视频总结；启动对32家地区性和中型银行的覆盖

David Chiaverini, CFA * | Equity Analyst+1 (212) 778-8554 | dchiaverini@jefferies.comBrian Violino, CFA * | Equity Analyst+1 (212) 444-4139 | bviolino@jefferies.comBrooks Dutton * | Equity Associate+1 (212) 510-3220 | bdutton@jefferies.com Key factors that could drive positive performance for banks in coming quarters include:1) Loangrowth should rebound.Even though loan growth was sluggish in 1Q'25, most banks are cautiouslyoptimistic for a rebound in 2H'25. Early 2Q trends from the Fed's H.8 data suggest a robust uptickin C&I loan growth.2) Margins should expand.Fixed-rate asset repricing of loans and securitiesshould provide support for increasing asset yields as these assets mature in '25 & '26. Combinedwith strong deposit betas thus far in the down-rate cycle positions banks for NIM expansion andsolid net interest income (NII) growth.3) Credit quality remains resilient.Despite tariff & recessionuncertainty, underlying credit metrics for banks are resilient as NPAs in 1Q'25 marked the firstmedian decline in nearly two years for both regional and mid-cap banks.4) Capital levels are strong.Bank capital ratios are at the highest they've been in years, providing flexibility in an uncertainenvironment. If the economy worsens, capital offers a buffer against losses, and if uncertaintyclears, strong capital allows banks to quickly pivot to support loan growth, share repurchases, andM&A activity.5) Bank valuations are attractive, in our view.Valuation.Regional banks are trading at a median P/E multiple of 9.9x our 2026 EPS estimate vs.a 10-year historical median P/E of 11.1x and mid-caps are trading at 9.5x vs. a 10-year historicalmedian of 12.1x. Regionals are also trading at a P/TBV of 1.4x vs. the historical median of 1.5x, andmid-caps are trading at 1.5x vs. the historical median of 1.7x.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, David Chiaverini, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Brian Violino, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Brooks Dutton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Flagstar Financial Inc.For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock mar