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Table A.2: Effects of Overall Consolidation
Activity (CA) and Local Community Bank (CB) Market Share on Small Business
Loan Growth: 1994–1997 Effects on small business loan (SBL) growth
and its decompositions into loans under and over $100,000 and CRE versus
C&I loans. Estimated coefficients and standard errors (reported in parentheses) for all
explanatory variables
|
Urban Markets |
Rural Markets |
|
TotalSBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
| Intercept |
8.976 |
-1.244 |
10.221 |
-3.985 |
12.961** |
18.268** |
5.735 |
12.533 |
-2.061 |
20.329*** |
| (9.767) |
(6.750) |
(8.828) |
(6.035) |
(6.411) |
(7.726) |
(8.323) |
(8.676) |
(5.343) |
(4.846) |
| Overall CA |
-0.233*** |
-0.097*** |
-0.136*** |
-0.099*** |
-0.134*** |
-0.036 |
0.009 |
-0.045 |
-0.031 |
-0.005 |
| (0.048) |
(0.033) |
(0.044) |
(0.030) |
(0.032) |
(0.032) |
(0.034) |
(0.036) |
(0.022) |
(0.020) |
| CB SBL mkt share |
0.051 |
0.013 |
0.038 |
0.027 |
0.024 |
0.047** |
-0.008 |
0.055** |
0.036** |
0.011 |
| (0.040) |
(0.027) |
(0.036) |
(0.025) |
(0.026) |
(0.022) |
(0.024) |
(0.025) |
(0.015) |
(0.014) |
| Number of banks |
0.123 |
0.065 |
0.057 |
0.105* |
0.018 |
0.023 |
0.472 |
-0.449 |
0.108 |
-0.085 |
| (0.095) |
(0.066) |
(0.086) |
(0.059) |
(0.062) |
(0.345) |
(0.372) |
(0.388) |
(0.239) |
(0.217) |
| Deposit Herfendahl |
-0.001 |
0.001 |
-0.002 |
-0.001 |
0.000 |
-0.002** |
0.000 |
-0.003** |
0.000 |
-0.003*** |
| (0.002) |
(0.001) |
(0.002) |
(0.001) |
(0.001) |
(0.001) |
(0.001) |
(0.001) |
(0.001) |
(0.001) |
| Offices per capita |
1.741 |
-0.993 |
2.734** |
1.457 |
0.285 |
0.103 |
0.229 |
-0.127 |
0.431 |
-0.329 |
| (1.227) |
(0.848) |
(1.109) |
(0.758) |
(0.806) |
(0.617) |
(0.665) |
(0.693) |
(0.427) |
(0.387) |
| Deposits per capita |
-7.064* |
0.685 |
-7.750** |
-5.139** |
-1.925 |
-2.041 |
-0.639 |
-1.402 |
-2.735* |
0.694 |
| (3.599) |
(2.487) |
(3.253) |
(2.224) |
(2.362) |
(2.401) |
(2.587) |
(2.697) |
(1.661) |
(1.506) |
| Deposit growth lagged |
-0.107* |
-0.039 |
-0.068 |
-0.021 |
-0.086** |
0.106 |
0.107 |
-0.002 |
0.037 |
0.068 |
| (0.061) |
(0.042) |
(0.055) |
(0.038) |
(0.040) |
(0.080) |
(0.087) |
(0.090) |
(0.056) |
(0.050) |
| Deposit growth current |
0.130*** |
0.073*** |
0.056 |
0.088*** |
0.042 |
0.827*** |
0.173** |
0.654*** |
0.379*** |
0.449*** |
| (0.039) |
(0.027) |
(0.036) |
(0.024) |
(0.026) |
(0.079) |
(0.085) |
(0.089) |
(0.055) |
(0.050) |
| Thrift deposit share |
-0.062 |
0.096* |
-0.158** |
-0.082* |
0.020 |
-0.053 |
-0.002 |
-0.051 |
-0.047 |
-0.006 |
| (0.075) |
(0.052) |
(0.067) |
(0.046) |
(0.049) |
(0.048) |
(0.052) |
(0.054) |
(0.034) |
(0.030) |
| Population lagged |
-0.019 |
-0.018 |
-0.001 |
-0.041* |
0.022 |
-0.925** |
-0.399 |
-0.526 |
-0.578** |
-0.347 |
| (0.034) |
(0.023) |
(0.031) |
(0.021) |
(0.022) |
(0.366) |
(0.394) |
(0.411) |
(0.253) |
(0.230) |
| Pop. growth lagged |
-0.063 |
-0.309 |
0.246 |
-0.151 |
