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Fin 286
Depository Institutions
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Fin 286Depository Institutions
Main criteria is that a significant portion of the firms funds come from customer deposits.
Examples include:Commercial Banks Savings and LoansCredit Unions
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Fin 286Recent Trends
The 1990’s ended with the Fin Modernization Act (1999).During this time there has been a wave of mergers and acquisitions in the industry.The increased business services that Depository Institutions are now allowed to offer has created a desire for larger less regional institutions.
Source FDIC Future of Banking Study FOB-2004-02.1
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Fin 286
Largest Depository Institutions, Dec 31, 2003 by total assets (billions)
$ % %Dom Assets Assets Dep
J.P Morgan Chase $1009 11.11% 6.61%Bank of America $870 9.58% 9.82%Citigroup $796 8.77% 3.47%Wells Fargo $380 4.19% 4.62%Wachovia Corp $362 3.99% 4.09%Washington Mutual $276 3.04% 3.23%US Bancorp $192 2.12% 2.19%National City Corp $132 1.45% 1.17%SunTrust $125 1.37% 1.47%ABN ARMCO $107 1.18% 0.87%
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Fin 286Traditional Services
Depository Institutions have been traditionally been subject to a large amount of regulation that restricted their actions.Main business functions:
Consumer and Business LendingSavings ProductsPayment Services
Main overlap with other FI’s has been in Savings products – That has changed dramatically in the last 10 years.
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Fin 286Key Regulatory Legislation
National Currency and Bank Acts (1863-64)Set up system of federally chartering banks through US Treas Dept. or Comptroller of Currency or Administrator of National BanksComptroller of the Currency examines all nationally chartered banks every 12 to 18 monthsEstablished pledging requirements for owners equity
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Fin 286Key Regulatory Legislation
The Federal Reserve Act (1913)Established the Federal Reserve System as a lender of last resortEstablished network to clear and collect checks
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Fin 286Key Legislation
McFadden Act (1927) National banks allowed branches in their original city.Branching across state lines forbidden unless allowed by state lawLiberalized banks’ underwriting activities and allowed underwriting of corporate stocks and bonds
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Fin 286Legislation (continued)...
1933 Glass-Steagall: Separates securities and banking activitiesProhibited commercial banks from most underwriting of securities. 4 exceptions: Munis, US govt, Private Placement and Real Estate Loans. Fear of conflict of interestEstablished FDICNational banks allowed to branch state wide if state chartered banks were allowed to do so.
DrakeDrake University
Fin 286Legislation (continued)...
Bank Holding Company Act and subsequent amendments (1956 1966 and 1970)
Specifies permissible activities and regulation by Fed Res of Bank Holding Cos.Bank Holding Companies must request Fed Approval Co’s with 2 or more banks must register with Fed Res and file financial statements and submit to Fed Res review of their books1970 Amendments to the Bank Holding Company Act: Extension to one-bank holding companies
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Fin 286Legislation (continued)...
1970 International Banking Act: Regulated foreign bank branches and agencies in USA1980 Depository Institutions Deregulation and Monetary Control Act
Phased out interest rate ceilings imposed by Regulation QGoal was to make S&L’s, credit unions and other nonbank depository institutions more competitive.
DrakeDrake University
Fin 286Legislation (continued)…
Depository Institutions Act (1982) Garn-St. Germain Depository Institutions Act)
Allowed all federally supervised depository Institutions to sell deposit accounts equivalent to Money market mutual fund accountsLoan limits were liberalized for national banks, allowed lending of up to 15% of their capitalFDIC could arrange mergers across state lines for failing institutions
Competitive Equality in Banking Act (1987)Redefined bank to limit growth of nonbank banks.
DrakeDrake University
Fin 286Legislation (continued)…
Financial Institutions Reform Recovery and Enforcement Act (1989)
Imposed restrictions on investment activitiesReplaced FSLIC with FDIC-SAIFReplaced FHLB with Office of Thrift SupervisionCreated Resolution Trust Corporation
DrakeDrake University
Fin 286Legislation (continued)…
1991 FDIC Improvement ActFear of FDIC insolvency by end of 1991Ordered new measurement scale for describing financial condition of depository institution and when in violation to take “prompt corrective action”Risk-based deposit insurance premiums Limited “too big to fail”
DrakeDrake University
Fin 286Legislation (continued)…
Riegle-Neal Interstate Banking and Branching Efficiency Act (1994)
Permits BHCs to acquire banks in other states.Invalidates some restrictive state laws.Permits BHCs to convert out-of-state subsidiary banks to branches of single interstate bank.Newly chartered branches permitted interstate if allowed by state law.
