Publications and Reports
Financial Strategies Group
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REPORTReacting to Unrealized LossesMarch 23, 2021 - Rate volatility often leads banks to re-open discussions around accounting designations for their securities. GAAP equity measures, chiefly common equity and tangible book value, include unrealized gains/losses on AFS debt securities. With rates higher in the last few weeks than in the last year, companies are noticing negative marks on their bonds for the first time in recent memory. Read Now |
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REPORTSteeper Curve Strategies: Curve Extensions Back in VogueMarch 19, 2021 - The fact that bank valuations are often at their highest when investment portfolio marks are at their lowest offers limited solace to managers watching their AFS gains erode by the day. This week we begin a multi-part series entitled “Steeper Curve Strategies” to take advantage of moves in the curve. We kick off by sharing some thoughts from Justin Hoogendorn, CFA’s “Bond Market Focus”, a weekly publication with investment ideas and current topics in the fixed income market. Read Now |
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REPORTThe Real Reason Rates Are SurgingMarch 11, 2021 - Dimitri Delis, PhD, our team’s senior econometric strategist, shares his thoughts on the economic forces driving interest rates. Read Now |
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REPORTPreparing Your Balance Sheet for 2021 - Key TakeawaysFebruary 26, 2021 - Thank you to everyone that tuned into our Webinar this week. Scott Hildenbrand took us through a variety of topics of interest to community banking institutions. This week, we want to share some key highlights of the topics discussed... Read Now |
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REPORTWaiting on Opportunities in the Municipal Bond Market CurveFebruary 11, 2021 - This week, we’ve asked our in-house experts on municipals, Peter Stettler and Al Cappelli, to provide an overview of the municipal market. Soon, we will revisit the sector, for some specific strategies that financial institutions can take advantage of. Let’s dive right in... Read Now |
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REPORTThe Cash Stays in the PictureJanuary 29, 2021 - In an era of major issues in the banking space: a global pandemic, political turbulence, record low rates, and record government spending, the most common problem facing banks may feel unusual-too much cash on hand. The result of this cash build means lower earnings, but when yield opportunities are sparse, what can institutions do? Let's dig through some examples of current value in the market, tailored for a variety of institutions' needs... Read Now |
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REPORTTactical Adjustments into a Steeper Yield CurveJanuary 22, 2021 - Two weeks ago we explored some of the financial metrics that we consider relevant to community banking institutions, and saw increased volatility in 2020. Given the recent changes to the shape of the yield curve, this week we dive into different tactics to address those changes… Read Now |
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REPORTBrokered Deposit Reform FinalizedJanuary 14, 2021 - On December 15th a recent Federal Deposit Insurance Corporation (FDIC) proposed rule became final relating to brokered deposits. At the highest level, the rule shrinks the scope of what counts as a brokered deposit making more deposits qualify as non-brokered. Let’s dig in... Read Now |
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REPORTWhat a Difference a Year MakesJanuary 8, 2021 - We kick off 2021 by analyzing performance across various financial markets that most affect community banks, and the path those metrics took over the past 365 days... Read Now |
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REPORTKey Themes and Trends Heading Into 2021December 10, 2020 - As everyone’s minds turn to wrapping up 2020, we’d like to share some of the recent topics that have dominated our conversations across a variety of different areas, and some context for how to consider them… Read Now |
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REPORTBalance Sheet InsightsDecember 3, 2020 Read Now |
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PODCASTA Conversation with FHLBank AtlantaNovember 20, 2020 - Scott Hildenbrand recently joined Scott Brennan, director of sales at FHLBank Atlanta for a discussion of the tactics that will leave institutions better prepared or further exposed in light of the potential upcoming rate changes. Click through to this week’s report for access to the podcast episode... Listen Now |
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REPORTBalance Sheet Impacts of Recent NewsNovember 13, 2020 - The two topics dominating headlines in 2020 – the COVID-19 pandemic and the 2020 U.S. presidential election – both received important news this week. The news resulted in volatility in capital markets and warrants some analysis on the potential implications for bank balance sheets. Read Now |
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REPORTBalance Sheet InsightsNovember 6, 2020 Read Now |
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REPORTEarnings Releases: Third Quarter TrendsOctober 30, 2020 - As we turn our attention to third quarter earnings trends, we continue to see unusual activity as a result of COVID-19 and its after-effects on the economy. In this edition, we look at the expected or unexpected results so far, and what it means for banks across the country. Read Now |
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REPORTUpdate on Credit Union HedgingOctober 23, 2020 - As banks’ expertise has grown in the ways to deploy derivatives in their hedging toolkit, many credit unions, until recently, were left behind. In this edition we explore some interesting developments. Read Now |
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REPORTLIBOR Transition for DerivativesOctober 16, 2020 Read Now |
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REPORTAsset-Swapping Municipal BondsOctober 9, 2020 Read Now |
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WEBINARBalance Sheet Strategies vs. Tactics: Preparing for Q4 and 2021September 23, 2020 - Understanding the difference between strategies and tactics is key to efficiently and productively managing your balance sheet as you prepare for Q4 2020 and 2021. We focus on liquidity, rising rate risk to TCE, defensive and offensive tactics on and off the balance sheet, and how to approach strategy development. Email us for access to the replay. Request replay |
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REPORTBanks left with pockets full of cash and few places to goOctober 2, 2020 Read Now |
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REPORTAsset-Side Hedging Supports GrowthSeptember 25, 2020 Read Now |
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REPORTBank Strategy Insights: September 2020September 17, 2020 Read Now |
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REPORTProtecting Tangible Book Value Against Rising Rates… AgainSeptember 11, 2020 Read Now |
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REPORTGuest Contributor Series: Four Ironies Resulting from COVID-19September 3, 2020 Read Now |
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REPORTBank Strategy Insights: August 2020August 27, 2020 Read Now |
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REPORTBank Strategy Insights: August 2020August 20, 2020 Read Now |
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REPORTGuest Contributor Series: Optimizing the Capital StructureAugust 14, 2020 Read Now |
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REPORTThe Pandemic Economy: Second Quarter StrategiesAugust 6, 2020 Read Now |
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REPORTThe Pandemic Economy: Second Quarter TrendsJuly 31, 2020 Read Now |
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REPORTInvestment Focus: Freddie Mac Multifamily Small Balance Securities (“FRESB”)July 24, 2020 Read Now |
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REPORTCase Study: When Cash is Not KingJuly 17, 2020 Read Now |
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REPORTA Campaign for the GainJuly 9, 2020 Read Now |
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REPORTPreparing for Expectation to Become RealityJune 26, 2020 Read Now |
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REPORTA Discussion of Community Bank Subordinated DebtJune 19, 2020 Read Now |
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REPORTA Survey to Enhance the ConversationJune 11, 2020 Read Now |
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REPORTPreparing for Negative RatesJune 4, 2020 Read Now |
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REPORTFinding Value in Fair Value HedgesMay 28, 2020 Read Now |
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REPORTA Deep Dive into Liquidity: Part IIMay 21, 2020 Read Now |
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REPORTA Deep Dive into Liquidity: Part IMay 14, 2020 Read Now |