Anne-Marie Roerink, Fresh produce sales remain ahead in first half of 2021 , IRIworldwide, June 27, 2021; Emily Park, “FMI: Produce department sales up 11.4% in 2020 ,” Supermarket Perimeter, April 8, 2021

Roerink, Fresh produce sales remain ahead in first half of 2021 .

Leon Pieters and Justin Cook, Where will we eat? , Deloitte, 2021.

American Frozen Food Institute and FMI, The power of frozen 2021 , 2021.

Ibid.

Anne-Marie Roerink, Frozen foods continue to enjoy high demand , IRIworldwide, May 23, 2021.

American Frozen Food Institute and FMI, The power of frozen 2021 .

Bureau of Labor Statistics, Consumer price index—July 2021 , accessed August 10, 2021.

US Department of Agriculture, “Fruit and vegetable prices ,” accessed August 10, 2021.

Elizabeth Crawford, “Popularity of frozen food rises as brands improve ingredient decks, consumers seek convenience, long-shelf life ,” February 26, 2021.

Russell Redman, “U.S. plant-based food retail sales jumped 27% in 2020 ,” Supermarket News, April 6, 2021.

Daniel Bachman, US Economic Forecast: 2^nd Quarter 2020, Deloitte, June 15, 2020.

Kathy Orton, “Homeowners stopped paying mortgages in record numbers in April,” Washington Post, May 22, 2020.

Daniel Garcia-Diaz, “CARES Act provides relief to some homeowners during coronavirus outbreak,” US Government Accountability Office Watch Blog, April 28, 2020.

Mortgage Bankers Association, “Share of mortgage loans in forbearance increases to 8.53%,” June 8, 2020.

Federal Reserve Bank of St. Louis, “S&P/Case-Shiller 20-City Composite Home Price Index,” FRED Economic Data, accessed June 8, 2020.

You Suk Kim et al., “Liquidity crisis in the mortgage market,” Brookings Papers on Economic Activity, Spring 2018.

Inside Mortgage data; Ben Eisen, “The mortgage market never got fixed after 2008. Now it’s breaking again,” Wall Street Journal, May 9, 2020.

Kayla Shoemaker, “Trends in mortgage origination and servicing: Nonbanks in the post-crisis period,” FDIC Quarterly 13, no. 4 (2019): pp. 51–69.

Urban Institute data; Eisen, “The mortgage market never got fixed after 2008.

Andrew Ackerman, “Fannie, Freddie regulator moves to ease cash crunch at mortgage servicers,” Wall Street Journal, April 21, 2020.

Brena Nath, “Ginnie Mae prepares to offer relief in servicing liquidity nightmare,” Housing Wire, March 29, 2020.

Ben Lane, “Fannie Mae, Freddie Mac: Borrowers in forbearance can defer all missed payments until the end of their loan,” Housing Wire, May 13, 2020.

Kate Berry, “CFPB gets earful from consumers about mortgage servicers,” American Banker, May 10, 2020.

Ibid.

Matthew J. Belvedere, “CEO of mortgage giant Quicken Loans explains how struggling homeowners can skip the payment,” CNBC, April 15, 2020.

Michelle F Davis, “JPMorgan shifts scores of workers to mortgages to handle boom,” Bloomberg, February 28, 2020.

Ben Lane, “CFPB makes it easier for mortgage servicers to digitize loss mitigation process amid pandemic,” Housing Wire, May 26, 2020.

Ira Kailash, Weekly global economic update, week of May 11, 2020, Deloitte Insights, May 12, 2020.

US Bureau of Labor Statistics, “The employment situation—May 2020,” news release, June 5, 2020.

Insurance Journal, “Here’s what happened to commercial insurance renewal premiums in April,” May 14, 2020.

S&P Global Market Intelligence statistics.

Insureon, “How much does workers’ compensation insurance cost?,” accessed June 18, 2020.

National Council on Compensation Insurance Insights, “COVID-19 and workers compensation: What you need to know,” May 20, 2020.

Chris Tidball, “Post-COVID-19 claims trends: What to expect,” National Underwriter, April 16, 2020.

Anuj Maniar, Insurers step up as financial first responders: Supporting clients and communities, Deloitte Insights, May 12, 2020.

Ira Kailash, Weekly global economic update, June 2020, Deloitte Insights, accessed June 11, 2020.

Daniel Bachman, United States Economic Forecast: 2nd Quarter 2020, Deloitte Insights, June 15, 2020.

Ibid.

