Independent Banker - March 2019 - 44

PORTFOLIO
Portfolio Management
By Jim Reber, ICBA Securities
Echoes of the ARRA
Decade-old legislation could aff ect bond
portfolios this year.
atchel Paige, the baseball Hall of Famer
and clubhouse philosopher, once advised:
" Don't look back. Something might be gaining on
you. " As 2019 arrives, this could apply to certain
securities lurking in your investment portfolio.
For the most part, community bankers have
put the turmoil surrounding the Great Recession
fi rmly in their rear-view mirrors. The industry
reported record earnings last year, and many of
the metrics that determine success for depository
institutions are pointing to a robust 2019.
However, it's been well documented that available
liquidity has dwindled. The good news is, a
portion of your investments may be converting
itself to cash in the very near future. So, it may
44 Q ICBA Independent Banker Q March 2019
S
be helpful to review what caused these to land in
your bond portfolio in the fi rst place.
The main " spendulus " bill to pull the U.S. economy
out of its deep recession was the American
Recovery and Reinvestment Act (ARRA) of 2009.
It contained some provisions that aff ected how
community banks manage investments, especially
their municipal bonds. The law created
some new tax-aff ected investments, expanded
the scope of some existing bonds and made others
more benefi cial for community banks to own.
One new product was the line of taxable munis
known as Build America Bonds (BABs). These
securities fi nanced infrastructure projects and
were attractive to borrowers because they were
subsidized by the U.S. Treasury for 35 percent
of the coupon. Buyers liked them too, because
BABs were high quality, usually were general
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks

Independent Banker - March 2019

Table of Contents for the Digital Edition of Independent Banker - March 2019

Table of Contents
Independent Banker - March 2019 - Intro
Independent Banker - March 2019 - Cover1
Independent Banker - March 2019 - Cover2
Independent Banker - March 2019 - Table of Contents
Independent Banker - March 2019 - 2
Independent Banker - March 2019 - 3
Independent Banker - March 2019 - 4
Independent Banker - March 2019 - 5
Independent Banker - March 2019 - 6
Independent Banker - March 2019 - 7
Independent Banker - March 2019 - 8
Independent Banker - March 2019 - 9
Independent Banker - March 2019 - 10
Independent Banker - March 2019 - 11
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Independent Banker - March 2019 - Cover3
Independent Banker - March 2019 - Cover4
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