â¿¿ Commercial and industrial loans are acceleratingâ¿¿ Loan defaults and those falling behind on payments are declining. â¿¿ Shares of many regional and local banks continued to trade at 30 to 40 percent below long-term averages. Reynolds said the recent stock rally hasn't significantly softened uncertainty in the financial markets. "As a result, we continue to seek the relative safety of our focus stocks, which in our view collectively offer high-quality management teams operating well-positioned business models, but with the added protection of strong and safe dividends and/or active share repurchase programs," he wrote in an investor note. His current focus list includes Bank of Hawaii, Columbia Banking System Inc., which rose 7 cents to $18.57, Cullen/Frost and Iberiabank. He recommends buying stock in all four. A few saw shares rise, including Hancock Holding Co., which was up 23 cents to $30.77 and BancorpSouth Inc., which rose 8 cents to $10.02.