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Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin:\nhttps://blockworks.co/event/permissionless-2023\nAs big banks start to report their earnings, Jack turns to banking specialist Alex Gray for insight. Gray taps her prior experience both as a commercial banking underwriter and as a senior analyst of large cap banking stocks to glean insights from the fourth quarter reports of JPMorgan Chase & Co ($JPM)., Bank of America ($BAC), and Wells Fargo ($WFC). Gray navigates the delicate balance between loan growth and credit quality, evaluates the cumulative effect of the Federal Reserve\u2019s rapid rate hikes on the profitability and balance sheets of the nation\u2019s largest money centers. As disclosed in the interview, Alex Gray currently serves as the director of finance for Blockworks.\nFollow Jack on Twitter https://twitter.com/JackFarley96\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n--\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\nhttps://rb.gy/5weeyw\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter: https://rb.gy/feusos\n\n__\nTimestamps:\n(00:00) Intro\n(00:59) How To Value Bank Stocks\n(03:10) Bank Profitability When Interest Rates Are At Zero\n(10:07) How To Measure Credit Losses\n(14:09) Commercial Lending Is In A New Bull Market\n(21:17) The Importance of Collateral\n(26:20) Permissionless Ad\n(33:55) Current Default Rates Are Low (But Rising)\n__\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.