Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities with data as of April 30, 2017. Figure 1: Municipal General Obligation Yield Curves Click here to… Read More >
News & Insights
PW&Co Completes Sale of Nutec Metal Finishing
PW&Co served as the sell-side advisor to Nutec Metal Finishing (“Company”), an Alabama-based metal plating Company, on its sale to a confidential buyer. PW&Co’s investment banking team was led by Michael Stone and Kip Porter. The Company offers zinc electroplating, mechanical galvanizing/plating, and custom metal finishes. PW&Co performed due diligence on the Company and prepared… Read More >
Municipal Market Update – March 2017
Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities with data as of March 31, 2017. Figure 1: Municipal General Obligation Yield Curves Click here to… Read More >
Estimating Bond Returns
Many people find the performance of bonds, and particularly bond funds, confusing. We know that if we buy a bond for $100 that matures in 5 years and pays a $5 coupon (or 5% yield), then we will earn 5% if we hold that bond to maturity. (I am assuming that the bond does not… Read More >
What’s It Worth, Q4 2016
Our quarterly valuation review explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on the question “What’s it Worth?,” keeping in mind that proper preparation for real world transactions… Read More >
Birmingham Business Journal Explores PWCo Econ Report
On February 2, 2017, Porter White & Company (PWCo) released its Q3 2016 Birmingham Area Economic Report. The report reveals that the Birmingham-Hoover MSA has experienced significant losses in manufacturing over the past decade and has experienced gains in the leisure and hospitality industry. The report also reveals that Alabama has not fully recovered from… Read More >
Municipal Market Update – February 2017
Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities with data as of February 28, 2017. Figure 1: Municipal General Obligation Yield Curves Click here to… Read More >
The Bank Shot – February 2017
Click here for the PDF. In This Issue In “Trump Bump?…2016 Bank M&A Scorecard,” we discuss how M&A in 2016 was down compared to 2015 but wonder if the November election could be a boon to 2017 bank M&A. In “CRE Concentration Considerations,” we review an issue a number of banks are contending with in… Read More >
Birmingham Area Economic Report, Q3 2016
This report explores a few key statistics that paint a picture of the Birmingham area economy. This is the tenth edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published quarterly. The results in this report are the best of the reports we have published thus far. Click here… Read More >
Municipal Market Update – January 2017
Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities with data as of January 31, 2017. Figure 1: Municipal General Obligation Yield Curves Click here to… Read More >
Municipal Market Update – December 2016
As anticipated, the Federal Reserve raised its benchmark interest rate at the December meeting for the first time since 2015. The central bank indicated that it expects gradual increases in the federal funds rate in the near-term as the economy continues to show signs of improvement. Our Municipal Market Update is data-driven, one page sheet that… Read More >
Should I Check the Per Stirpes Box?
Many people save for retirement in a defined-contribution retirement plan (like a 401k) or an individual retirement account (traditional or Roth IRA). It is important to designate beneficiaries for accounts. The forms, often seemingly simple to fill out, have hidden complexity. You are likely to encounter the words “per stirpes,” which means “by roots” in… Read More >
Make Small Cap Stocks Great Again?
The stock markets in the days immediately following the recent US presidential election were surprising to many in a number of ways. US small company stocks experienced higher returns than US large company stocks. This period helps illustrate how different parts of the market can generate returns (and losses) that appear quickly, unpredictably, and with… Read More >
Municipal Market Update – November 2016
Porter White & Company is pleased to release its monthly Municipal Market Update, with data as of November 30, 2016. This data-driven, one page sheet is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities. Figure 1:… Read More >
PWCo Economic Report Featured in BBJ
On December 1, 2016, Porter White and Company (PWCo) released its Q2 2016 Birmingham Area Economic Report. The report places the Birmingham area economy in a state, regional and national context, and focuses on the following statistical series: number of people employed, retail sales, occupational tax collections, airport enplanements, and commercial and industrial electricity sales…. Read More >
Municipal Market Update – October 2016
Porter White & Company is pleased to release its first monthly Municipal Market Update, with data as of October 31, 2016. This data-driven, one page sheet is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities, including the following… Read More >
The Bank Shot – October 2016
In “IRS Besieges Family Controlled Banks,” we discuss proposed regulations that could have far-reaching and punitive consequences for family-owned banks. In “Q3 2016 Bank M&A Scorecard,” we review current trends in bank M&A and discuss the impact of loose-lipped politicians. IRS Besieges Family Controlled Banks On August 4, 2016, the United States Department of Treasury… Read More >
Do Investment Consultants Pick Winners?
Investors hire advisors for a number of reasons, but the primary reason is usually that they want help choosing investments. Individuals typically rely on brokers or investment advisors. Institutions are served by “investment consultants” who specialize in helping them manage endowments and pension plans. Most investment consultants offer a range of services, including investment policy… Read More >