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Luke Tanner
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Luke Tanner

Senior Financial Analyst

Luke Tanner is a Senior Financial Analyst with Mercer Capital. Luke has valuation experience in engagements related to corporate planning and reorganizations, financial reporting, fairness opinions, litigation support, employee stock ownership plans, and estate and gift tax planning and compliance matters.

Luke is a member of several practice groups at the firm. As a member of the Depository Institutions Industry Team, he contributes to Mercer Capital’s newsletter, Bank Watch. He is also a member of the Fintech Industry Team and publishes research in Mercer Capital’s newsletter, FinTech Snapshot. Finally, as a member of the Construction and Building Materials Industry Team, Luke contributes to Mercer Capital’s newsletter, Value Focus: Construction & Building Materials.

Education

  • Southern Methodist University, Dallas, Texas (B.B.A., Finance, Statistical Science, 2022)

Authored Content

August 2025 | 2025 Mid-Year Market Update
BankWatch: August 2025

2025 Mid-Year Market Update

Bank stocks have staged a strong recovery in 2025, with the Nasdaq Bank Index up 16.2% year-to-date and larger banks leading gains amid a “flight to quality.” Net interest margins continue to improve for most institutions, supported by a stable rate environment and expectations of further Fed cuts. M&A activity is also on the rise, with deal volume already surpassing 2024 levels by mid-year. In this month's Bank Watch newsletter, we discuss these market trends, net interest margin expansion, and what shifting interest rates could mean for bank performance and M&A activity going forward.
Second Quarter 2025 | Segment Focus: Building Materials
Second Quarter 2025 | Segment Focus: Building Materials
Concrete prices grew at a steady rate over the past year, lumber prices experienced a significant drop in Q2 2025, and steel prices soared in the second quarter due to industry effects from tariffs. The Trump Administration’s “Liberation Day” tariffs took effect early in the quarter, leading to an immediate sell-off in the market. However, major indexes recovered quickly. Trade policy is in a state of limbo as the administration continues to negotiate terms with trading partners.
First Quarter 2025 | Segment Focus: Residential Construction
First Quarter 2025 | Segment Focus: Residential Construction
Growth in residential and non-residential building sectors has slowed, with Value Put-in-Place up 2.8% and 2.9% Y-o-Y, respectively, on a seasonally adjusted annual basis. Residential building sentiment has slowed, as the NAHB Housing Market and Remodeling Market Indices have fallen 23.5% and 4.6% Y-o-Y as of Q1 2025. The presence of a new presidential administration and policy will have a significant impact on the industry.
Fourth Quarter 2024 | Segment Focus: Non-Residential Construction
Fourth Quarter 2024 | Segment Focus: Non-Residential Construction
Both the residential and non-residential building sectors have enjoyed strong years thus far, with Value Put-inPlace up 5.7% and 3.6% Y-o-Y, respectively, on a seasonally adjusted annual basis. Non-residential construction has experienced strong tailwinds from elevated growth in corporate profits, though this has slowed during the fourth quarter of 2024.
Third Quarter 2024 | Segment Focus: Roads, Bridges, and Highways
Third Quarter 2024 | Segment Focus: Roads, Bridges, and Highways
Both the residential and non-residential building sectors have enjoyed strong years thus far, with Value Put-inPlace up 4.9% and 5.6% Y-o-Y, respectively, on a seasonally adjusted annual basis. The median sales price of houses sold has further moderated in 2024. Elevated rates and commodity input prices have proved to be strong headwinds for industry activities.
Second Quarter 2024 | Segment Focus: Building Materials
Second Quarter 2024 | Segment Focus: Building Materials
Residential construction has seen a Q-o-Q increase of 3.6% in value put in place on a seasonally adjusted annual rate basis. The median sales price of houses sold has continued to stabilize following sharp increases in 2021 and 2022. Elevated rates and commodity input prices have proved to be strong headwinds for industry activities.