DrakeDrake University
Fin 286
1999 Financial Services Modernization Act
Financial Services Modernization ActAllowed banks, insurance companies, and securities firms to enter each others’ business areasProvided for state regulation of insuranceStreamlined regulation of BHCsProhibited FDIC assistance to affiliates and subsidiaries of banks and savings institutionsProvided for national treatment of foreign banksATM fees must be clearly disclosedFederal Crime to steal account information
FDIC
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Fin 286Structural Changes
0100200300400500600700
1940 1950 1960 1970 1980 1990 2000New Charters Conversions Mergers
Source FDIC
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Fin 286FDIC Institutions
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1934 1944 1954 1964 1974 1984 1994
Institutions
DrakeDrake University
Fin 286Competition among FI’s
Payment Savings Fiduciary Insurance
Services Products Services Bus Cons Equity Debt Risk Mgmt
Depository Institutions X X X X X
Insurance Companies X x X
Finance Companies x X
Securities Firms X X X X
Pension Funds X
Mutual Funds X
Depository Institutions X X X X X X X X
Insurance Companies X X X X X X X X
Finance Companies X X X X X x x X
Securities Firms X X X X X X X X
Pension Funds X X X X
Mutual Funds X X X X
UnderwritingLending
1950
2000
Products Sold by US
Financial Institutions
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Fin 286Unresolved Issues
Does regulatory approval limit the ability of banks to respond to new markets?
Will functional regulation work (can regulatory agencies work together?)
Can and will countries work together as institutions become more global?
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Fin 286
Bank Size (by asset concentration)
Community banks – under $1billion in assets specialize in retail or consumer lendingThe asset share of banks over $1Billion has increased from 63.4% in 1984 to 83.9% in 2000.Large banks often have access to cheaper forms of cash.Money Center Banks – Heavy reliance on nondeposit or borrowed funds.
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Fin 286Balance Sheet
Assets - four major categoriesCash and deposits held at other institutionsGovernment and private interest bearing securitiesLoans and leasesMisc assets.
Liabilities – two major categoriesDepositsNon deposit borrowing
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Fin 286Assets
Cash (Primary Reserves) – includes vault cash, reserves at the Fed Res, deposits at other banks, checks in the process of collection. Designed to meet liquidity needs
Investment Securities Liquid portion (Secondary Reserves) – ST Gov’t securities, money market securities, commercial paper, time depositsIncome Generating portion – Bonds notes and other securities (taxable and tax exempt).Trading account securities – bank serve as a security dealer for state, federal and local gov’t obligations. Bank intends to sell these prior to maturity
DrakeDrake University
Fin 286Assets (continued)
LoansLargest portion of assets form most banksIncludes consumer, real estate, business, ag production, leases and foreign loans. Most statements include a gross loan amount and an allowance for loan loss (balance is built with deductions from current income, when a loan is uncollectable then balance is reduced. Therefore both the gross account and loss account change. And net income is not impacted.)
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Fin 286Assets (continued)
Federal Funds sold and Securities Purchased under Repurchase agreements
Short term loans…
Customers Liability on AcceptancesA line of credit provided via a letter of credit backing purchases by the customer.
Miscellaneous AssetsBank buildings, equipment, prepaid insurance etc.
