The bank valuation handbook: a market-based approach to valuing a bank
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chicago, Ill. u.a.
Irwin
1996
|
| Ausgabe: | 2. ed. |
| Schriftenreihe: | A bankline publication
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXII, 329 S. graph. Darst. |
| ISBN: | 1557387958 |
Internformat
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| 100 | 1 | |a Johnson, Hazel J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The bank valuation handbook |b a market-based approach to valuing a bank |c Hazel J. Johnson |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Chicago, Ill. u.a. |b Irwin |c 1996 | |
| 300 | |a XXII, 329 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 650 | 4 | |a Banks and banking |x Valuation |z United States | |
| 650 | 4 | |a Fair value |x Accounting | |
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Datensatz im Suchindex
| _version_ | 1804125323015487488 |
|---|---|
| adam_text | Contents in Brief
List of Figures xvii
List of Tables xix
Preface xxi
Chapter
1 The Growing Emphasis on Market Valuation 1
2 The Difference between Book Value and Market Value 41
3 Time Value of Money 83
4 Market Valuation Models for the Balance Sheet 117
5 Embedded Options 169
6 Measuring the General Effect of Interest Rate Changes 217
7 The Impact of Changing Interest Rates on the Market
Value of Specific Bank Balance Sheet Categories 255
8 Market Valuation Models for Off Balance Sheet
Items and Derivatives 291
Appendixes 311
Index 325
About the Author 329
vii
I
viii Contents
CHAPTER 1
The Growing Emphasis on Market Valuation
Introduction 1
When book value was sufficient 2
A changing environment 3
The new realities of commercial banking 4
Interest rates and the corporate sector 5
Competition for consumer deposits 6
Deregulation 7
The debate over market value versus book value 8
Intent to hold an asset until maturity 8
Transactions price versus going concern 9
Financial stability 9
The changing face of commercial banking 10
The asset portfolio 10
Bank liabilities 12
The merger trend 15
International comparisons 15
Total assets 15
Average size 15
Population per bank 17
Population per bank branch 17
The pace of consolidation 17
The Interstate Banking Act 19
Interstate bank holding company acquisitions 20
Interstate bank mergers 21
De novo interstate bank branching 22
Foreign bank interstate branching 22
Interstate bank agency 22
Regulatory attention to market valuation 23
Securities and Exchange Commission 23
U.S. Treasury Department 23
Financial Accounting Standards Board 24
Compliance dates 24
Definitions 24
Excluded financial instruments 25
Financial statement disclosure 26
The investment portfolio and FAS No. 115 26
MVA and the loan portfolio: FAS Nos. 114 and 118 29
Off balance sheet items and derivatives disclosure:
FAS Nos. 105 and 119 31
Contents ix
Mortgage servicing rights and FAS No. 122 35
The regulatory trend 36
The benefits of market valuation 37
Selected references 38
Endnotes 39
CHAPTER 2
The Difference between Book Value and Market Value
Introduction 41
Cash 44
Temporary investments 44
Investment securities 45
U.S. Treasury securities 45
U.S. government agency securities 46
Tax exempt securities 48
Other investment securities 50
Bond trading account 51
Loans 52
Commercial loans 52
Loan maturity 53
Fixed versus variable rates 53
Types of loans 54
Nonaccraal loans 56
Real estate loans 57
Home mortgages 57
Commercial mortgages 59
Construction and land development loans 60
Consumer loans 61
Credit card loans 62
Installment loans 64
Single payment loans 64
Securities loans 64
Overdrafts 65
Reserve for loan loss 65
Bank premises and equipment 65
Other real estate owned 66
Investments in subsidiaries 67
Deposits 67
Noninterest bearing transactions accounts 67
Interest bearing transactions accounts 68
Small time and savings accounts 68
x Contents
Savings accounts 68
Small time deposits 70
IRA accounts 70
Large time deposits 71
Nonnegotiable deposits £ ,000 71
Negotiable CDs 71
Foreign deposits 72
Short term borrowed funds 73
Long term borrowed funds 75
Equity 75
Off balance sheet items 77
Interest rate swaps 77
Commitments to extend credit 78
Standby letters of credit 78
Financial guarantees written 78
Factors by asset and liability categories 79
Selected references 79
Endnotes 79
CHAPTER 3
Time Value of Money
