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Competitive Landscape................................................................... 71
How Large is the Banking Industry .........................................................................................71
Dodd-Frank and What it Means for M&A................................................................................78
Securitizations ................................................................................. 79
The Role of Securitizations......................................................................................................79
What is a Mortgage Backed Security and How Are They Created..........................................79
Who Are the Players in the Securitization Market...................................................................80
The History of Mortgage Backed Securities............................................................................81
Changes in the Securitization Markets....................................................................................84
Other Types of ABS ................................................................................................................84
Bank Stocks: How They Are Valued .............................................. 85
Price to Earnings (PE ratio)......................................................................................................85
Price to Book (P/BV)................................................................................................................86
Impact from Rates on Stocks ......................................................... 89
Interest Rates vs. Stock Performance.....................................................................................89
When Interest Rates Rise, Bank Stocks Generally Underperform ..........................................90
When Interest Rates Fall, Bank Stocks Generally Outperform................................................91
Other Factors & Bank Stocks.......................................................... 96
Net charge-offs - Impact on Relative Stock Performance ......................................................96
Loan Loss Reserve Build/Bleed - Impact on Relative Stock Performance...............................96
Unemployment - Impact on Relative Stock Performance ......................................................97
Net Interest Margin - Impact on Relative Stock Performance ................................................97
M&A Transactions - Impact on Relative Stock Performance ..................................................98
Appendix A: More Interest Rates and Bank Stocks...................... 99
After 2-year Rates Peak, Bank Stocks Tend to Outperform ....................................................99
After Rates Bottom, Bank Stocks Tend to Underperform.....................................................100
Appendix B: Historical M&A......................................................... 102
Appendix C: Bank Terms............................................................... 105