1/🧵
It’s clear by now what has happened to Silicon Valley Bank.
Since it's the other regional banks we're now worried about, I'll keep adding them here one by one to keep myself and anyone interested informed.
2/🧵
This thread explains wonderfully how Silicon Valley Bank $SVIB was "mark-to-market insolvent" already in 3Q22.
Let’s apply this same approach of comparing "held-to-maturity losses" to "tangible common equity" to as many other banks as possible.
3/🧵
Disclaimer before we start:
these data points aren’t all that matter. There's plenty of other important angles to cover (like hedges, deposit base etc.), but we'll start with these.
They'll help us understand where we are and where potential risks may lie.
Let's begin...
4/🧵
Silicon Valley Bank $SIVB
4Q22
Held-to-maturity unrealized losses $15,160 mln
/ Tangible common equity $11,880 mln
= HTM losses of equity 128%
d18rn0p25nwr6d.cloudfront.net/CIK-0000719739…
5/🧵
Charles Schwab $SCHW
4Q22
Held-to-maturity unrealized losses $15,580 mln
/ Tangible common equity $17,439 mln
= HTM losses of equity 89%
content.schwab.com/web/retail/pub…
6/🧵
First Republic Bank $FRC
4Q22
Held-to-maturity unrealized losses $4,839 mln
/ Tangible common equity $13,595 mln
= HTM losses of equity 36%
ir.firstrepublic.com/static-files/8…
7/🧵
Signature Bank $SBNY
4Q22
Held-to-maturity unrealized losses $765 mln
/ Tangible common equity $7,409 mln
= HTM losses of equity 4%
s1.q4cdn.com/665033567/file…
8/🧵
PacWest Bancorp $PACW
4Q22
Held-to-maturity unrealized losses $159 mln
/ Tangible common equity $2,124 mln
= HTM losses of equity 7%
d18rn0p25nwr6d.cloudfront.net/CIK-0001102112…
9/🧵
Customers Bancorp $CUBI
4Q22
Held-to-maturity unrealized losses $46 mln
/ Tangible common equity $1,399 mln
= HTM losses of equity 3%
d18rn0p25nwr6d.cloudfront.net/CIK-0001488813…
10/🧵
Bank of America $BAC
4Q22
Held-to-maturity unrealized losses $108,596 mln
/ Tangible common equity $174,602 mln
= HTM losses of equity 62%
investor.bankofamerica.com/regulatory-and…
11/🧵
Zions Bancorporation $ZION
4Q22
Held-to-maturity unrealized losses $52 mln
/ Tangible common equity $6,313 mln
= HTM losses of equity 1%
s26.q4cdn.com/483754055/file…
12/🧵
I will be adding many more banks based on your tips and news flow so make sure to follow @hkeskiva for updates.
Also later on, there will also be crowdsourced Google Sheets to help with some key data points.
Now back to the banks...
13/🧵
State Street $STT
4Q22
Held-to-maturity unrealized losses $6,809 mln
/ Tangible common equity $16,152 mln
= HTM losses of equity 42%
s201.q4cdn.com/681076340/file…
14/🧵
KeyCorp $KEY
4Q22
Held-to-maturity unrealized losses $603 mln
/ Tangible common equity $9,777 mln
= HTM losses of equity 6%
d18rn0p25nwr6d.cloudfront.net/CIK-0000091576…
15/🧵
Bank of Hawaii $BOH
4Q22
Held-to-maturity unrealized losses $799 mln
/ Tangible common equity $1,105 mln
= HTM losses of equity 72%
ir.boh.com/static-files/8…
16/🧵
Columbia Banking System $COLB
4Q22
Held-to-maturity unrealized losses $18 mln
/ Tangible common equity $929 mln
= HTM losses of equity 2%
d18rn0p25nwr6d.cloudfront.net/CIK-0001723596…
17/🧵
Horizon Bancorp $HBNC
3Q22
Held-to-maturity unrealized losses $391 mln
/ Tangible common equity $505 mln
= HTM losses of equity 77%
d18rn0p25nwr6d.cloudfront.net/CIK-0000706129…
18/🧵
Wells Fargo $WFC
4Q22
Held-to-maturity unrealized losses $41,577 mln
/ Tangible common equity $133,527 mln
= HTM losses of equity 31%
www08.wellsfargomedia.com/assets/pdf/abo…
19/🧵
All banks listed (and to be listed) are added to this Google Sheet.
