This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report… Read More >
Municipal Market Update – August 2020
The municipal market remained relatively stable in August, as weekly 30-day volatility of 10-year AAA GOs increased modestly from 0.27 to 0.42 over the month. Municipal supply in August remained high with monthly issuance of $41.4 billion, a 5% increase… Read More >
Municipal Market Update – July 2020
July marked the fourth full-month of the COVID-19 global pandemic, which continues to disrupt the municipal market. The one-year tax-exempt AAA rates decreased back to its all-time low in May 2020 and interest rates are not expected to increase in… Read More >
The Bank Shot – July 2020
In This Issue In “YTD 2020 Bank Valuations” we review YTD Regional and Community Bank deal valuations. In “YTD 2020 Bank M&A Scorecard” we review YTD Community Bank M&A transactions. In “M&A Strategies During the COVID-19 Pandemic” we discuss our… Read More >
Reflections on Markets During the Pandemic – 2Q 2020
While following events closely during the second quarter of 2020 when our society shut down for almost a month and then started reopening, a few important investment themes emerged. I. S&P 500 Recovered but Rates Stayed Low. While the equity… Read More >
Municipal Market Update – June 2020
The municipal market calmed down in June after months of volatility. The one-year tax-exempt AAA rate increased slightly to 0.25% from its all-time low in May 2020. Municipal supply picked up in June with issuance of $45.8 billion, a 25%… Read More >
What’s It Worth, Spring 2020
During the first quarter of 2020, buyers and sellers experienced at least two strong months of deal volume before COVID-19 dramatically slowed down M&A activity in March. Investors’ views of certain industries and sectors have changed significantly since January, and… Read More >
The SECURE Act
The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) is a wide-ranging act, spanning nearly 40 provisions It is the most comprehensive retirement savings package to become law since the Pension Protection Act of 2006, and seeks… Read More >
Considering Employer Match Suspension
As businesses reopen and employees return to work, employers are wrestling with how to handle cash flow in unprecedented circumstances. If you are considering suspending the employer match in your company’s retirement plan, you are not alone. Can you suspend… Read More >
Municipal Market Update – May 2020
The one-year tax-exempt AAA rates hit an all-time low in May, declining from a peak of 2.51% in March to as low as 0.11% in May. The 30-year tax-exempt AAA rates declined approximately 50 basis points in May; however, credit… Read More >
M&A Strategies During the COVID-19 Pandemic
Overview Porter White & Company (“PW&Co”) reviewed almost 4,000 community bank M&A transactions since 2001 to ascertain the impact, by county, of county economic standing (as measured by GDP) on deal activity and transaction pricing. We believe this analysis may… Read More >
COVID-19 Impact on Valuation – When was it known or knowable?
During the past few weeks, business owners have been thrust into a new normal and forced to evaluate the potential short-term and long-term implications of COVID-19 on their businesses, employees, and families. One word that I have heard in almost… Read More >
Municipal Market Update – April 2020
The municipal market remained especially volatile during April from significant uncertainty regarding COVID-19. Treasury rates have continued to stay almost 2% lower than this time last year throughout the yield curve. As of April 30th, the futures market does not… Read More >
Municipal Market Update – March 2020
On March 3, 2020 the Fed cut the overnight target rate by 0.50%. Uncertainty surrounding COVID-19 continues to create strong demand for safer treasury securities, driving down treasury rates throughout March; however, municipal bond yields (measured by AAA General Obligation… Read More >
Municipal Market Update – February 2020
Uncertainty surrounding the COVID-19 virus (Coronavirus) mounted the end of February, causing investors to flee from equities into safer treasury securities and driving down rates. On March 3, 2020 the Fed cut the overnight target rate by 0.50%. Following this… Read More >
Birmingham Area Economic Report, Q3 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report… Read More >
Municipal Market Update – January 2020
This month, the Federal Open Market Committee (FOMC) held the target rate steady while long term US treasury rates declined, resulting in an inverted curve. Additionally, there are increasing probabilities in the futures market for multiple decreases in the target… Read More >
Municipal Market Update – December 2019
This month, the Federal Open Market Committee (FOMC) voted unanimously to hold rates steady and the US treasury curve steepened moderately. The current target fed funds rate is 1.5-1.75% and the probability of a rate cut in 2020 has decreased… Read More >
