PODCAST · business
Street Talk
by S&P Global Market Intelligence
S&P Global Market Intelligence takes a deep dive into issues facing financial institutions and the investment community. Tune in for interviews with industry insiders as well as brief outlooks for the banking sector.
Episodes
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Banks Tackle CRE Maturity Wall, But Rate Risks Loom
A sharp rise in commercial real estate originations in the second quarter of 2026, particularly among banks, signals a pivotal moment for the industry. Lenders are proactively addressing a massive wall of maturing loans, but the outlook is clouded by sticky inflation and evidence of an…
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Newly Merged Credit Union Sits On The 'Launchpad' Of Industry Innovation
Street Talk returns with new host, Head of Financial Institutions Research and Lead North American Insurance Analyst at S&P Global Market Intelligence, Tim Zawacki. Seven months into the largest merger of US credit unions on record, First Technology Federal Credit Union President and CEO Shruti...
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Ep. 150 - 12 words for community banks to live by
In banking, boring wins, according to veteran bank investor Joe Stieven. The CEO of Stieven Capital Advisors discussed what drives value and how community banks will remain relevant over the next decade at S&P Global Market Intelligence's annual community bankers conference. The investor said his...
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Ep. 149 - Dr. George Friedman sees old alliance as obsolete, new bilateral order as U.S. shifts from Europe to China
The post-WWII global order is entering a new era. In the episode recorded live at the S&P Global Market Intelligence's Annual Community Bankers Conference on May 6, geopolitical strategist and author Dr. George Friedman discusses the conflicts between the U.S. and Iran, and Russia and Ukraine…
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Ep. 148 - Banks, AI and the not so "hidden" exposure to private credit
A few blips tied to private credit and loans to nonbank financial institutions have weighed on the bank group recently and come at the same time at the group faced pressure over concerns that greater adoption of artificial intelligence could threaten many traditional jobs and ultimately lead to...
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Ep. 147 - KBW CEO sees M&A reboot, green lights for regional bank valuations
After years of trading at the steepest discount in the broader market—dead last among all major sectors—the banking industry is finally positioned to narrow that gap, according to KBW CEO Tom Michaud. In the episode, Michaud said that the best fundamental environment in years, historic levels of...
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Ep. 146 - Strong fundamentals, increasing M&A activity set the table for small cap bank stocks
While large bank stocks have significantly outperformed their smaller counterparts over the last few years, the tide could finally be turning, according to Jonah Marcus, partner and portfolio manager at Endeavour Capital Advisors, Inc. In the episode, Marcus said there are positive tailwinds for...
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Ep. 145 - Bank stocks are divorced from fundamentals
Bank stocks are trading at their cheapest levels relative to the broader market in a decade, but a confluence of catalysts, including rebounding M&A activity, deregulation and rate cuts by the Federal Reserve could finally unlock value for the sector, according to Mendon Capital's Anton Schutz…
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Ep. 144 - Decoding banks' third-quarter earnings and rebounding M&A activity
Despite ongoing economic uncertainty and investors' concerns about potential slippage in credit quality, U.S. banks delivered strong third-quarter results that beat expectations across the board. In the episode, Chris Nichols, Director of Capital Markets at South State, discusses third-quarter...
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Ep. 143 - Stablecoins vs. traditional banking: Who wins the battle for depositors?
The world of cryptocurrencies has seen no shortage of upheaval, but regulatory clarity that has arrived with recent legislation is expected to lead to greater adoption of stablecoins. Some market participants and banks are worried the growth could lead to deposit cannibalization. In the episode,...
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Ep. 142 - Despite looming rate cuts, strong deposit franchises still take the cake
While peak funding costs are in the rearview mirror, investors and bank acquirers continue to assign higher values to institutions with lower-cost deposit franchises. In the episode, S&P Global Market Intelligence analysts Nathan Stovall and Zain Tariq discuss which banks have the strongest…
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Ep. 141 - Signs of stronger bank M&A emerge as serial acquirers, large transactions return
Bank M&A activity is showing signs of life, and a much awaited rebound in bank deal activity could be in store. In this episode, Christopher Olsen, managing partner at Olsen Palmer, shared his view of the bank M&A market and why community banks are selling at this point in the cycle. The veteran...
