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Table A.3: Effects of Overall Consolidation
Activity (CA) and Local Community Bank (CB) Market Share on Small Business
Loan Growth: 1997-2000 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 |
|
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
| Intercept |
29.961*** |
2.778 |
27.182*** |
16.456*** |
13.504* |
55.449*** |
29.772*** |
25.676*** |
35.310*** |
20.138*** |
| (10.34) |
(7.050) |
(7.761) |
(5.827) |
(8.009) |
(10.38) |
(8.384) |
(8.938) |
(7.666) |
(5.483) |
| Overall CA |
0.102* |
0.084** |
0.018 |
0.002 |
0.100** |
0.021 |
0.057* |
-0.036 |
0.016 |
0.005 |
| (0.052) |
(0.036) |
(0.039) |
(0.030) |
(0.041) |
(0.042) |
(0.034) |
(0.036) |
(0.031) |
(0.022) |
| CB SBL mkt share |
-0.016 |
-0.025 |
0.009 |
-0.015 |
0.000 |
-0.003 |
-0.047* |
0.044 |
-0.005 |
0.002 |
| (0.046) |
(0.032) |
(0.035) |
(0.026) |
(0.036) |
(0.032) |
(0.026) |
(0.028) |
(0.024) |
(0.017) |
| Number of banks |
0.104 |
0.069 |
0.035 |
0.019 |
0.085 |
-0.133 |
0.023 |
-0.155 |
-0.332 |
0.199 |
| (0.120) |
(0.082) |
(0.090) |
(0.068) |
(0.093) |
(0.487) |
(0.393) |
(0.419) |
(0.360) |
(0.257) |
| Deposit Herfendahl |
0.002 |
0.001 |
0.001 |
0.000 |
0.003* |
-0.006*** |
-0.004*** |
-0.003* |
-0.005*** |
-0.002** |
| (0.002) |
(0.001) |
(0.001) |
(0.001) |
(0.002) |
(0.002) |
(0.001) |
(0.001) |
(0.001) |
(0.001) |
| Offices per-capita |
-0.559 |
0.377 |
-0.936 |
0.312 |
-0.871 |
1.238 |
0.460 |
0.778 |
0.828 |
0.410 |
| (1.575) |
(1.074) |
(1.182) |
(0.888) |
(1.220) |
(0.856) |
(0.691) |
(0.737) |
(0.632) |
(0.452) |
| Deposits per-capita |
-4.389 |
-1.776 |
-2.613 |
-3.963 |
-0.425 |
-25.47*** |
-12.20*** |
-13.28*** |
-14.73*** |
-10.75*** |
| (4.337) |
(2.957) |
(3.255) |
(2.444) |
(3.359) |
(3.170) |
(2.560) |
(2.729) |
(2.341) |
(1.674) |
| Deposit growth lagged |
-0.002 |
-0.059 |
0.056 |
0.028 |
-0.030 |
0.092 |
0.180* |
-0.088 |
0.091 |
0.001 |
| (0.062) |
(0.042) |
(0.047) |
(0.035) |
(0.048) |
(0.114) |
(0.092) |
(0.098) |
(0.084) |
(0.060) |
| Deposit growth current |
0.785*** |
0.343*** |
0.442*** |
0.174*** |
0.611*** |
1.199*** |
0.593*** |
0.605*** |
0.748*** |
0.451*** |
| (0.061) |
(0.042) |
(0.046) |
(0.035) |
(0.048) |
(0.056) |
(0.045) |
(0.048) |
(0.042) |
(0.030) |
| Thrift deposit share |
0.033 |
0.005 |
0.029 |
-0.009 |
0.042 |
0.021 |
0.004 |
0.017 |
0.002 |
0.019 |
| (0.087) |
(0.059) |
(0.065) |
(0.049) |
(0.067) |
(0.063) |
(0.051) |
(0.054) |
(0.047) |
(0.033) |
| Population lagged |
-0.052 |
-0.008 |
-0.044 |
-0.028 |
-0.024 |
-1.293*** |
-1.085*** |
-0.207 |
-0.690* |
-0.603** |
| (0.038) |
(0.026) |
(0.028) |
(0.021) |
(0.029) |
(0.493) |
(0.398) |
(0.425) |
(0.364) |
(0.261) |
| Pop. growth lagged |
-0.037 |
-0.075 |
0.039 |
0.489 |
-0.526 |
0.239 |
-0.186 |
0.424 |
0.255 |
-0.016 |
| (0.632) |
(0.431) |
(0.474) |
(0.356) |
(0.489) |