Introduction 83
Single amounts 83
Future value. 84
Present value 85
Expected rate of return 86
Ruleof 72 87
Interest factors 88
Terminal value 90
Intrayear compounding 92
Future value 92
Present value 94
Effective interest rates 95
Formulas for annual and intrayear compounding 98
Computing interest on interest 98
Annuities 99
Future value 99
Present value 102
Implied point of valuation 105
Expected return 108
Amortization schedule 110
Contents xi
Perpetuities 110
Unequal cash flows 112
Summary of time value of money concepts 114
CHAPTER 4
Market Valuation Models for the Balance Sheet
Introduction 117
The basis for the models 117
Cashflows 118
Interest rates 119
Cash 121
Temporary Investments , 121
Interest bearing time deposits in other banks 121
Federal funds sold 122
Term federal funds sold 123
Securities purchased under agreement to resell 125
Investment securities 125
Treasury bills 127
Treasury notes 128
Bond theorems: coupon versus discount rate 131
Market valuation between coupon dates 131
Treasury bonds 133
Bond theorem: price behavior over time 134
Government agency securities 135
Municipal bonds 138
Zero coupon bonds 141
Bond theorem: discount rate and price 142
Loans 143
Commercial loans 143
Bulletloans 145
Working capital lines of credit 145
Term loans 146
Mortgage loans 148
Fixed rate mortgages 150
Adjustable rate mortgages (ARMs) 151
Graduated payment mortgages (GPMs) 151
Balloon mortgages 155
Consumer installment loans 158
Lease financing 159
Nonaccrual or impaired loans 160
Reserve for loan loss 160
xii Contents
Other assets 161
Liabilities 161
Transactions and savings accounts 161
Time deposits 162
Short term borrowings 162
Long term borrowings 163
Summary of valuation concepts 163
Endnotes 168
CHAPTERS
Embedded Options
Introduction 169
Types of options 169
Call options 170
Put options 170
Underlying assets of traded options 170
Stock and stock indexes 171
Foreign currency options 171
Futures contracts 172
Risk and return 173
Buying a call option 173
Writing a call option 175
Buying a put option 175
Writing a put option 177
The nature of embedded options 178
Government pass through securities and mortgage loans 179
Callable bonds 182
Variable rate loans 182
Interest rate caps 182
Interest rate floors 184
Deposits 185
Option Valuation 185
Factors that affect option valuation 188
Put call parity 189
Black Scholes option pricing model 190
Black futures option pricing model 192
Application of the Black Scholes model 192
Embedded option valuation 197
Mortgage related investments 197
Callable bonds 204
Variable rate loans 205
Contents xiii
Summary of option valuation concepts 208
Selected references 215
Endnotes 216
CHAPTER 6
Measuring the General Effect of Interest Rate Changes
Introduction 217
Bond Theorems 217
The relationship between changes in rate and changes in market value .. 218
The maturity date effect 218
The coupon rate effect 221
Interest rate risk and investor returns 221
Interest rate behavior 224
The term structure of interest rates 224
Theories explaining the term structure of interest rates 225
Unbiased expectations theory 226
Liquidity preference theory 230
Market segmentation theory 231
Interest rate risk and the bank portfolio 231
Interest rate sensitivity 231
Gap 234
Gap and gap ratio 234
Security Bank 235
First National Bank 235
Gap applications 236
Gap strategies 238
Interest rate risk and bank capital 240
Interest rate changes and net worth 241
Duration 243
Duration and net worth 245
Convexity 246
Summary of interest sensitivity concepts 249
Selected references 254
Endnotes 254
CHAPTER 7
The Impact of Changing Interest Rates on the Market
Value of Specific Bank Balance Sheet Categories
Introduction 255
Temporary Investments 256
Interest bearing time deposits in other banks 256
xiv Contents
Federal funds sold 257
Term federal funds sold 257
Securities purchased under agreement to resell 258
Analysis 258
Investment Securities 259
Treasury bills 259
Treasury notes 260
Treasury bonds 261
Mortgage pass through certificates 262
Noncallable municipal bonds 262
Callable municipal bonds with advance refunding 263
Zero coupon bonds 264
Analysis 265
Loans , 266
Commercial loans 266
Bullet loans 267
Working capital lines of credit 267
Term installment loans 268
Term interest only loans 269
Mortgage loans 270
Fixed rate mortgages 270
