Independent Banker - August 2018 - 39

Next: Why innovation should permeate your strategic plan
is farther out on the maturity scale, has lost some ground
as the market adjusts to produce tax-equivalent spreads in
parity with 2017.
Managing through the cycle
So, how does a portfolio manager take advantage? I have
two " actionable " suggestions. First, remember that a portfolio
being under water is proof that higher market yields
are available. A bank can sell bonds at a loss, reinvest into
higher-yielding instruments and begin to make back the
loss immediately. The strategy of a " tax swap, " which entails
the sale of tax-frees at a loss, isn't the panacea it once was,
but it still has advantages over the sale of taxables at a loss.
Finally, with loan demand high and reinvestment rates
likely to improve over the remainder of 2018, you may want to
add some bonds that are nearly certain to provide cash fl ow.
These can include high-coupon seasoned mortgage-backed
securities (MBSs) or short reset adjustable-rate mortgages
(ARMs). As we cover some more distance on the road to
higher rates, active management can keep your portfolio
out of the ditch.
Education on Tap
Webinar series continues
On Aug. 14, join us for the next ICBA Securities/
Vining Sparks webinar. Wade Walker will discuss
" Balance Sheet Management and Your Loan
Portfolio. " One hour of CPE is available. To register,
visit viningsparks.com
June 30, 2014
June 30, 2015
June 30, 2016
June 30, 2017
June 30, 2018
2-yr UST
0.46%
0.64
0.58
1.38
2.52
10-yr UST
2.53%
2.35
1.47
2.30
2.86
Diff erence
2.07%
1.71
0.89
0.92
0.34
Source: Bloomberg
:KR GHÀQHV
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legacy?

http://www.viningsparks.com

Independent Banker - August 2018

Table of Contents for the Digital Edition of Independent Banker - August 2018

Table of Contents
Independent Banker - August 2018 - Intro
Independent Banker - August 2018 - Cover1
Independent Banker - August 2018 - Cover2
Independent Banker - August 2018 - Table of Contents
Independent Banker - August 2018 - 2
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Independent Banker - August 2018 - Cover3
Independent Banker - August 2018 - Cover4
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