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Ep. 140 - InterBank CEO C.K. Lee talks keys to high performance, producing a 3-plus% ROAA
InterBank President and CEO C.K. Lee runs one of the highest-performing banks in the country. The $4.7 billion, Oklahoma City-based bank has produced a pretax return on average assets of 3.30% or higher in each of the last five quarters and an S-Corp. adjusted ROAA of 2.60% or higher during each…
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Ep. 139 - Balance sheet, M&A and capital raising strategies for a volatile environment
Bank advisers and market participants at S&P Global Market Intelligence's annual community bankers conference said bank M&A and IPO activity is in a holding pattern and will pick up once there is greater clarity over the macroeconomic and interest rate environment. They also suggested that banks...
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Ep. 138 - Assessing the impact of tariffs on US banks
The emergence of tariffs led to a broad selloff of US banks amid fears of slower economic growth or even a possible recession. Banks' first-quarter earnings season showed strong performance before the onset of tariffs, but ultimately might have left investors with more questions than answers. In...
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Ep. 137 - Two top community bank performers share their special sauce
Each year, S&P Global Market Intelligence ranks top-performing financial institutions in the following categories: community banks $3 billion to $10 billion in assets, community banks with less than $3 billion in assets, credit unions will more than $100 million in assets, and the top largest…
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Ep. 136 – An activist's view of the banking industry
Activist investor John Palmer sees plenty of catalysts for bank stocks, including stronger fundamentals, attractive valuations and a resurgence in M&A activity among regional and community banks. In the episode, Palmer, principal and managing member at PL Capital, discussed his firm's investment...
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Ep. 135 - Takeaways from AOBA: Heavy dose of optimism as the deal window is open
The bank advisory community is optimistic that bank M&A activity will rebound in 2025 and they should be, according to Mercer Capital Managing Director Jeff Davis. In the episode, Davis discussed his takeaways from the annual Acquire or Be Acquired Conference, where scores of advisers shared…
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Ep. 134 - KBW CEO says bank stocks still have room to run
Investors have flocked back to the bank group over the last five months as the fundamental environment has improved and the election results in November added legs to the rally, according to KBW CEO Tom Michaud. In the episode, Michaud discussed improving investor sentiment toward the U.S. bank...
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Ep. 133 - Six reasons for a brighter bank M&A outlook
The bank M&A pipeline has improved significantly over the past month, and capital is available for institutions looking to grow amid the surge in investor interest in the banking sector, according to Bill Burgess, co-head of financial services investment banking at Piper Sandler. In the episode,...
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Ep. 132 - How the 2024 election could reshape bank regulation and M&A
The U.S. election could change the legislative, supervisory and regulatory framework for the banking industry. In the episode, we discuss what different election outcomes could mean for banks with three guests focused on policy, regulation and rulemaking: Paul Merski, executive vice president,...
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Ep. 131 - Bank boards capitulating, pushing for scale to combat challenges
The operating environment remains challenging for many banks but experts at Raymond James' annual whole loan conference in September 2024 noted there is a growing acceptance and willingness to pursue deals to counter headwinds facing the group. In the episode, three veterans at Raymond James –…
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Ep. 130 - How threatened are US banks by the wave of commercial real estate maturities
Rate hikes by the Federal Reserve and changes in post-pandemic behavior have put pressure on commercial real estate (CRE) borrowers needing to refinance loans coming due. The tally is nothing to sneeze at, with approximately $950 billion in CRE mortgages set to mature in 2024, according to S&P...
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Ep. 129 - Investor sees inflection point in bank stocks
Bank stocks and regional bank stocks in particular have rallied over the last month and there is further room to run, according to Joe Fenech, Chief Investment Officer at GenOpp Capital Management. In the episode, recorded on July 16, Fenech said that sentiment towards bank stocks is improving…
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Ep. 128 - Tales from Top Performers: South Plains Financial, Stellar Bancorp and City Holding Co.
Tales from Top Performers features conversations with executives at high-performing banks about their view of current issues, and the greatest challenges and opportunities they see ahead. This episode features executives from three of the highest performing banks in the country: Curtis Griffith,...
