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    Andrew Liesch • Piper Sandler

    Andrew Liesch's questions to Finwise Bancorp (FINW) leadership

    Andrew Liesch's questions to Finwise Bancorp (FINW) leadership • Q1 2025

    Question

    Andrew Liesch followed up on commercial real estate, asking for the specific yield on new owner-occupied CRE loans, their sourcing, and the profitability of funding them with brokered CDs. He also inquired about future funding strategies, particularly the potential for deposit growth from the BIN sponsorship program.

    Answer

    CFO Robert Wahlman stated that new owner-occupied CRE loans are typically priced at 'prime minus 100' and confirmed they are sourced from BFG. While acknowledging the tighter spreads on these loans, he emphasized their lower credit risk profile. Bank CEO James Noone outlined future funding plans, stating the company expects significant deposit growth from its BIN sponsorship and payments businesses, supplemented by a forthcoming online account opening platform to attract core deposits.

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    Andrew Liesch's questions to Finwise Bancorp (FINW) leadership • Q4 2024

    Question

    Andrew Liesch of Piper Sandler inquired about the drivers behind the 7% end-of-period loan growth, the sustainability of the 24% full-year growth in the held-for-investment portfolio, and the factors that kept strategic program fees stable despite a decrease in originations.

    Answer

    President Jim Noone attributed the loan growth to the leasing and owner-occupied commercial real estate portfolios. He noted that while past growth was driven by SBA loans, the future portfolio mix will shift towards the new credit enhanced product, though he remains confident in the overall growth rate. CFO Bob Wahlman and CEO Kent Landvatter explained that the stability in strategic program fees was due to the diversification of partners, who have varied pricing structures that helped offset lower origination volumes from certain programs.

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    Andrew Liesch's questions to Finwise Bancorp (FINW) leadership • Q3 2024

    Question

    Andrew Liesch inquired about the Q4 loan production outlook, considering seasonal effects from the Earnest program. He also asked about the net interest margin (NIM) trajectory given recent actions on callable CDs and SBA loans, and sought an update on the timeline for revenue contribution from the new payments and card initiatives.

    Answer

    President Jim Noone expressed optimism for loan originations, noting that while the Q3 seasonal boost from the Earnest program won't repeat at the same level in Q4, underlying trends from new and legacy programs are strong. CFO Bob Wahlman detailed that while NIM is expected to decline in Q4, the company has successfully refinanced about $80 million in callable CDs, reducing the cost from ~5.6% to ~3.7%. CEO Kent Landvatter added that the payments and card initiatives are on track, with a full year of revenue contribution expected in 2025 after the current pilot phases are complete.

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    Andrew Liesch's questions to Axos Financial Inc (AX) leadership

    Andrew Liesch's questions to Axos Financial Inc (AX) leadership • Q3 2025

    Question

    Andrew Liesch asked about the company's investment cadence for streamlining operations, the sustainability of the current efficiency ratio, and the outlook for net interest income (NII) and net interest margin (NIM).

    Answer

    CEO Gregory Garrabrants stated a strong commitment to maintaining the current efficiency ratio, targeting personnel expense growth to not exceed 30% of new income growth by leveraging technology and AI. CFO Derrick Walsh confirmed that NII should increase next quarter as the full impact of recent loan growth is realized. Mr. Garrabrants added that while there was minor spread compression, factors like adjusting hybrid loans and deploying excess liquidity should support the margin.

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    Andrew Liesch's questions to Axos Financial Inc (AX) leadership • Q2 2025

    Question

    Andrew Liesch asked for clarification on the drivers for the provision for credit losses, specifically the impact of unemployment and CRE mortgage rates, and the outlook for the reserve ratio.

    Answer

    EVP and CFO Derrick Walsh explained that the provision model is influenced by long-term unemployment forecasts from Moody's, which ticked up slightly in the extreme stress scenario. He also noted the model considers the stress on borrowers if a hybrid loan reprices higher in a downturn. Walsh stated that the reserve ratio is unlikely to change significantly without a major shift in the economic outlook or the portfolio's risk profile, as the model already weights heavily toward stressed scenarios. President and CEO Greg Garrabrants added that analysis shows loan repricing is not a material issue for the portfolio.