You may add banks with details to make the list more comprehensive, thus more useful for you or anyone else interested.
docs.google.com/spreadsheets/d…
20/🧵
US Bancorp $USB
4Q22
Held-to-maturity unrealized losses $10,869 mln
/ Tangible common equity $29,771 mln
= HTM losses of equity 37%
ir.usbank.com/static-files/3…
21/🧵
Truist Financial $TFC
4Q22
Held-to-maturity unrealized losses $9,922 mln
/ Tangible common equity $23,933 mln
= HTM losses of equity 41%
app.quotemedia.com/data/downloadF…
22/🧵
Bank of New York Mellon $BK
4Q22
Held-to-maturity unrealized losses $6,205 mln
/ Tangible common equity $18,017 mln
= HTM losses of equity 34%
otp.tools.investis.com/clients/us/bny…
23/🧵
JP Morgan Chase $JPM
4Q22
Held-to-maturity unrealized losses $36,762 mln
/ Tangible common equity $214,552 mln
= HTM losses of equity 17%
jpmorganchaseco.gcs-web.com/static-files/5…
24/🧵
Glacier Bancorp $GBCI
4Q22
Held-to-maturity unrealized losses $441 mln
/ Tangible common equity $1,816 mln
= HTM losses of equity 24%
gbci.com/static-files/d…
25/🧵
Western Alliance $WAL
4Q22
Held-to-maturity unrealized losses $177 mln
/ Tangible common equity $4,383 mln
= HTM losses of equity 4%
d18rn0p25nwr6d.cloudfront.net/CIK-0001212545…
26/🧵
Citigroup $C
4Q22
Held-to-maturity unrealized losses $25,316 mln
/ Tangible common equity $158,151 mln
= HTM losses of equity 16%
citigroup.com/rcs/citigpa/st…
27/🧵
Bank Ozk $OZK
4Q22
Held-to-maturity unrealized losses $0 mln
/ Tangible common equity $3,687 mln
= HTM losses of equity 0%
ir.ozk.com/static-files/4…
28/🧵
Huntington Bancshares $HBAN
4Q22
Held-to-maturity unrealized losses $2,302 mln
/ Tangible common equity $9,839 mln
= HTM losses of equity 23%
ir.huntington.com/regulatory-sec…
29/🧵
BankUnited $BKU
4Q22
Held-to-maturity unrealized losses $0 mln
/ Tangible common equity $2,358 mln
= HTM losses of equity 0%
ir.bankunited.com/static-files/c…
30/🧵
Metropolitan Bank Holding $MCB
4Q22
Held-to-maturity unrealized losses $73 mln
/ Tangible common equity $576 mln
= HTM losses of equity 13%
d18rn0p25nwr6d.cloudfront.net/CIK-0001476034…
31/🧵
Fifth Third Bancorp $FITB
4Q22
Held-to-maturity unrealized losses $0 mln
/ Tangible common equity $12,017 mln
= HTM losses of equity 0%
d18rn0p25nwr6d.cloudfront.net/CIK-0000035527…
32/🧵
East West Bancorp $EWBC
4Q22
Held-to-maturity unrealized losses $547 mln
/ Tangible common equity $5,309 mln
= HTM losses of equity 10%
d18rn0p25nwr6d.cloudfront.net/CIK-0001069157…
33/🧵
Ally Financial $ALLY
4Q22
Held-to-maturity unrealized losses $178 mln
/ Tangible common equity $14,592 mln
= HTM losses of equity 1%
d18rn0p25nwr6d.cloudfront.net/CIK-0000040729…
34/🧵
Veritex Holdings $VBTX
4Q22
Held-to-maturity unrealized losses $27 mln
/ Tangible common equity $1,007 mln
= HTM losses of equity 3%
ir.veritexbank.com/static-files/d…
35/🧵
Comerica $CMA
4Q22
Held-to-maturity unrealized losses $0 mln
/ Tangible common equity $4,143 mln
= HTM losses of equity 0%
app.quotemedia.com/data/downloadF…
36/🧵
Capital One $COF
4Q22
Held-to-maturity unrealized losses $0 mln
/ Tangible common equity $32,835 mln
= HTM losses of equity 0%
ir-capitalone.gcs-web.com/static-files/9…
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.