Independent Banker - February 2023 - 41

PORTFOLIO
FEBRUARY 15 | 3 ET / 2 CT
The Future
of the
Cyber Fiduciary
Featuring:
Dave Detweiler
Managing Director
SEI Sphere
Cyber risk should be viewed
as financial risk; therefore,
we can expect it to
become regulated as such.
Accordingly, community bank
leaders could potentially be
pulled further into a formal
fiduciary role over cyber risk.
Join us, as we discuss
fiduciary responsibility in
the financial industry and
how you can take charge
for your bank.
SBA. There are 299 such funds
currently operating, and the SBA
guaranteed $11.9 billion of the
outstanding debentures as of June
30, 2022. (For context, the MBS
market is about $12 trillion.) The
SBA issues a 10-year pool every
March and September, and the
coupon is set shortly before issuance
to be priced near par. Something
unique about SBICs is that principal
does not amortize; they pay only
semi-annual interest until the stated
maturity date. However, here's
another feature that make SBICs
attractive to community banks: The
individual debentures can prepay, so
that the cash flows, average lives and
durations are all considerably shorter
than a 10-year agency.
Why now?
Investors may see value for several
reasons. First, if a given community
bank is trying to lock in today's
yields, SBICs tie the money down
for a desirable period of time. Their
average lives will be around six years
at the outset, although there will be
very little principal returned initially,
which may be a bonus.
Also, the 10-year final looks good
to portfolio managers. The new pools
will have relatively current coupons,
so their prices will be at or around
par, and the benefit is an on-market
If a given community bank is trying to lock
in today's yields, SBICs tie the money down
for a desirable period of time.
Education on Tap
2023 Bond Academy registration open
ICBA Securities and its exclusive broker Stifel host the 2023 ICBA Bond
Academy on April 17-18, 2023, in Memphis, Tenn. Up to 11 hours of CPE
credit is available. For more information or to register, contact your
Stifel sales rep or visit icbasecurities.com
REGISTER TODAY!
To register and view our full
library of free on-demand
webinars, visit the Independent
Banker Webinar Center at
Independentbanker.org
Webinar series commences
ICBA Securities and Stifel will present a series of webinars this year
that cover a range of topics concerning community bank balance
sheets. We will discuss portfolio management, interest rate risk,
loan strategies and economic analysis. Be watching this space for
registration information.

http://www.icbasecurities.com http://www.Independentbanker.org

Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023

Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
Independent Banker - February 2023 - 4
Independent Banker - February 2023 - 5
Independent Banker - February 2023 - 6
Independent Banker - February 2023 - 7
Independent Banker - February 2023 - 8
Independent Banker - February 2023 - 9
Independent Banker - February 2023 - 10
Independent Banker - February 2023 - 11
Independent Banker - February 2023 - 12
Independent Banker - February 2023 - 13
Independent Banker - February 2023 - 14
Independent Banker - February 2023 - 15
Independent Banker - February 2023 - 16
Independent Banker - February 2023 - 17
Independent Banker - February 2023 - 18
Independent Banker - February 2023 - 19
Independent Banker - February 2023 - 20
Independent Banker - February 2023 - 21
Independent Banker - February 2023 - 22
Independent Banker - February 2023 - 23
Independent Banker - February 2023 - 24
Independent Banker - February 2023 - 25
Independent Banker - February 2023 - 26
Independent Banker - February 2023 - 27
Independent Banker - February 2023 - 28
Independent Banker - February 2023 - 29
Independent Banker - February 2023 - 30
Independent Banker - February 2023 - 31
Independent Banker - February 2023 - 32
Independent Banker - February 2023 - 33
Independent Banker - February 2023 - 34
Independent Banker - February 2023 - 35
Independent Banker - February 2023 - 36
Independent Banker - February 2023 - 37
Independent Banker - February 2023 - 38
Independent Banker - February 2023 - 39
Independent Banker - February 2023 - 40
Independent Banker - February 2023 - 41
Independent Banker - February 2023 - 42
Independent Banker - February 2023 - 43
Independent Banker - February 2023 - 44
Independent Banker - February 2023 - 45
Independent Banker - February 2023 - 46
Independent Banker - February 2023 - 47
Independent Banker - February 2023 - 48
Independent Banker - February 2023 - 49
Independent Banker - February 2023 - 50
Independent Banker - February 2023 - 51
Independent Banker - February 2023 - 52
Independent Banker - February 2023 - 53
Independent Banker - February 2023 - 54
Independent Banker - February 2023 - 55
Independent Banker - February 2023 - 56
Independent Banker - February 2023 - 57
Independent Banker - February 2023 - 58
Independent Banker - February 2023 - 59
Independent Banker - February 2023 - 60
Independent Banker - February 2023 - 61
Independent Banker - February 2023 - 62
Independent Banker - February 2023 - 63
Independent Banker - February 2023 - 64
Independent Banker - February 2023 - 65
Independent Banker - February 2023 - 66
Independent Banker - February 2023 - 67
Independent Banker - February 2023 - 68
Independent Banker - February 2023 - 69
Independent Banker - February 2023 - 70
Independent Banker - February 2023 - 71
Independent Banker - February 2023 - 72
Independent Banker - February 2023 - 73
Independent Banker - February 2023 - 74
Independent Banker - February 2023 - 75
Independent Banker - February 2023 - 76
Independent Banker - February 2023 - 77
Independent Banker - February 2023 - Cover3
Independent Banker - February 2023 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/april2024
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https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
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