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The KBW Bank Index continued its upward trajectory in 2013, again outperforming the S&P 500 (all returns are through Dec. 12). This year, many of the top performing bank stocks among those with $20 billion or more in assets were large community banks rather than the biggest institutions.

Total return, year through Dec. 12: 30.2%

Data: Sandler O'Neill and SNL Financial

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SVB Financial (SIVB)

Total return: 79.6%

SVB, which lends and invests in Silicon Valley companies, earned $157 million in the first nine months of 2013, including a $30 million gain from an online security firm's IPO. SVB has also been expanding internationally, forming a joint venture in China and opening its first London branch last year.

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East West Bancorp (EWBC)

Total return: 59.7%

In September, East West in Los Angeles agreed to buy MetroCorp (MCBI) in Houston for $273 million. The deal gives the California lender a toehold in the popular Texas banking market, with branches in Houston and Dallas.

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FirstMerit (FMER)

Total return: 56.2%

FirstMerit executives were under fire a year ago for agreeing to buy Citizens Republic Bancorp in Flint, Mich. Analysts note that the Akron, Ohio company's stock appreciation this year shows that it is winning investors over to the merits — and profitability — of that deal.

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City National (CYN)

Total return: 55.8%

City National in Los Angeles took advantage of its strong stock price by announcing a $100 million public offering in October. The company has posted solid results this year after buying Rochdale Investment Management in New York.

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First Republic (FRC)

Total return: 55.6%

Another bank that focuses on wealth management, First Republic posted strong earnings throughout the year. Lending also increased, and the Los Angeles company bought a minority stake in Nigro Karlin Segal & Feldstein, a management firm that caters to celebrities.

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KeyCorp (KEY)

Total return: 55.3%

KeyCorp is one of the few large to make the list. The Cleveland company posted consistent earnings and brought in capital by selling Victory Capital Management and Victory Capital Advisors in late July.

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Comerica (CMA)

Total return: 50%

Comerica in Dallas benefits from a large Texas footprint. It also focused on cost-cutting earlier in the year and reported strong loan growth in the third quarter. Despite a its stock's impressive performance, the company has said it feels no pressure to pursue acquisitions.

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