Kin Insurance, “How does coronavirus impact home insurance?,” April 6, 2020.

Anuj Maniar, Insurers step up as financial first responders: Supporting clients and communities, Deloitte Insights, May 12, 2020.

Ira Kailash, Weekly global economic update, June 2020, Deloitte Insights, accessed June 11, 2020.

Aayat Ali, “The impact of covid-19 on the coworking sector,” Allwork, April 6, 2020.

Scott Homa and Phil Ryan, “United States office outlook – Q1 2020,” JLL, April 6, 2020.

Nicole Funari and John Worth, “REIT industry June rent collection data,” Nareit, June 24, 2020.

S&P Global Market Intelligence and Deloitte Center for Financial Services analysis.

Mark Wilson, “Our offices will never be the same after COVID-19. Here’s what they could look like,” Fast Company, April 13, 2020.

Federal Deposit Insurance Corporation, Quarterly banking profile, first quarter 2020, June 16, 2020.

Daniel Bachman, United States Economic Forecast, 2nd quarter 2020, Deloitte Insights, June 15, 2020.

Board of Governors of the Federal Reserve System, Assessment of bank capital during the recent coronavirus event, June 2020.

The dataset includes 4,729 domestically chartered commercial banks in the United States. These are not bank holding companies.

FRED Economic Data, “Commercial banks in the U.S.,” accessed June 2, 2020.

Mohamed Belkhir et al., “Bank capital and the cost of equity,” IMF Working Papers, December 4, 2019.

Our data set includes 4,492 domestically chartered commercial banks in the United States. These are not bank holding companies.

Bachman, United States Economic Forecast, 2nd quarter 2020.

Mark Maurer, “SEC signs off on delay of credit-loss accounting rule for lenders,” Wall Street Journal, April 3, 2020.

Frank James, “Nearly one in four U.S. homes with mortgages ‘underwater’,” NPR, November 24, 2009.

U.S. Bureau of Labor Statistics, “Real weekly earnings up 7.4 percent for year ending May 2020, reflecting loss of lower-paying jobs,” June 19, 2020.

Sarah Strochak et al., How much assistance is needed to support renters through the COVID-19 crisis?,” Urban Institute, June 2020.

Lynn David, “Bank Think: As offices empty out, CRE picture looks bleak,” American Banker, March 30, 2020.

Val Srinivas et al., 2020 banking and capital markets outlook: Fortifying the core for the next wave of disruption, Deloitte Insights, December 3, 2019.

Deloitte Center for Financial Services analysis on a large set of publicly listed US commercial banks. We compare the bottom and top quartile of banks in terms of noninterest income share of total revenues and compare 2019 price/tangible book value differences.

LCD News, “Tidal wave of investment-grade bond issuance, prompted by Fed, rolls on,” S&P Global Market Intelligence, May 21, 2020.

FRED Economic Data, “Consumer loans: Credit cards and other revolving plans, all commercial banks (CCLACBW027SBOG),” accessed June 26, 2020.

FRED Economic Data, “Deposits, all commercial banks (DPSACBM027NBOG),” accessed June 26, 2020.

Punit Renjen, The essence of resilient leadership: Business recovery from COVID-19, Deloitte Insights, April 22, 2020.

Office of Highway Policy Information, “Traffic monitoring: Traffic volume trends,” US Federal Highway Administration, May 2020.

Federal Reserve Bank of St. Louis (FRED) Economic Data, “Freight Transportation Services Index,” May 2020.

MS2, “Traffic volume is no longer at historical lows,” accessed August 10, 2020.

Reuters, “Factbox: Insurers return part of auto premiums as coronavirus cuts driving,” May 19, 2020.

Tim Zawacki, 2020 US property & casualty insurance market report, S&P Global Market Intelligence, October 26, 2020.

Daniel Bachman, United States Economic Forecast: 2nd quarter 2020, Deloitte Insights, June 15, 2020.

Zawacki, 2020 US property & casualty insurance market report.

AM Best, Best’s market segment report—US commercial auto writers: Profitability remains elusive, June 30, 2020.

Anuj Maniar, Insurers step up as financial first responders: Supporting clients and communities, Deloitte Insights, May 12, 2020.

Ira Kailash, Weekly global economic update, August 2020, Deloitte Insights, August 6, 2020.

Real Capital Analytics (RCA) spots and categorizes loan trouble as: Potentially Troubled/Watchlist, Troubled/Special Servicing, Lender REO, Surveillance, Stalled Construction Projects, and Terminated. This also includes CMBS loans placed on master servicer watchlists or transferred to a special servicer.

