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KBRA Affirms Ratings for Israel Discount Bank of New York

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KBRA Affirms Ratings for Israel Discount Bank of New York KBRA Affirms Ratings for Israel Discount Bank of New York NEW YORK (October 17, 2019) – Kroll Bond Rating Agency (KBRA) affirms the senior unsecured debt and deposit ratings of A-, subordinated debt rating of BBB+, and short-term debt and deposit ratings of K2 for New York, New York-based Israel Discount Bank of New York (“IDB Bank” or “the bank”). The Outlook for all long-term ratings is Stable. The ratings are supported by the bank’s comparatively strong capital profile with +10% TCE, coupled with a conservative balance sheet composition which, together, drive IDB Bank’s risk- weighted capital profile well above those of similarly situated peers. The ratings are further reinforced by IDB Bank’s better-than-average asset quality and favorable historical loss rates, best demonstrated by the bank’s already low NPA and NCO levels dropping to effectively zero. With the conservative balance sheet construction, IDB Bank is positioned to be highly liquid, including a significant level of HQLA securities. This is primarily driven by the bank’s adherence to LCR requirements, which carry through to IDB Bank from its Israeli parent, Israel Discount Bank Ltd. (“IDB Ltd.”) and is subject to enhanced regulatory scrutiny. Concurrently, IDB Bank adheres to and maintains comprehensive liquidity and risk management infrastructure, well above domestic U.S. requirements for comparably sized peers. The ratings are constrained by historically below-peer reported profitability (a byproduct of the low risk nature of the balance sheet), though KBRA observes favorable trends in profitability metrics driven by early success in the bank’s strategic initiatives. However, we continue to observe a degree of uncertainty surrounding the execution of ongoing strategies to increase client engagement through a broader suite of client offerings, particularly given recent turnover in the C-Suite, though we also view the potential disruption in strategy from leadership change as remote. Providing further constraint to the ratings is a reliance upon spread income. Additionally, KBRA recognizes that IDB Bank is a key operating unit of IDB Ltd. and is considered strategically important to the group. Further, the Israeli parent organization was a key source of strength to IDB Bank during the financial crisis. However, for the purposes of the development of ratings, KBRA does not include explicit external support for IDB Bank as the bank has independent corporate governance separate from its Israeli parent, as well as operational independence, though the bank benefits from synergies within the group. A surveillance report will be forthcoming. The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016. Analytical Contacts: M Scott Durant, Director (301) 969-3248 [email protected] Ian Jaffe, Managing Director (646) 731-3302 [email protected] Ben Rodriguez, Associate Director (301) 969-3186 [email protected] Business Development Contact: Dave DeMilt (646) 731-3335 [email protected] CONNECT WITH KBRA About KBRA and KBRA Europe KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA. .
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