www.FDIC.gov
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Fin 286Assets, % of Total Assets
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
1935 1945 1955 1965 1975 1985 1995 2005
Cash Loans Investment Sec
FDIC
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Fin 286Loans, % of Total Loans
0
0.1
0.2
0.3
0.4
0.5
0.6
Jul-46 Mar-60 Dec-73 Aug-87 Apr-01
C&I Loans Real Estate Loans Consumer Loans
FDIC
DrakeDrake University
Fin 286Loan Portfolios 2000
Real Estate62.77%
RealEstate39.85%0
0.1
0.2
0.3
0.4
0.5
0.6
1940 1950 1960 1970 1980 1990 2000
Real Estate Depository InstitutionsAgricultural Production Commercial And IndustrialIndividuals
DrakeDrake University
Fin 286Liabilities
Largest portion of liabilities is depositsAverage ratio of equity to assets = 8.49% (91.51% of asses are financed by some type of debt..)Approximately 21% of deposits are transaction accounts (checkable deposits that cost little or no interest)Retail savings and time deposits have been declining due to competition form money market mutual funds
DrakeDrake University
Fin 286Deposits
Non-interest bearing demand depositsChecking accounts with unlimited check writing
Savings depositsNOW accounts
Held only by individuals and nonprofit institutions pay interest and permit checks
Money market deposit accountsLimited check writing ability and can pay interest
Time depositsCD’s with fixed maturity and interest rate
Fedral Reserve Board
DrakeDrake University
Fin 286Liabilities, % of Total
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1935 1945 1955 1965 1975 1985 1995 2005
Deposits Borrowed Funds Subordinated Notes Other
DrakeDrake University
Fin 286Assets Vs. Liabilities
Generally liabilities tend to be of shorter maturity than assets. This introduces interest rate risk and liquidity risk for depository institutions.
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Fin 286Equity
Usually about 8 to 10 % of liabilities and equityGenerally equity held is close to the minimum amount set by regulations
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Fin 286Off - Balance Sheet Activities
Assets and Liabilities that will appear on the balance sheet or income statement if a contingent event occurs.Motivated by both earnings and regulatory (tax avoidance) incentivesExpose the bank to added risk, but do not show up on traditional financial reports.
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Fin 286OBS Activities continued
Standby Credit Agreements- bank pledges to guarantee repayment of a customers’ loan received from a third partyInterest rate swaps – exchange interest payments on debt securities with another partyFinancial futures and optionsLoan commitments – pledge to lend up to a certain amount of fundsForeign exchange rate contracts
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Fin 286
Other Fee Generating Activities
Trust ServicesManagement of estate assets and pension fund assets
Correspondent BankingProviding banking services to smaller institutions that do not have the staff or expertise in those services.
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Fin 286Savings Associations
Primarily deal with household saving and mortgages. Financing long term mortgages with short term deposits has been helped by a traditionally upward sloping yield curve.
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Fin 286S&L Regulation
Traditionally restricted in the type of accounts they could offer the regulation in the early 1980’s allowed S&L’s to become more competitive with commercial banks. Most notably the repeal of Regulation Q. Also allowed to offer NOW accounts and more market sensitive money market accounts
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Fin 286Savings Banks
Originally organized as a mutual organization that also focused on mortgage lendingMany are now switching to stock ownership
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Fin 286Credit Unions
Nonprofit depository institutions that are mutually organized.Members must belong to a specific similar occupation, association or live in a given community.Earnings are designated to paying higher rates of return on deposits and to charging lower rates of interest on loans.
DrakeDRAKE UNIVERSITY
Fin 286
Financial Analysis ofDepository Institutions
Finance 129Drake University
DrakeDrake University
Fin 286Basic Financial Statements
Report of ConditionBalance Sheet
Report of IncomeIncome Statement
Funds Flow StatementSources and Uses of Funds
Statement of Stockholders Equity
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Fin 286
Balance Sheet
Financial Outputs(uses of Bank Funds or Assets)
Cash (primary reserves)
Liquid Security Holdings(secondary Reserves)
Investments in SecuritiesLoans
ConsumerReal EstateAgFin InstitutionsMics Loans
Misc
Financial Inputs(Sources of Funds or
Liabilities and Owners Equity)
Deposits from PublicDemandNOW’sMoney marketsSavingsTime
Nondeposit BorrowingsEquity Capital
StockSurplusRetained EarningsCapital reserves