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Ep. 127 - The knife fight for deposits could spur more bank deals
Deposits and liquidity remain at the forefront for most bankers and the intense competition for core funding will eventually lead to a resurgence in M&A activity. That was the message delivered by a variety of presenters at S&P Global Market Intelligence's annual community bankers conference on…
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Ep. 126 - Hunting the bears, making the bull case for CRE
The investment community has expressed great concern over commercial real estate and questioned whether a severe downturn could lie on the horizon, but Rich Hill, head of real estate strategy and research at Cohen & Steers, is not in the camp. In the episode, Hill discussed the misconceptions…
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Ep. 125 - Tales from Top Perfomers: Five Star Bancorp CEO
Tales from Top Performers is a new series under the Street Talk banner that will feature conversations with executives at high-performing banks about their bank and experience in the sector; their view of current issues, and the greatest challenges and opportunities they see ahead. The inaugural...
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Ep. 124 - KBW CEO challenges investors painting banks with broad brush
The banks that failed in the spring of 2023 were outliers that violated some of the golden rules of banking, but many investors continue to unfairly paint the bank group with a broad brush, according to KBW CEO Tom Michaud. In the episode, Michaud discussed the drivers of the large bank failures…
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Ep. 123 - Bank regulators are tipping the scales, could push even harder
Regulatory scrutiny has intensified in the aftermath of the liquidity crunch that erupted in 2023 and could play an even larger role in bank M&A activity in 2024 by motivating more banks to consider selling, while also standing in the way of some transactions. The episode features views presented...
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Ep. 122 - Banks' Q4 results bring shades of '95 not '08, show credit digesting higher rates
U.S. banks' fourth-quarter 2023 earnings demonstrated continued pressure on funding costs and minimal slippage in credit quality. The Street largely took the results in stride, but management teams were hopeful that net interest margin pressure could subside in the second half of 2024 and credit...
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Ep. 121 - Lessons learned from a tumultuous '23, potential read through to '24
The word unprecedented became commonplace in banking circles in 2023. The Federal Reserve's rate hike campaign pushed bank balance sheets deeply underwater, spurred deposit outflows and exposed asset/liability mismatches at some institutions that culminated in record-breaking bank runs that led…
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Ep. 120 - Investor sees legs in US bank stock rally amid reasonably priced M&A
Bank stocks have rallied since the Federal Reserve offered hopes of rate cuts in 2024 and there are further catalysts on the horizon, including a pickup in M&A activity, according to Mendon Capital Advisors President Anton Schutz. In the episode, the veteran bank stock investor offered his view…
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Ep. 119 - Unlocking keys to balance sheet restructurings, bank M&A
The negative impact from higher interest rates has led a number of banks to considering balance sheet restructurings and a few institutions have pursued those transactions by unlocking capital through sales of business lines or merging with another company, according to Bill Burgess, co-head of...
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Ep. 118 - PE looking to fill community banks' capital need created by higher for longer rates
As community banks face a challenging operating environment due to higher for longer rates and heightened regulatory scrutiny, Tony Scavuzzo, managing principal at Castle Creek Capital, expects private equity investing in the sector to increase. In the episode, the private equity veteran said he...
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Ep. 117 - Banks face slow-cession, credit slippage as PE waits in the wings
Many bank boards are stuck as they face investor scrutiny and wait for slippage in credit quality, but experts at Raymond James' inaugural whole loan conference noted that private equity firms are waiting to infuse capital into institutions so they can play offense in the future. In the episode,...
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Ep. 116 - Early remediation, not Basel III endgame, the answer to avoid repeat of spring 2023 bank failures
In the latest Street Talk podcast, Davis Polk Partner David Portilla says implementing early remediation triggers outlined in the Dodd-Frank Act would be more effective than the Basel III endgame to avoid repeating the spring 2023 bank failures. In the episode, Portilla made the case for enacting...
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Ep. 115 - Unpacking the largest bank deal in '23, private equity involvement in bankland
Banc of California Inc.'s plans to acquire PacWest Bancorp, the largest bank deal thus far of 2023, offers some hope that a rebound in bank M&A could be on the horizon, but advisers acknowledged that the unique nature of the transaction makes it stand apart. In the latest Street Talk podcast,...
