56 banks currently operate in the state of New Mexico. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 34 are also headquartered in the state. Therefore, these 34 banks can be considered New Mexico-based banks though they might operate nationally or internationally. Banks operating within the state had in total $17 billion of assets, $14 billion of deposits and $8 billion of loans outstanding as of this writing. Banks in New Mexico state currently employ a total of 2,349 people within the state. This amounts to 0.1% of the overall population of the state. In addition, residential mortgages made up 7% of the assets managed by banks operating within the state.

Density of Banks in New Mexico

Banks in New Mexico currently have a total of 425 branches located within the state. This equates to 2.0 branches per 10,000 people in New Mexico.  Comparing the banks in New Mexico to banks operating in other states on this measure, New Mexico ranks 43rd 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 Mexico had on average 0.4 branches per 100 square miles. Therefore, New Mexico ranks 49th out of 52 states and territories in terms of the most branches per square mile.

Performance of Banks in New Mexico

performance-of-banks-in-New Mexico

  • 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 Mexico is ranked 8th out of the 52 states and main territories in the country.
  • Return on Assets – banks in the state of New Mexico are on average higher the average bank’s Return on Assets in the United States. Overall, the Return on Assets for banks in New Mexico is ranked 12nd out of the 52 states and main territories in the United States.
  • Return on Equity – banks in the state of New Mexico are on average generating a higher return on equity than the average bank in the United States. In total, the return on equity for banks in New Mexico is ranked 11st out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average above the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in New Mexico are ranked 42nd 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 inline 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 Mexico are ranked 35th 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 Mexico

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

As of this writing Wells Fargo Bank is the largest bank operating in New Mexico and this is based on its share of deposits within the state. Wells Fargo Bank currently has a 25% share of the deposits within the state. Below is summary information on the top 5 largest banks in New Mexico.

Wells Fargo Bank

Wells Fargo Bank currently has the largest share of deposits within the state and has $10.7 billion of deposits. In addition to this the bank also has 63 offices within the state, which represents 1% of its total domestic offices.

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

Website: www.wellsfargo.com

Bank of America

Bank of America currently has the second largest share of deposits within the state and has $5.4 billion of deposits. The bank also has 20 offices within the state, which represents 0% of its total domestic offices.

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

Website: www.bankofamerica.com

Bank of The West

Bank of The West currently has the third largest share of deposits within the state and has $2.4 billion of deposits. The bank also has 21 offices within the state, which represents 4% of its total domestic offices.

Main Office Address: 180 Montgomery St. San Francisco, CA 94104

Website: www.bankofthewest.com

U.S. Bank 

U.S. Bank  currently has the fourth largest share of deposits within the state and has $2.4 billion of deposits. Further, the bank also has 24 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 425 Walnut St. Cincinnati, OH 45202

Website: www.usbank.com

New Mexico Bank & Trust

New Mexico Bank & Trust currently has the fifth largest share of deposits within the state and has $2.2 billion of deposits. In addition, the bank also has 23 offices within the state, which represents 96% of its total domestic offices.

Main Office Address: 320 Gold St, S.W. Albuquerque, NM 87102

Website: http://www.nmb-t.com