FIG’s Friday Chart – Tangible Book Value Growth In 1Q17

As the first quarter closes today, we anticipate positive tangible book value growth between 1.5% to 2.0% linked-quarter for the public Bank stock sector.  Minor changes in interest rates thru 3/30 suggest that unrealized securities marks could be a non-event (barring any large change today).   The combination of estimated earnings via Street consensus less cash dividends results in positive retained earnings and tangible book value per share for most Banks.  The FIG Partners Research team projects out of 242 public Banks with more than $100 Million in market capitalization that 23% grow tangible book faster than 2.5% this quarter and ZERO experience tangible book declines (excluding the impact of M&A transactions).