巴克莱-美股-银行业-美国中型银行业会议第二日总结-2017.9.13-barclays-u.s. mid-cap banks conference recap day 2

《巴克莱-美股-银行业-美国中型银行业会议第二日总结-2017.9.13-barclays-u.s. mid-cap banks conference recap day 2》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、EquityResearch13September2017U.S.Mid-CapBanksINDUSTRYUPDATEConferenceRecap:Day2U.S.Mid-CapBanksNEUTRALWecompletedDay2ofour2017GlobalFinancialServicesConferenceyesterday.UnchangedTheconferenceincludedpresentationsfromsevenofourU.S.Mid-CapBanks.Thisreportreviewsourtoptakeawaysfromdaytwoofthecon

2、ference,recapsthehighlightsU.S.Mid-CapBanksfromourcoveredcompanies’presentations,andsummarizestheresultsofourMatthewJ.Keating,CFAAudienceResponseSystemquestions.+12125268572Loangrowthseemstobemoderatingacrosstheindustry.ASBcommentedthatitsmatthew.keating@barclays.comBCI,US3Q17loangrowthexperi

3、enceisconsistentwiththerathermutedtrendsobservedintheFed’sH.8data.WBSacknowledgedabitofsoftnessinloandemandandcautionedJasonM.Goldberg,CFAthatitsaveragecommercialloangrowthcoulddropintothehighsingledigitrangefor+12125268580aquarterortwo.WALcitedcompetitionfromnonbanklenders,healthysecuritizat

4、ionjason.goldberg@barclays.commarkets,andwaningconfidenceaspossibledriversoftheindustry’sgrowthBCI,USmoderation.PBexplainedthatHurricaneHarveyrelateddisruptionswerelikelytoendJamesKurekitsrecentthreequarterstringofmidsingledigitlinkedquarterannualizedloangrowth.+12125267052james.r.kurek@barcl

5、ays.comDepositcostpressuresremainprettymodestformost.BeyondASB’snetworkBCI,USdeposits(15%ofitstotaldepositbase),whichrepricehigherwiththemovesinthefederalfundsrate,itisnotexperiencingmuchinthewayofdepositcostpressures.PBdoesnotplanonraisingitsdepositpricingagainanytimesoonabsentadditionalrate

6、hikes.WBShasnotseenamaterialincreaseindepositpricingratesacrossitsfootprint.ZIONisstaringtoseeaverymodestlevelofmovementinitsdepositrate,butitslargerconcernsremainsapotentialremixingfromnon-interestbearingdepositstointerestbearingdeposits.WALwastheonlybankinourcoveragethatpresentedyesterdayth

7、atexpectedamaterialnear-termincreaseindepositbetas(trendinguptowardits45%normalizedexpectation).Theflattercurvedoesnotseemtobeamajorconcernfor3Q17.ASBdidnotseemoverlyconcernedaboutitsnear-termNIMtrajectoryduetotherecentmovelowerinthe10-yearTr