Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Unrealized HTM losses continued to balloon as interest rates crept higher.</li>
<li>What has caused SVB's demise seems to have now been forgotten and ignored by investors.</li>
<li>We took a deep dive into 3 U.S. Banks, First Foundation, Wells Fargo and Bank of America on their HTM losses.</li>
</ul>


Unrealized HTM losses continued to balloon as interest rates crept higher.
What has caused SVB's demise seems to have now been forgotten and ignored by investors.
We took a deep dive into 3 U.S. Banks, First Foundation, Wells Fargo and Bank of America on their HTM losses.


Investors Have Been Buried Their Head in The Sand on Billions of Unrealized HTM Losses

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-ozk" target="_blank" data-smartkarma-citation="entities:28708:1" rel="noopener">Bank OZK (OZK US)</a> has more CRE loans to total loans of any US bank at 72% in 3Q24</li>
<li>Risks of CRE loans are real now and historically, they have high loss rates, in bad times</li>
<li>The bank is seeing a surge in NPAs , but its credit costs are lagging - make up in 4Q24?</li>
</ul>



Bank OZK (OZK US) has more CRE loans to total loans of any US bank at 72% in 3Q24
Risks of CRE loans are real now and historically, they have high loss rates, in bad times
The bank is seeing a surge in NPAs , but its credit costs are lagging - make up in 4Q24?


Bank OZK - Most CRE Loans/Total Loans of Any US Bank & Dramatically Worsening Credit Metrics

United States

First Foundation Inc. provides integrated investment management, wealth planning, consulting, trust, and banking services. The Company offers long-range consulting services, estate planning, financial competency education, and life skills training.

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First Foundation (FFWM US)

Investors Have Been Buried Their Head in The Sand on Billions of Unrealized HTM Losses

Unrealized HTM losses continue to balloon. What has caused SVB's demise seems to have now been forgotten. We took a deep dive into 3 U.S. banks to...

Fern Wang

Bank OZK - Most CRE Loans/Total Loans of Any US Bank & Dramatically Worsening Credit Metrics

Commercial real estate (CRE) loans are risky in the US normally and especially now. Bank OZK is most exposed, with dramatic worsening of credit...

Daniel Tabbush

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