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Fin 286Balance Sheet continued
As with any balance sheetAssets = Liabilities + Owners Equity
orAccumulated uses Accumulated
sourcesof bank funds of bank funds
=
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Fin 286
Balance Sheet Components Assets
The Cash Accountincludes: Cash in the vault, deposits with other banks, cash items in the process of collection and reserve accounts with the Federal ReserveTraditionally banks attempt to keep this account as low as possiblePrimary reserves since it is banks first line of defense against withdrawls
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Fin 286
Balance Sheet Components Assets
Investment Securities: the liquid portionShort term government securities and money market instrumentssecondary reserves
Investment Securities Income Generating Portion
Taxable and nontaxableCan be recorded at original cost or market value or the lower of the twotrading account securities
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Fin 286
Balance Sheet Components Assets
LoansLargest AssetGenerally broken down by purpose of loansGross loans -- total of all outstandingAllowance for Loan losses (ALL account)
PLL on income statement
Gross minus ALL = Net LoansAllocated Transfer RisksUnearned Discounts
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Fin 286
Balance Sheet Components Assets
ALL accountoften divided into two sections, specific reserves, and general reservesTax reform Act of 1986
only loans actually declared uncollectable can be expensed through the ALL accountsdecreased use of ALL accountsPermanent capital
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Fin 286
Balance Sheet Components Assets
Federal Funds Sold and Securities Purchased under Resale AgreementsCustomers liability AcceptancesMisc Assets
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Fin 286
Balance Sheet Components Liabilities
DepositsNoninterest bearingSavingsNOW accountsMoney Market AccountsTime Deposits
Borrowings from Nondeposit sourcesCapital Accounts
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Fin 286Book vs. “Fair Value”
Banks have traditionally recorded balance sheet entries at original cost (book value or historical cost accounting -- ammoritzed cost)Implies that interest rate fluctuations would not impact valuesFair Value -- current market value
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Fin 286
Arguments against Fair Value
Possible increase in the volatility of earningsgreater instability in stock prices of banksloss of bank capital cushionslack of resale market
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Fin 286
Income Statement or Report of Income
Revenue ItemsInterest Income (interest generated from loans normally accounts for most income (generally more than 2/3)Non interest income (fee income) Increasingly important. No interest income also includes securities gains (or losses). Now subject to standard tax rate
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Fin 286
Report of IncomeExpenses
Interest Expenselargest expense is interest paid on deposits, often between 50 and 60% of total expensesfed funds borrowing and repurchase agreements have grown in importance.
Non interest expensewages, salaries and other personnel expenses+
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Fin 286Income
Net Interest Income = Total Interest Income -Total Interest ExpenseAlso referred to as interest margin
Net incomeAdds non interest income and subtracts no interest expense to interest income.
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Fin 286Income Statement
Interest IncomeInterest on loans, Interest on securities, Other
Interest ExpenseDeposit Interest, Short term debt, Long Term debt
Net Interest IncomeNon interest Income
Service Charges, Trust Department, OtherNon interest Expense
Wages, Net occupancy, Other operating expensesIncome before taxesProvision for income taxes
Net income after taxes
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Fin 286Funds - Flow Statement
Funds from operations+ decreases in bank assets+ increases in bank liabilitiesFunds provided to the bank
Dividends paid out to stockholders
+ increase in banks assets+ decreases in bank
liabilitiesFunds Used by the bank
=
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Fin 286Capital Account Statement
Beginning Balance + Net income - Dividends paid to shareholders+ New Shares of Stock issued - Purchases of treasury stockBalance at end of period
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Fin 286
Common Characteristics of Banks
Financial Statements
Heavy dependence on borrowed fundsEarnings are exposed to risk if borrowings cannot be repaid
Growing use of nondeposit borrowingsBank must hold a significant proportion of high quality and marketable securities
Financial Assets are more important than plants and equipment
few fixed costs and limited use of operating leverage.