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Ep. 114 - Regional banks feel funding pressures, but second-quarter earnings target biggest bears
Many regional banks' second-quarter earnings might have fallen short of the Street's estimates, but results contradicted the bear case that weighed heavily on the institutions' stock prices during the spring, according to Terry McEvoy, managing director at Stephens. In the episode recorded on…
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Ep. 113 - Bank investors can find diamonds in the rough amid funding pressures
The liquidity crunch that erupted in March made deposits more precious, but performance has diverged between institutions of different sizes and regions, according to Josh Siegel, chairman and CEO of StoneCastle Partners. In the episode, Siegel discussed the liquidity pressures facing the…
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Ep. 112 - Banks face Bob Ross effect, tougher exams but 'huge' M&A on horizon
While many banks are being unfairly painted with a broad brush, institutions will face tougher regulatory examinations and pressure on probability and that should ultimately lead to a strong rebound in bank M&A activity. Those views were delivered by members of the investment and advisory…
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Ep. 111 - Bearish bank investor turns bullish
Brad Rinschler, managing partner at Down Range Capital Management, said in the latest "Street Talk" podcast that he believes valuations of many banks are attractive. In the episode, Rinschler and Connor Labozzetta, a partner at Down Range, discussed year-to-date performance of bank stocks, why…
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Ep. 110 - Bears use banks as 'weapons of destruction' to force change in Fed policy
Bearish investors are targeting bank stocks and ignoring the facts, according to Janney Montgomery Scott Director of Research Chris Marinac. In the episode, Marinac discussed the fallout from recent bank failures and the recent, sharp selloff in bank stocks. He said bearish investors are using...
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Ep. 109 - Liquidity crunch leaves some trophy franchises on sale - KBW CEO
The liquidity crunch that emerged at a few institutions in March sent fears through the market and battered bank stocks but the selloff has left some trophy franchises on sale, according to KBW CEO Tom Michaud. In the latest Street Talk podcast, KBW CEO Tom Michaud discussed the liquidity crunch...
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Ep. 108 - Weighing Fed rate hikes against banks' liquidity crunch
Economists had hopes that the Federal Reserve could achieve a soft landing as it worked to tame inflation but that prospect could be harder in light of the liquidity crunch facing the U.S. banking industry. In the episode, S&P Global Market Intelligence's news team highlights interviews with...
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Ep. 107 - Lessons learned from a modern day bank run
Higher rates have put deposits under pressure across the banking industry, but liquidity strains have been far more pronounced at a few banks, resulting in severe hits to their stock prices. Crypto-focused bank Silvergate announced plans to voluntarily wind down its operations after facing a...
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Ep. 106 - Banks may want to shrink rather than pay up for loan growth
As deposit competition intensifies, banks should consider slowing or even stopping growing to mitigate credit risk and threats to their net interest margins, according to South State Bank Director of Capital Markets Chris Nichols. The episode features a discussion on the pitfalls of competing for...
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Ep. 105 - Banks could see opportunity in fintech's cleansing fire
An unforgiving stock market and declining cash reserves at startups should lead to a wave of U.S. fintech industry consolidation in 2023. Some companies will survive, but many others will throw in the towel or sell their operations at a significant discount to their peak valuations, according to...
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Ep. 104 - Deposits king of the bank M&A mountain amid funding hunt
Bank M&A activity fell considerably in 2022 but the push to obtain core deposits should encourage a steady stream of deals in 2023 as funding becomes more precious. In the episode, Bill Burgess, co-head of financial services investment banking at Piper Sandler said he is bullish that roughly 200...
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Ep. 103 - Investors worry about bank liquidity, earnings drag from underwater bonds
A spike in interest rates has created large amounts of unrealized losses sitting in banks' bond portfolios and sparked liquidity concerns in the investment community, according to Brett Rabatin, director of research at Hovde Group. In the episode, Rabatin discussed the merits of investors'…
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ABOUT THIS SHOW
S&P Global Market Intelligence takes a deep dive into issues facing financial institutions and the investment community. Tune in for interviews with industry insiders as well as brief outlooks for the banking sector.
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S&P Global Market Intelligence
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How many episodes does Street Talk have?
Street Talk currently has 152 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Street Talk about?
S&P Global Market Intelligence takes a deep dive into issues facing financial institutions and the investment community. Tune in for interviews with industry insiders as well as brief outlooks for the banking sector.
How often does Street Talk release new episodes?
Street Talk publishes regularly with 152 episodes available. Check the episode list for the typical release schedule.
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Who hosts Street Talk?
Street Talk is created and hosted by S&P Global Market Intelligence.
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