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1、EquityResearch6September2017U.S.Mid-CapBanksINDUSTRYUPDATESeptemberConferencePreviewU.S.Mid-CapBanksNEUTRALNextweekpromisestobeaneventfuloneforbankstockinvestors.OurannualUnchangedGlobalFinancialServicesConferencewillbeheldinNewYorkCityfromSeptember11–13,with169companies(including22ofourco
2、veredU.S.Mid-CapBanksandsixnon-U.S.Mid-CapBankscoverednames)scheduledtoparticipate(pleaseviewourdetailedagendahere).ThereMatthewJ.Keating,CFAwillalsobepresentationsonM&Atrends,theimpactondepositratesfromtheFed’s+12125268572balancesheetnormalization,andanupdateonaccountingpolicyforU.S.finan
3、cials.matthew.keating@barclays.comBCI,USThispreviewhopestoserveasaresourceforthoseinterestedinU.S.Mid-CapBanks.InthepagesthatfollowweofferourhighlevelexpectationsforthepresentationsfromJasonM.Goldberg,CFAourU.S.Mid-CapBanks.Wealsopresentalistofquestionsthatcouldbeusedinone-+12125268580on-o
4、nemeetingswithmanagementoratonetheconference’sbreakoutsessions.jason.goldberg@barclays.comFinally,weprovideourthoughtsaroundtheinterestratebackdrop,depositpricingBCI,USpressures,loangrowthtrends,bankM&Aactivity,andtheimpactofHurricaneHarvey.JamesKurek+12125267052Bankperformanceremainsinflu
5、encedbychangesintheinterestratebackdrop.Overjames.r.kurek@barclays.comthelastmonth,ouraveragecoveredbankstockisdown7.7%(BKX-6.0%andS&P500BCI,US–0.8%),asinvestorsreacttotherecentflatteningintheyieldcurve,expectationsforlessfrequentfedfundsratehikes,andconcernsovermountingdepositcostpressure
6、s.Likelastyear,averagedailyLIBORratesareupinthethirdquarter,butwiththe10-yearU.S.Treasuryyieldmovinginthewrongdirectioninvestorsareunlikelytocare.Concernsoverdepositcostpressuresseemoverwrought.Emergingfrom2Q17results,therewasanoticeableuptickinconcernaroundrisingdepositcosts.Theseworriess
7、temmedfromrisingdepositcostsin2Q17,increasingdepositbetas,andforecastsforongoingdepositcostpressures.Asmallnumberofbanksalsooptedtogetaheadofanticipateddepositpricecompetitionbyproactivelyraisingrates.However,ananalysisofactualnationaldepositratesrevealsonlyam