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Fin 286
Evaluating and Measuring Bank Performance
Going to use ratio analysis to evaluate the performance of depository institutions
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Fin 286ROE and ROA
ROE measure the rate of return flowing to the banks shareholders
ROA measures managerial efficiency -- how well management converts assets into net earnings
capitalequity total
safter taxe incomeNet ROE
Assets Total
safter taxe incomeNet ROA
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Fin 286
Relationship between ROE and ROA
Assets Total
Assets Total
Equity Total
IncomeNet ROE
MultiplierEquity ROA
Equity Total
Assets Total
Assets Total
IncomeNet ROE
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Fin 286DuPont Identity
Equity Total
AssetsROA ROE
Assets Total
Income Total
Income Total
IncomeNet
Assets Total
IncomeNet ROA x
nUtilizatio
Asset x
Margin
ProfitROA
DrakeDrake University
Fin 286Decomposition
Multiplier
Equity
onUtilitzati
Asset
Margin
ProfitROE
MultiplierEquity ROAROE
nUtilizatio
Asset x
margin
ProfitROA
DrakeDrake University
Fin 286Decomposition
Equity MultiplierReflects the leverage or financing policies (the choice of debt or equity)
Profit MarginReflects the effectiveness of expense management control
Asset utilizationReflects the ability to manage the mix and yield on the banks assets
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Fin 286
Example changes through time
Year ROE Profit Mar Asset Util Equity Mult
2000 13.91% 13.73% 8.34% 11.88
1998 12.79% 12.17% 8.93% 11.95
1996 13.87% 12.88% 8.87% 12.14
1994 14.31% 13.37% 8.33% 12.85
1992 12.18% 10.01% 9.15% 13.30
Rose, Commercial Bank Managment McGraw Hill
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Fin 286
Average returns on Banks 1999
< $100 Million
$100 Million to $1 Billion
$1Billion to $10 Billion
> $10 Billion
ROA 1.01% 1.36% 1.49% 1.28%
ROE 9.07% 14.24% 16.02% 15.97%
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Fin 286
Asset Utilization and Profit Margin
Both reflect Management decisions regarding:
Mix of funds raised and investedSize of Bankcontrol of operating ExpensesPricing of ServicesMinimization of tax liability
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Fin 286Asset Utilization
Assets Total
IncomeInterest Non IncomeInterest
Assets Total
Income Total
nUtilizatio
Asset
Assets Earning
of Volume
AssetEach
ofn Compositio
AssetEach
on Yield
Assets TotalAssets Earning
Assets TotalAssetEach
of $
Assets Total
Asseteach on
EarnedInterest
IncomeInterest
DrakeDrake University
Fin 286Asset Utilization
Assets Total
IncomeInterest Non IncomeInterest
Assets Total
Income Total
nUtilizatio
Asset
Assets TotalInc NonInterst
Other
Assets Total
Revenue
Trading
Assets TotalFees amd
Charges Service
Assets Total
Income
Fudiciary
IncomeInterest Non
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Fin 286Profit Margin
Income
TotalTaxes
Income
Income
TotalExpense
tNonInteres
Income
TotalLoanLosses
forProvision
Income
TotalExpense
Interest
Income Total
IncomeNet
Margin
Profit
DrakeDrake University
Fin 286Decomposition of ROA
Assets
TotalLosses Loan
For Provisons
Assets
TotalExpense
InterestNon
Assets
TotalExpense
Interest
Income
TotalExpenses
Total
Ratio
Expense
Assets TotalTaxes
Income
Expenses
Total
Revenue
Total
Assets Total
IncomeNet ROA
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Fin 286
Decomposition of ROA Part 2
Assets TotalIncome
SpecialNet
Expense
InterestNon
Income
InterestNon
Expense
Interest
Income
Interest
Assets
TotalIncome
Net
Assets TotalTaxes
Income
Expenses
Total
Revenue
Total
Assets Total
IncomeNet ROA
DrakeDrake University
Fin 286
Decomposition of ROA Part 2
Assets Total
Income
SpecialNet
Expense
InterestNon
Income
InterestNon
Expense
Interest
Income
Interest
Assets
TotalIncome
Net
Assets TotalExpense
InterestNon
Income
InterestNon
margin
tNoninteres
Assets TotalExpense
Interest
Income
Interest
Margin
Interest
Net
DrakeDrake University
Fin 286Other Important Ratios
assets Earning
incomeinterest Net Margin
InterestNet
Assets BearingInterest
ExpenseInterest
Assets Earning
IncomeInterest Spread
Assets Total Average
Incomet Noninteres - Expenset Noninteres
Ratio
Burden
Incomet Noninteres Incomeinterest Net
Expenset Noninteres
Ratio
Efficiency
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Fin 286
Obtaining Information on Banks
Data for banks is available from the Uniform Bank Performance Report (UBPR).UBPR developed by the Fed, FDIC, and office of the comptroller of Currency so that there would be a standardized way to compare institutions.Also peer group and state reports for comparable banks.