Graduated payment mortgages 271
Balloon mortgages—interest only 273
Balloon mortgages—amortizing 274
Consumer installment loans 275
Lease financing 276
Analysis 277
Liabilities 277
Time deposits 279
Commercial paper 279
Analysis 280
Embedded options 280
Recomputing option values 281
Assuming a 200 basis point increase in rates 282
Assuming a 200 basis point decrease in rates 283
Delta and gamma 284
Using delta and gamma to compute option values 286
Change in the market value of the underlying bond 286
Determining dx 286
Calculating gamma and the change in delta 286
Contents xv
Determining the original delta 287
Calculating the new delta 287
Calculating the new value of the call option 288
Analysis 289
Summary 290
Selected references 290
Endnotes 290
CHAPTER 8
Market Valuation Models for Off Balance Sheet Items and Derivatives
Introduction 291
Unused commitments 291
Letters of credit 292
Loans transferred with recourse 293
When issued securities 294
Interest rate derivatives 295
Swaps 295
Swap contracts 295
Swap valuation 297
Theoretical spot rate yield curve 298
Futures and forwards 302
A complete assessment of value 307
Selected references 308
Endnotes 308
APPENDIXES
A l Future value of $1 311
A 2 Future value of an annuity of $1 314
A 3 Present value of $1 317
A 4 Present value of an annuity of $1 320
B Bank Valuation Software 323
Index 325
About the Author 329
List of Figures
1 1 Interest Rate Volatility 5
1 2 The Composition of Commercial Bank Financial Assets,
1964 and 1991 11
1 3 The Composition of Commercial Bank Liabilities,
1964 and 1991 14
1 4 Bank Assets of Selected Industrialized Countries, 1989 16
1 5 Population per Bank, 1989 18
1 6 Population per Bank Branch, 1989 19
1 7 U.S.BankMergers 20
2 1 U.S. Treasury Securities 46
2 2 U.S. Government Agency Securities 48
2 3 Tax Exempt Securities 49
2 4 Corporate and Foreign Bond Investments 51
2 5 Commercial Bank Loans as a Percentage of Total
Business Liabilities 56
2 6 Home Mortgages 59
2 7 Multifamily Mortgages 60
2 8 Commercial Mortgages 61
2 9 Farm Mortgages 62
2 10 Consumer Credit 63
2 11 Security Credit 66
2 12 Small Time Deposits and Savings Accounts 69
2 13 Large Time Deposits 72
2 14 Federal Funds Purchased and Securities Sold
under Agreement to Repurchase (Net) 74
2 15 Corporate Bonds Payable 76
3 1 Future Value of a Single Amount 84
3 2 Present Value of a Single Amount 85
3 3 Value of a Single Amount at Year 1 86
xvii
xviii List of Figures
3 4 Expected Rate of Return 87
3 5 Future Value of anAnnuity 100
3 6 Derivation of the Future Value Interest Factor of an Annuity 101
3 7 Present Value of an Annuity 103
3 8 Derivation of the Present Value Interest Factor of an Annuity 104
3 9 Implied Point of Valuation of FVIFA 106
3 10 Implied Point of Valuation of PVIFA 107
4 1 Corporate Bond Rates 1961 1991 120
4 2 Commercial Paper Rates 1961 1991 124
4 3 Short and Long term U.S. Treasury Rates 1961 1991 126
4 4 Three Year U.S. Treasury Notes 129
4 5 Treasury Notes with Three Years to Maturity Valued
between Coupon Dates 132
4 6 Bond Price Over Time: Interest Paying Bond 135
4 7 Municipal Bond Rates 1961 1991 139
4 8 Bond Price Over Time: Zero Coupon Bond 142
4 9 Commercial Loan Rates 1961 1991 144
4 10 Home Mortgage Rates 1961 1991 149
5 1 Call Option Buying 174
5 2 Call Option Writing 176
5 3 Put Option Buying 177
5 4 Put Option Writing 178
5 5 Market Value of a Bond under Varying Interest
Rate Assumptions 183
5 6 Variable Rate Loan with a Cap and Floor:
Interest Income under Varying Interest Rate Assumptions 184
5 7 Interest Expense for Deposits with Three Month Penalty
for Early Withdrawal 186
5 8 Interest Expense for Deposits with Six Month Penalty
for Early Withdrawal 187
5 9 Polynomial Approximation of Cumulative Normal
Distribution Function 195
6 1 Market Value of a Bond: Discount Rate Effect 219
6 2 Market Value of a Bond: Maturity Date Effect 220
6 3 Market Value of a Bond: Coupon Rate Effect 222
6 4 Examples of Yield Curves 226
6 5 Hypothetical Yield Curve 228
6 6 Market Value Predictions by Duration 247
List of Tables
1 1 Federal Budget Expenditures for Defense and Payments
to Individuals, 1960 and 1968 4
1 2 FAS No. 107, Sample Disclosure for Commercial Banks 27
2 1 Factors That Affect Market Value by
Asset and Liabilities Categories 80
3 1 Rule of 72 88
3 2 Terminal Value: Fixed versus Variable Rates 90
