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This paper analyzes corporate social responsibility (CSR) for banks and its impact on bank financial performance in a context of the recent financial crisis. The largest banks consistently have higher CSR strengths and CSR concerns during the sample period. However, this group sees a steep increase in CSR strengths and a steep drop in CSR concerns after 2009. Banks that are profitable, have higher capital ratios, charge lower fees to deposits, and with more female and minority directors have significantly higher CSR strengths scores. For banks with low involvement in low income communities, it is the smallest banks that show many significant relations between corporate social responsibility and bank characteristics. Yet, for banks with high involvement in low income communities, it is the largest banks that show many significant relations. Finally, we find that the largest banks appear to be rewarded for their social responsibility, as both industry adjusted ROA and ROE are positively and significantly related to CSR scores.

Corporate Social Responsibility and Its Impact on Financial Performance: Investigation of the U.S. Commercial Banks