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Fin 286UBPR
Goal is to provide uniform reporting of informationDeveloped by the Federal Financial Institutions Examination Council’s quarterly reports.Available online at www.FFIEC.org
DrakeDrake University
Fin 286Using the UBPR
Compare across yearseach report has 5 years of dataYear end or current quarter plus 1 year prior to current and three previous years
Compare to peer groupsalso available are peer groups reports based on both size of bank and geographic locationAllows you to benchmark
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Fin 286UBPR: Security National
Table 5-5 from RoseTotal Assets increased by $600 million, rate of 9.3%all types of loan rose except ones hit by economic downturn (lines 1-11)decrease in short term securities, increase in long term, maybe seeking higher yields (lines 14 and 18)Large increase in US treasury Securities (line 24) and municipal securities (line 25)
DrakeDrake University
Fin 286UBPR: Security National
Table 5-6 in RoseDeposits increased except for sectors hit by economic down turn.Large increase in need for federal funs and repurchase agreements (line 10). Indicate that loans and securities grew faster than deposits. Also may reduce profitability since it is an expensive source of funds.
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Fin 286UBPR: Security National
Table 5-7 in RoseLoans increased as a percentage of assets, but on average still less than peer group (line 1). Loans are high yielding -- may reduce income.Holds more long term 18.57% than average of 8.95% (line 5). Higher market risk due to interest rate sensitivity. Fewer short term securities 2.54% than average 3.41% (line 10).Low amount of non interest bearing cash deposits from other banks and deposits due (line 13) indicates higher liquidity risk. May force increased borrowing in fed funds market. And increased liquidity risk
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Fin 286UBPR: Security National
Table 5-7 in RoseSmaller portion of checkable deposits which are a cheap source of funds (line 19)Also smaller portion of core deposits (demand, NOW, savings accounts, money market and time deposits less than 100,000) (line 23). Assumed to be stable source of funds decreasing chance of illiquidity
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Fin 286UBPR: Security National
Table 5-8 in RoseInterest income increased by 7 million or 1.2% (line 15), interest expense increase by 18 million or 14.6% (line 23)Net interest income declined by 6.3% (line 24)Interest on borrowed money increased by 10% (line 20)Interest paid on large CD’s increased by 14.6% (line16) Provision for loan losses increased by 83% (line 28)Non interest income increased by 22.2% (line 25)Net income decreased by 28.3% (line 37)
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Fin 286UBPR Sec Nat:
Recent Year:NIM = (165/6951) = 2.37%
Last yearNIM = (176/6361) = 2.77%
Peer Group (table 5-9)NIM Recent year 3.91% Last year = 3.66%
The industry increased while security national decreased, both much lower than average
Assets TotalExpense
Interest
Income
Interest
Margin
Interest
Net
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Fin 286
UBPR Security National (Rose)
Current Tot assets 6951 Tot equity 482 Net income
33
Last 6361 381 46
MultiplierEquity ROA
Equity Total
Assets Total
Assets Total
IncomeNet ROE
6955.16 .007236381
6361
6361
46 1208.
381
46 ROE
4212.14 .00474482
6951
6951
33 06846.
482
33 ROE
previous
current
xx
xx
DrakeDrake University
Fin 286UBPR: Security National
From last slide:ROA declined and the equity multiplier declinedHigher equity multiplier is riskier, but here the decrease is helping to decrease profitability.Alternative EM definition: 1/EM is the % of assets that can default before insolvency
DrakeDrake University
Fin 286UBPR: Security National
Current: Tot assets 6951 Tot equity 482 Net inc 33 Tot inc 604 Last: 6361 381 46
593
Multiplier
Equity
onUtilitzati
Asset
Margin
ProfitROE
Equity Total
Assets Total
Assets Total
Income Total
Income Total
IncomeNet ROE xx
6955.16 0932.0 0776.0381
6361
6361
593
593
46 ROE
4212.14 0.0869 .05460 482
6951
6951
604
604
33 ROE
previous
current
xxxx
xxxx
DrakeDrake University
Fin 286UBPR Security National
Asset Utilization decreased form .0932 to .0869 and profit margin declined from .0776 to .0546Decline in profit margin and equity multiplier are the largest.Profit margin hurt by increased provision for loan losses and increase in applicable income taxesPretax income declined by 11% Net income declined by 28% higher tax burden and lower adjustment
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Fin 286UBPR Security National
current non interest expense 72 Tot income 604last 70 593
Burden (noninterest expense - noninterest income) from 52 to 50 while asset grew.
Incomet Noninteres Incomeinterest Net
Expenset Noninteres
Ratio
Efficiency
1180.Ratio Eff 1192.Ratio Eff lastcurrent