3 3 Intrayear Compounding: Discrete and Continuous 93
3 4 Intrayear Compounding: Effective Interest Rates 97
3 5 Annual and Intrayear Compounding: Future Value and
Present Value Formulas: Single Cash Flows 98
3 6 Amortization Schedule Ill
3 7 Unequal Cash Flows and Expected Rate of Return 113
3 8 Bond Yield to Maturity 114
3 9 Summary of Time Value of Money Concepts 115
4 1 Graduated Payment Mortgage: Normal Amortization
First 60 Payments 153
4 2 Graduated Payment Mortgage: Negative Amortization
First 60 Payments 154
4 3 Graduated Payment Mortgage: Present Value
of First 60 Payments 156
4 4 Summary of Valuation Concepts 164
5 1 Terminal Value of a Pass Through Security
Without Prepayment 180
5 2 Terminal Value of a Pass Through Security
With Prepayment 181
5 3 Computing an Estimate of Volatility 194
xix
xx List of Tables
5 4 Mortgage Pass Through Amortization Schedule with
Servicing Fee and No Prepayments 199
5 5 Mortgage Pass Through Amortization Schedule with
Servicing Fee and Prepayments 201
5 6 Present Value of Mortgage Pass Throughs under
Various Interest Rate Assumptions 203
5 7 Summary of Options Concepts 209
6 1 Security Bank: Rate Sensitivity 1993 233
6 2 Security Bank: Profitability Analysis 1993 234
6 3 First National Bank: Rate Sensitivity 1993 237
6 4 First National Bank: Profitability Analysis 1993 238
6 5 First National Bank: GapAnalysis 1993 239
6 6 Anticipated CashFlows: Banks AandB 241
6 7 Duration Analysis: Banks AandB 244
6 8 Summary of Interest Sensitivity Concepts 250
7 1 Variability of Temporary Investments 259
7 2 Variability of Investment Securities 266
7 3 Variability of Loans 278
7 4 Variability of Liabilities 281
7 5 Variability of Embedded Options 289
8 1 Theoretical Treasury SpotRates 300
8 2 Treasury Bond Valuation Using Theoretical Spot Rates 302
8 3 Interest Rate Futures Pricing 305
|
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV010836058 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:59:44Z |
| institution | BVB |
| isbn | 1557387958 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007243019 |
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| owner_facet | DE-19 DE-BY-UBM DE-355 DE-BY-UBR |
| physical | XXII, 329 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| publisher | Irwin |
| record_format | marc |
| series2 | A bankline publication |
| spelling | Johnson, Hazel J. Verfasser aut The bank valuation handbook a market-based approach to valuing a bank Hazel J. Johnson 2. ed. Chicago, Ill. u.a. Irwin 1996 XXII, 329 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier A bankline publication Bank Banks and banking Valuation United States Fair value Accounting Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf USA Bank (DE-588)4004436-1 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007243019&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Johnson, Hazel J. The bank valuation handbook a market-based approach to valuing a bank Bank Banks and banking Valuation United States Fair value Accounting Unternehmensbewertung (DE-588)4078594-4 gnd Bank (DE-588)4004436-1 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4004436-1 |
| title | The bank valuation handbook a market-based approach to valuing a bank |
| title_auth | The bank valuation handbook a market-based approach to valuing a bank |
| title_exact_search | The bank valuation handbook a market-based approach to valuing a bank |
| title_full | The bank valuation handbook a market-based approach to valuing a bank Hazel J. Johnson |
| title_fullStr | The bank valuation handbook a market-based approach to valuing a bank Hazel J. Johnson |
| title_full_unstemmed | The bank valuation handbook a market-based approach to valuing a bank Hazel J. Johnson |
| title_short | The bank valuation handbook |
| title_sort | the bank valuation handbook a market based approach to valuing a bank |
| title_sub | a market-based approach to valuing a bank |
| topic | Bank Banks and banking Valuation United States Fair value Accounting Unternehmensbewertung (DE-588)4078594-4 gnd Bank (DE-588)4004436-1 gnd |
| topic_facet | Bank Banks and banking Valuation United States Fair value Accounting Unternehmensbewertung USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007243019&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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