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1、DeutscheBankMarketsResearchNorthAmericaPeriodicalDateUnitedStatesMidCapBanks13November2017FinancialBanksDaveRochesterBankB/S:EOPLoan/Dep.Gr.ReturnsResearchAnalyst(+1)212250-0025in4Q17dave.rochester@db.comWhat'snewintheBankB/S?MengJiaoFriday'sFedH8releasefortheweekendingNov.1reflectsthefifthweekof
2、AssociateAnalyst4Q17trends(outof13totalweeksforthisquarter).Thisweek'sdatarevealed(+1)212250-5363amoderateresurgenceofloan/depositgr.forbothlargeandsmallbanksmeng.jiao@db.comfollowingfairlyanemictrendsforthefirstfourweeksof4Q17.Avg.earningassetgr.for4Qmovedmodestlyhigherforbothlarge/smallbanksint
3、hisweek,reflectingbothloan/liquiditygr.C&Iloangr.trendsarebackinpositivegr.territoryQTD,withcontinuedgr.inrealestateandcons.However,wenoteQTDloangr.trendsaremodestlybelowthehistoricalmedianforthelast10yearsforsmallbanksin4Q17(p.12),butareinlineforlargebanks(p.23).WeeklyTrends(weekof11/1/17):Depos
4、it/loantrendsstrongforbanksLoans.Smallbanks(p.10)+0.5%,strengths:otherloans(+2.0%),resi(+1.0%),creditcard(+0.9%),weakertrends:auto(-1.0%),HELOC(-0.3%).Largebanks(p.21)+0.3%,strengths:other(+1.2%),creditcard(+0.6%),weakertrends:CRE(-0.3%),HELOC(-0.3%).Deposits.Smallbanks+0.8%,core/smalltimedeposit
5、s+0.8%.Largebanks+1.5%,core/smalltimedep.+1.5%.Coredep.(St.LouisFeddata)+0.0%(withdemand+7.9%,checking+4.4%,offsetbysavings-1.6%).4Q17Trends:Avg./EOPdep.gr.strong,avg.loangr.betteratsmallbanksLoans.Smallbanks+0.4%EOPQTDvs.+0.5%QTDin4Q16(10-yearmedianfor4QQTDis+0.6%);+1.2%avgtotalloangr.Q/Q(vs.+1.
6、9%in3Q17and+1.6%in4Q16).Largebanks+0.3%EOPQ/Qvs.-0.1%QTDin4Q16(10-yearmedianfor4QQTDis+0.3%),+0.5%avg.totalloangr.Q/Q(vs.+0.8%in3Q17and+1.6%in4Q16).Deposits.Smallbanks+1.2%EOPQTDvs.+0.9%QTDin4Q16(10-yrmedianfor4QQTDis+1.3%),+1.3%avg.totaldepositQ/Q,+4.7%depositEOPY/YValuation/Risks(was+4.3%Y/Yin3
7、Q17),+1.3%core/smalltimeEOPQTD,+1.3%avg.core/smalltimeQ/Q,+4.8%Y/Y(was+4.6%Y/Yin3Q17).Largebanks+1.7%MidcapbanksaretradingatEOPQTDvs.+1.6%QTDin4Q16(10-yrmedianfor4QQTDis+1.7%),+0.9%15.3xFY18EEPSandat2.19xavg.depositsQ/
