the highest financial damages. Using a comprehensive future flood risk measure matched to bank holding companies in the … United States, I find that a higher exposure to future flood risk results in higher excess returns. This is consistent with … smaller and less levered banks. Furthermore, I construct a flood risk factor from bank returns that cannot be entirely …

loans in census tracts with extended flood zones. This is associated with lower and more volatile returns, particularly for … small business lending. I find that not all lending originated in the flood zone can lead to worse performance. Banks that …