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1、EquityResearch14September20177U.S.Mid-CapBanksINDUSTRYUPDATEConferenceRecap–TopTakeawaysU.S.Mid-CapBanksandCompanySummariesNEUTRALUnchangedOur2017GlobalFinancialServicesConferenceconcludedyesterday.TheconferenceU.S.Mid-CapBanksincluded22ofourcoveredU.S.Mid-CapBanksandsixnon-coverednames.Th
2、isreportMatthewJ.Keating,CFAreviewsourtopconferencetakeaways,recapsthehighlightsfromourU.S.Mid-Cap+12125268572Bankpresentations,andsummarizestheresultsofourAudienceResponseSystemmatthew.keating@barclays.com(ARS)questions.BCI,USOurmajortakeawaysfromtheconferenceinclude:1)loangrowthtrendsare
3、likelytoJasonM.Goldberg,CFAmoderatein3Q17;2)theflatteryieldcurveseemstobeslightlyreigninginNIM+12125268580expectations;3)depositpricingpressuresarepickingup,butremainingmanageableforjason.goldberg@barclays.commost;4)banks’initialestimatesoftheimpactsofHurricanesHarveyandIrmaareBCI,USbetter
4、thanfeared;5)somearetakingamorecautiousapproachtobankM&A;and6)JamesKurekMid-CapBanksmaintainmixedviewsonthepotentialforregulatoryandtaxreforms.+12125267052james.r.kurek@barclays.comInourAudienceResponseSystem(ARS)questionontheU.S.financialssub-sectorBCI,USlikelytoshowthemostupsideoverthene
5、xtyear,RegionalBanksreceivedthethirdhighestpercentageofvotes(15%downfrom26%lastyear).RegionalBankscameinbelowFinancialTech&InformationServices(29%ofrespondents)andMoneyCenterBanks(29%),butaboveConsumerFinance(10%)andLifeInsurance(7%).AccordingtoourARSdata,improvingprofitabilityperformance(
6、33%ofrespondents)andstrongernetinterestincomegrowth(25%)werethetwofactorsmostlikelytomakebankinvestorsincreasetheirexposurestothesharesofouraveragecoveredU.S.Mid-CapBank.ZIONhadthehighestpercentageofrespondentswithOverweightpositionswithinourU.S.Mid-CapBankscoverageat50%,followedbyEWBC(40%
7、),andWAL(38%).Conversely,theaudienceappearedleastinvolvedwithFHB(86%ofrespondentsdidnotownitsshares)andNYCB(83%).RespondentsmaintainedUnderweight/netshortpositionsatjustsixofourbanks:FRC(12%ofrespondents),WBS(12%),BOH(10%),EWBC(5%),SBNY(4%),andTCBI(4%).Amongou