RCA data, July 2020.

Ibid.

S&P Global Market Intelligence data. We include four loan types in our definition of CRE lending: (1) construction and land development, (2) multifamily loans, (3) other property loans (nonfarm, nonresidential property loans where the primary source of repayment is derived from rental income or proceeds from sale and repayment), and (4) loans to owner-occupied CRE. For the purposes of this analysis, we exclude farm loans, CRE loans not secured by real estate properties, and commercial mortgage-backed securities (CMBS).

S&P Global Market Intelligence data, accessed September 9, 2020.

Telis Demos, “Commercial real-estate bank loans are about to get real,” Wall Street Journal, August 7, 2020.

Nicole Funari and John Worth, “REIT industry August 2020 rent survey results,” NAREIT, August 24, 2020.

S&P Global Market Intelligence data.

Green Street Advisors data, accessed August 26, 2020.

US Bureau of Labor Statistics, “Industries at a glance,” accessed September 9, 2020.

US Census Bureau, “Construction spending,” press release, accessed August 24, 2020.

US Bureau of Labor Statistics, “Industries at a glance.

Camden Betz and H. Arthur Bolick II, “COVID’s lasting impacts on construction and real estate trends,” JD Supra, August 12, 2020.

S&P Global Market Intelligence defines other property loans as nonfarm, nonresidential property loans where the primary source of repayment is derived from rental income or proceeds from sale and repayment.

S&P Global Market Intelligence data.

Funari and Worth, “REIT industry August 2020 rent survey results.

STR, “U.S. hotel performance for April 2020,” press release, May 20, 2020.

Orion Jones, “Half empty or half full? Hotel occupancy rate nears 50%,” The Real Deal, August 7, 2020.

Richard Bilbao, “Hotels face ‘possibility of foreclosure’ and permanent closure, study says,” Orlando Business Journal, September 2, 2020.

RCA CPPI data. The RCA CPPI is based on repeat-sales transactions that occurred at any time up through the month of the current report.

Ibid.

Jon Prior, “Tenant groups seek banks’ help to forestall evictions,” American Banker, August 16, 2020.

CBRE, “U.S. quarterly figures,” August 2020.

US Census Bureau “Week 12 Household Pulse Survey: July 16–July 21,” July 29, 2020.

Raja Sengupta and Dan Massoni, “Navigating a new era in commercial lending”, The Banker, August 5, 2020; Pete Wells, “As dining takes to the streets, New York restaurants hit a speed bump,” New York Times, July 2, 2020.

Sengupta and Massoni, “Navigating a new era in commercial lending.

Heather Long, “The next big problem for the economy: Businesses can’t pay their rent,” Washington Post, June 4, 2020.

David French and Imani Moise, “U.S. banks prepare to seize energy assets as shale boom goes bust,” Reuters, April 10, 2020.

Venture Scanner data as on July 1, 2020, analyzed by the Deloitte Center for Financial Services.

Ibid.

Ibid.

Mark Shilling, Gary Shaw, and Jim Berry, The path ahead: Navigating financial services sector performance post-COVID-19, Deloitte Insights, August 12, 2020.

Deloitte Center for Financial Services, “Beyond COVID-19: New opportunities for fintech companies,” 2020.

Venture Scanner data as on July 1, 2020, analyzed by the Deloitte Center for Financial Services.

Ibid.

PropTech Acquisition Corporation, “PropTech Acquisition Corporation to combine with Porch.com, bringing a leading vertical software and services platform for the home to the public market,” GlobeNewswire, July 31, 2020.

Richard Henderson, Eric Platt, and Ortenca Aliaj, “The Spac race: Wall St banks jostle to get in on hot new trend,” Financial Times, August 11, 2020.

Ibid.

Venture Scanner data as on July 1, 2020, analyzed by the Deloitte Center for Financial Services.

Ibid.

Ibid.

Steven Bertoni, “Hospitality startup Sonder raises $170 million at a $1.3 billion valuation during Covid-19 travel collapse,” Forbes, June 24, 2020.

Ibid.

PR Newswire, “Kaiterra acquires ChemiSense, expands global footprint,” April 29, 2020.

Jon Banister, “The pandemic froze demand for office proptech, but reopening is creating a surge in adoption,” Bisnow, June 11, 2020.

Ibid.

Parmy Olson, “Don’t stand so close to me: AI cameras police social distancing at work,” Wall Street Journal, May 15, 2020.

Ibid.