(0.373) |
(0.302) |
(0.321) |
(0.276) |
(0.197) |
| Pop. growth current |
0.728 |
0.238 |
0.490 |
0.266 |
0.462 |
-0.515 |
-0.322 |
-0.192 |
-0.096 |
-0.419* |
| (0.710) |
(0.484) |
(0.533) |
(0.400) |
(0.550) |
(0.446) |
(0.360) |
(0.384) |
(0.330) |
(0.236) |
| Per-cap income lagged |
-6.257* |
-1.842 |
-4.415* |
-1.918 |
-4.339* |
6.467* |
1.913 |
4.554 |
4.398* |
2.069 |
| (3.337) |
(2.275) |
(2.504) |
(1.880) |
(2.584) |
(3.470) |
(2.802) |
(2.987) |
(2.562) |
(1.833) |
| PC income growth lagged |
0.452 |
0.302 |
0.150 |
0.020 |
0.432* |
0.151 |
-0.091 |
0.242 |
-0.027 |
0.177 |
| (0.321) |
(0.219) |
(0.241) |
(0.181) |
(0.249) |
(0.241) |
(0.194) |
(0.207) |
(0.178) |
(0.127) |
| PC income growth current |
0.231 |
-0.008 |
0.239 |
-0.059 |
0.290 |
0.331 |
0.117 |
0.214 |
0.176 |
0.156 |
| (0.317) |
(0.216) |
(0.238) |
(0.179) |
(0.246) |
(0.269) |
(0.218) |
(0.232) |
(0.199) |
(0.142) |
| UE rate lagged |
-0.443 |
-0.244 |
-0.199 |
-0.175 |
-0.268 |
-0.603 |
-0.128 |
-0.475 |
-0.239 |
-0.364* |
| (0.414) |
(0.283) |
(0.311) |
(0.234) |
(0.321) |
(0.414) |
(0.334) |
(0.356) |
(0.306) |
(0.219) |
| UE rate change lagged |
1.633* |
0.386 |
1.247* |
0.795 |
0.838 |
-0.022 |
-0.549 |
0.528 |
-0.461 |
0.440 |
| (0.898) |
(0.613) |
(0.674) |
(0.506) |
(0.696) |
(0.533) |
(0.431) |
(0.459) |
(0.394) |
(0.282) |
| UE rate change current |
1.749* |
0.890 |
0.859 |
0.579 |
1.171 |
0.277 |
0.360 |
-0.082 |
0.562 |
-0.284 |
| (1.015) |
(0.692) |
(0.762) |
(0.572) |
(0.786) |
(0.606) |
(0.490) |
(0.522) |
(0.448) |
(0.320) |
| House price index chg lagged |
0.125 |
-0.158 |
0.283** |
0.106 |
0.019 |
0.154 |
-0.168 |
0.322** |
0.075 |
0.079 |
| (0.157) |
(0.107) |
(0.118) |
(0.089) |
(0.122) |
(0.157) |
(0.126) |
(0.135) |
(0.116) |
(0.083) |
| House price index chg current |
-0.004 |
0.022 |
-0.026 |
0.097 |
-0.101 |
-0.391** |
-0.200 |
-0.191 |
-0.249* |
-0.142 |
| (0.155) |
(0.105) |
(0.116) |
(0.087) |
(0.120) |
(0.174) |
(0.140) |
(0.150) |
(0.128) |
(0.092) |
| Bldg permits % chg lagged |
-0.002 |
-0.009 |
0.007 |
0.016 |
-0.018 |
-0.056* |
-0.019 |
-0.037 |
-0.051** |
-0.005 |
| (0.048) |
(0.033) |
(0.036) |
(0.027) |
(0.037) |
(0.032) |
(0.026) |
(0.027) |
(0.023) |
(0.017) |
| Bldg permits % chg current |
-0.106** |
-0.046 |
-0.060* |
-0.037 |
-0.068* |
-0.036 |
-0.042 |
0.007 |
-0.038 |
0.002 |
| (0.045) |
(0.031) |
(0.034) |
(0.025) |
(0.035) |
(0.032) |
(0.026) |
(0.028) |
(0.024) |
(0.017) |
| R-Square |
0.486 |
0.272 |
0.414 |
0.302 |
0.440 |
0.432 |
0.226 |
0.231 |
0.366 |
0.272 |
| Sample size |
292 |
292 |
292 |
292 |
292 |
760 |
760 |
760 |
760 |
760 |
| Dependent variable mean |
16.344 |
-0.573 |
16.918 |
8.944 |
7.401 |
18.980 |
0.220 |
18.760 |
12.040 |
6.937 |
Note: *, **, *** indicate significance levels of 10%, 5%, and 1%, respectively.
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