دانلود کتاب Bank Investing: A Practitioner′s Field Guide

فهرست مطالب :

Cover
Title Page
Copyright
Contents
Acknowledgments
Disclaimer
About the Authors
Chapter 1 Introduction
Why a Book on Bank Investing?
Fintech Onslaught
An Opportunity to Level the Playing Field
Fintech Trailblazers
Past Is Prologue: The Ultimate Financial Innovation
The Here and Now
Why Invest in Community Banks?
Chapter 2 Financial Statement Analysis
The Balance Sheet
The Accounting Equation
Assets
Liabilities
Equity
The Income Statement
Ratios
Asset Quality
Loans and Deposits
Loan Composition
Deposit Composition
Regulatory Filings
Reconciliation Example
Chapter 3 Capital
Capital for a Bank
Capital Levels
Recommended Reading
Capital Structure for a Bank
Measures of Capital
Regulatory Capital
Capital Erosion
Can Capital Ratios Serve as a Predictor of Bank Failures?
Recommended Reading
Market Views on Capital
Bank Trading Below Tangible Book
First NBC Bank Holding Company
Lehman Brothers
Regulatory Complexity
Unicredit – Cashes
HSBC – Discos
Other Disputes
Revisiting Elements of the Regulatory Capital Stack
AOCI
Qualifying Minority Interest
Preferred Stock
SBLF
TARP
Subordinated Debt
Double Leverage
Advantage Holdco Creditors in Bankruptcies?
What Does the Holdco Have That Could Be Valuable to the Holdco Creditors in a Bankruptcy?
Have These Arguments Held Up in Court?
Circuit Court of Appeals
Supreme Court
Liquidity
Liquidity Coverage Ratio (LCR)
Net Stable Funding Ratio (NSFR)
Bail‐in Risk
Risk Weighting
Risk Weightings for Major Asset Categories
Zero Percent Risk‐Weighted
20 Percent Risk‐Weighted
50 Percent Risk‐Weighted
100 Percent Risk‐Weighted
Adjustments
Thresholds for Capital Constraints and Ratios
PCA Prompt Corrective Action
Adequately Capitalized Ratios
Capital Conservation Buffer
Community Bank Leverage Ratio (CBLR)
Dodd-Frank Act Stress Test (DFAST)
DFAST 2020: COVID‐19 Edition
Comprehensive Capital Analysis and Review (CCAR)
Evolution of Capital Ratios
Chapter 4 Credit
Aren\'t Higher Reserves Better?
Why Is Credit So Important?
Credit Metrics
Texas Ratio
Credit Quality Indicators
Credit Quality Regression
Shock Scenarios
Gauging the Underwriting Process
What Is the House Limit?
How Many Loans Exceed the House Limit?
What Are the Approval Limits and the Hierarchy of Approvals?
How Many Loans Are Made Under Regulation O?
How Are Loan Officers Compensated?
Pricing and Structure
Shared National Credits (SNCs)
How Many Loans ($ Commitments, $ Outstanding, and Number of Loans) Are SNCs?
Do You Do Your Own Underwriting in a Participation?
Do They Make Leveraged Loans?
History of Credit
Concentration Risk
History of Team
CECL and Accounting Changes
Why CECL?
What Is Changing?
What Will Be Impacted?
Loans
Securities
CECL vs. Current “Incurred Loss” Approach – An Example
Will It Reduce Procyclicality?
Our Take on CECL
Chapter 5 Valuation
Valuation
P/TBV
Implied or Justified P/TBV and P/BV
Excess Capital Considerations
ROE and ROTCE
Price/Earnings
Forecasting Forward Estimates
Price/PPNR
Deposit Premium
Precedent Transactions
Chapter 6 Regulation
Regulatory Landscape
Have Regulations Made the Banking System Safe?
1921–1935
1982–1995
2007–2009
Are We Safer?
Too Big to Fail
Federal Prudential Regulators
FDIC Insurance
Camels
Key Regulations
Stress Testing
Crossing the $10 Billion
Changes from the Economic Growth Act
Regulatory Exams
SNC Exam
When Is a Bank Deemed to be Troubled?
Informed in Writing?
Relationship with the Regulator
What Causes a Bank to Fail?
Miscellaneous Topics of Relevance to Investors
SEC Filing Requirements
Change in Bank Control Act (CBCA)
Bank Holding Company Act (BHCA)
Switching Regulators
Shedding the BHC
S Corp Banks
Fintech Charter
Utah Industrial Banks (Industrial Loan Company ILC)
Regulation O
Key Regulations for Community Banks
Canada
Chapter 7 Role of the Central Bank and Interest Rates
Role of the Central Bank
The Federal Open Market Committee (FOMC)
Extraordinary Monetary Measures
Negative Interest Rates and the Event Horizon
Extraordinary Monetary Measures Part II
The U.S. Treasury Market
Monetary Theories
Spending and Keynes
Phillips Curve
The Taylor Rule
Money Supply and The Monetary Base
Quantity Theory of Money
Interest Rates
Are Higher Interest Rates Better for Bank Stocks?
How Do Interest Rates Affect Profitability?
Parallel Shocks and a Note on Management Disclosures
Interest Rate Sensitivity and Business Mix
Interest Rates and Loans
Interest Rates and Deposits
Chapter 8 M&A
M&A Drivers
M&A Argot
Merger of Equals
Branch Deals
FDIC‐assisted Deals
363 Sale
S‐Corp Asset Sale
Consideration and Currency
The Exchange Ratio
EPS Accretion and Dilution
Synergies and Value Creation
Tangible Book Value Dilution and Earnback
Purchase Accounting
Purchase Accounting Accretion
Bargain Purchase Gain and Negative Goodwill
Core Deposit Intangibles
Deferred Tax Liabilities
Internal Rate of Return
Strategic Considerations
Current Expected Credit Losses (CECL) and M&A
Buybacks or Deals?
Chapter 9 Cycle
Bank Sensitivity to Cycles
Bull Markets Do Not Die of Old Age
NBER – The Cycle\'s Timekeeper
This Time Is “Rarely” Different
Inversion of the Yield Curve
Was There a Yield Curve Inversion Prior to the COVID‐19–fueled Recession?
High Yield Spreads
TED Spread
FRA–OIS
Repo Rates
Unemployment Rate
Other Indicators to Track
Business Cycle Indicators
Credit Cycle Indicators
Inflation Measures
Reflexivity and Self‐Fulfilling Prophecies
Valuation
Chapter 10 Conversations
Always Be Learning
Conversation Participants
Management
Investors
Rates Strategist
Appendix
Index
EULA