0.089 |
-0.232 |
-0.334 |
0.102 |
-0.163 |
-0.069 |
| (0.468) |
(0.324) |
(0.423) |
(0.289) |
(0.307) |
(0.240) |
(0.258) |
(0.269) |
(0.166) |
(0.150) |
| Pop. growth current |
1.134** |
0.364 |
0.770* |
0.770*** |
0.364 |
0.838*** |
0.735*** |
0.104 |
0.483*** |
0.356** |
| (0.475) |
(0.328) |
(0.430) |
(0.294) |
(0.312) |
(0.242) |
(0.260) |
(0.271) |
(0.167) |
(0.152) |
| Per cap income lagged |
-0.848 |
-0.316 |
-0.532 |
2.325 |
-3.174 |
0.229 |
-2.227 |
2.456 |
2.387 |
-2.157 |
| (2.970) |
(2.053) |
(2.684) |
(1.835) |
(1.949) |
(2.725) |
(2.936) |
(3.060) |
(1.885) |
(1.709) |
| PC income growth lagged |
-0.058 |
-0.055 |
-0.003 |
-0.131 |
0.073 |
0.110 |
-0.027 |
0.138 |
-0.054 |
0.164 |
| (0.273) |
(0.189) |
(0.247) |
(0.169) |
(0.179) |
(0.166) |
(0.178) |
(0.186) |
(0.114) |
(0.104) |
| PC income growth current |
0.178 |
-0.043 |
0.221 |
0.208 |
-0.030 |
0.146 |
0.225 |
-0.079 |
0.060 |
0.086 |
| (0.283) |
(0.196) |
(0.256) |
(0.175) |
(0.186) |
(0.165) |
(0.177) |
(0.185) |
(0.114) |
(0.103) |
| UE rate lagged |
-0.286 |
-0.109 |
-0.177 |
0.092 |
-0.378 |
0.025 |
-0.192 |
0.217 |
0.031 |
-0.006 |
| (0.378) |
(0.261) |
(0.342) |
(0.233) |
(0.248) |
(0.282) |
(0.304) |
(0.317) |
(0.195) |
(0.177) |
| UE rate change lagged |
1.162* |
0.423 |
0.739 |
0.621* |
0.541 |
0.926*** |
0.605* |
0.322 |
0.267 |
0.660*** |
| (0.039) |
(0.027) |
(0.036) |
(0.024) |
(0.026) |
(0.338) |
(0.365) |
(0.380) |
(0.234) |
(0.212) |
| UE rate change current |
-0.149 |
-0.801 |
0.652 |
0.822 |
-0.971* |
-0.496 |
0.284 |
-0.779* |
-0.485* |
-0.011 |
| (0.858) |
(0.593) |
(0.775) |
(0.530) |
(0.563) |
(0.408) |
(0.440) |
(0.459) |
(0.282) |
(0.256) |
| House price index chg lagged |
0.153 |
0.063 |
0.090 |
0.117 |
0.036 |
0.179 |
-0.125 |
0.303** |
0.278*** |
-0.099 |
| (0.126) |
(0.087) |
(0.114) |
(0.078) |
(0.083) |
(0.122) |
(0.131) |
(0.137) |
(0.084) |
(0.076) |
| House price index chg current |
0.267 |
0.109 |
0.158 |
0.152 |
0.115 |
-0.029 |
0.051 |
-0.079 |
-0.063 |
0.035 |
| (0.172) |
(0.119) |
(0.156) |
(0.107) |
(0.113) |
(0.158) |
(0.170) |
(0.177) |
(0.109) |
(0.099) |
Bldg permits % chg lagged |
0.036 |
0.011 |
0.024 |
0.032 |
0.004 |
-0.023 |
-0.042 |
0.019 |
0.014 |
-0.037** |
| (0.045) |
(0.031) |
(0.040) |
(0.028) |
(0.029) |
(0.026) |
(0.028) |
(0.030) |
(0.018) |
(0.017) |
| Bldg permits % chg current |
-0.022 |
-0.009 |
-0.013 |
-0.034 |
0.013 |
-0.009 |
-0.044* |
0.035 |
0.007 |
-0.016 |
| (0.040) |
(0.028) |
(0.037) |
(0.025) |
(0.027) |
(0.023) |
(0.024) |
(0.025) |
(0.016) |
(0.014) |
| R-Square |
0.380 |
0.131 |
0.321 |
0.375 |
0.230 |
0.276 |
0.043 |
0.157 |
0.208 |
0.193 |
| Sample size |
292 |
292 |
292 |
292 |
292 |
760 |
760 |
760 |
760 |
760 |
| Dependent variable mean |
9.863 |
0.823 |
9.040 |
3.532 |
6.331 |
12.508 |
0.357 |
12.151 |
5.454 |
7.054 |
Note: *, **, *** indicate significance levels of 10%, 5%, and 1%, respectively.
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