deposits within the state. Below is summary information on the top 5 largest banks in New Jersey.

Bank of America

Bank of America currently has the largest share of deposits within the state and has $75.3 billion of deposits. In addition to this the bank also has 226 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com

TD Bank

TD Bank currently has the second largest share of deposits within the state and has $58.7 billion of deposits. The bank also has 226 offices within the state, which represents 20% of its total domestic offices.

Main Office Address: 2035 Limestone Rd. Wilmington, DE 19808

Website: www.td.com/us/en/personal-banking/

Wells Fargo Bank

Wells Fargo Bank currently has the third largest share of deposits within the state and has $47.5 billion of deposits. The bank also has 252 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

PNC Bank

PNC Bank currently has the fourth largest share of deposits within the state and has $42.8 billion of deposits. Further, the bank also has 246 offices within the state, which represents 12% of its total domestic offices.

Main Office Address: 222 Delaware Ave. Wilmington, DE 19899

Website: www.pnc.com

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the fifth largest share of deposits within the state and has $36.7 billion of deposits. In addition, the bank also has 206 offices within the state, which represents 4% of its total domestic offices.

Main Office Address: 1111 Polaris Pkwy. Columbus, OH 43240

Website: www.jpmorganchase.com