Fourth quarter bank data for 2010 is now uploading to the BankProspector database. Paid members who log in today will find that the number of banks reporting will be dramatically different from the number available a few days ago. The way the system works is this:
At the end of each quarter (12/31, 3/31, 6/30, 9/30) banks file their call reports. These reports are not due immediately, banks file them throughout the month and they have until January 30th. Between now and the end of the month all banks are required to submit their reports. If you log in today you’ll see that for the new period, Dec 2010, only 7 banks have reported.
When you search for banks with the text search you are accessing 2 quarters of information and you’ll notice that there are still some 7,000 plus banks in the database. When you visit an individual bank report you may see ‘Reporting Date: 20100930’ in the top right corner. This means that this bank has yet to file 20101231, the most current report. You will notice probably that your ‘saved searches’ are not producing much if any results today, this is true for all ‘Advanced Searches‘. That’s because the saved search results pull from the current reporting period. Rest assured that these will populate pretty quickly over the next couple of weeks.
Paid subscribers probably know that our system makes an hourly pull and checks for all bank reports and filings. What this will mean to you is that over the next month the data will change very rapidly. We find that the beginning of a reporting month can be somewhat slow but by the 10th we’re likely to see hundreds and occasionally thousands of banks filing new reports daily.
It will be very interesting to see where we end up in terms of year-end figures. As of today we can see in the back-end of the system that there are 7015 banks in the panel of reporters. Last quarter we had 7094 so that’s a loss of 79 institutions or about 1%. There are a number of whole bank acquisitions happening out there right now in addition to the closures. The banking landscape may look very different in another year’s time.
I was speaking recently with an analyst who consults with banks and provides financial modeling services for the industry. He says their firm is estimating that by the time we’re through this cycle we will have somewhere in the neighborhood of 5,000 banks left standing. The real question for you and me will be how much of that inventory liquidation can we be a part of.