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    Andrew Liesch's questions to Axos Financial Inc (AX) leadership • Q1 2025

    Question

    Andrew Liesch from Piper Sandler followed up on broker-dealer fees, asking if net new asset growth would offset the impact of Fed rate cuts. He also sought clarification on the net interest margin (NIM) guidance, questioning why the core NIM outlook was below the current quarter's performance.

    Answer

    President and CEO Greg Garrabrants confirmed that viewing new asset growth as an offset to rate cut impacts on broker-dealer fees is a reasonable assumption, though a significant drop in rates would still pose a challenge. On the NIM, he explained that the guidance reflects potential pressure from tightening loan spreads to win new business and retain renewals. While repricing hybrid loans provides an uplift, he noted the guidance contains some conservatism to balance the relationship between margin and achieving loan growth targets.

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    Andrew Liesch's questions to WesBanco Inc (WSBC) leadership

    Andrew Liesch's questions to WesBanco Inc (WSBC) leadership • Q1 2025

    Question

    Andrew Liesch asked about the outlook for WesBanco's organic net interest margin (NIM) performance, excluding rate cuts, and sought clarity on the projected $140 million expense run rate for the latter half of 2025.

    Answer

    Daniel Weiss, Senior Executive Vice President and CFO, stated that on a legacy organic basis, the company anticipates 3 to 5 basis points of margin improvement per quarter. This is driven by downward repricing of CDs and benefits from securities restructuring. Weiss also confirmed that the low-$140 million expense run rate is the target for Q3 and Q4, after accounting for temporary duplicate system costs in Q2 and the full realization of merger-related cost savings.

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    Andrew Liesch's questions to Enterprise Financial Services Corp (EFSC) leadership

    Andrew Liesch's questions to Enterprise Financial Services Corp (EFSC) leadership • Q1 2025

    Question

    Andrew Liesch asked about the expected earn-back period for the tangible book value dilution resulting from the branch acquisition and sought an outlook on organic loan growth for the remainder of 2025.

    Answer

    CFO and COO Keene Turner explained that the earn-back period is highly favorable, comparing it as being much closer to a three-year timeline than the five-year period typical for share repurchases. Executive James Lally addressed loan growth, reaffirming a mid-single-digit balance sheet growth target but noting that client caution may push a significant lift in loan demand into 2026.

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    Andrew Liesch's questions to Enterprise Financial Services Corp (EFSC) leadership • Q4 2024

    Question

    Andrew Liesch from Piper Sandler asked for a reminder of the bank's long-term capital ratio targets. He also inquired about the current level of M&A-related outreach or inbound interest the company has been receiving.

    Answer

    CFO & COO Keene Turner reiterated the bank's capital targets of 10% for CET1, 12% for Tier 1, and 14% for total capital, noting they will continue to manage excess capital prudently with share repurchases. Executive James Lally stated that while the company is always open to discussions, the high priority for 2025 is executing the organic growth plan, and any potential M&A would need to strategically accelerate that plan rather than just add scale.

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    Andrew Liesch's questions to Enterprise Financial Services Corp (EFSC) leadership • Q3 2024

    Question

    Andrew Liesch asked for the remaining balance of agricultural loans, the geographic focus of recent C&I lending team hires, and whether optimistic client expansion plans signal a positive credit outlook.

    Answer

    CFO & COO Keene Turner stated the agricultural loan portfolio is down to approximately $140 million. Scott Goodman, President of Enterprise Bank & Trust, noted that hiring has been predominantly in Western markets like California and Arizona to capitalize on M&A disruption. CEO James Lally confirmed a very bullish credit outlook, explaining that they are working with well-established businesses pursuing generational opportunities, which also attracts new high-quality clients.

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    Andrew Liesch's questions to Central Pacific Financial Corp (CPF) leadership

    Andrew Liesch's questions to Central Pacific Financial Corp (CPF) leadership • Q1 2025

    Question

    Andrew Liesch of Piper Sandler questioned Central Pacific's net interest margin (NIM) trajectory, asking for the March-end figure, Q2 guidance, and new loan yields. He also asked about the normalization of operating expenses and the use of savings from the planned real estate consolidation.

    Answer

    EVP and CFO Dayna Matsumoto revealed the March NIM was 3.37% and guided for a 4 to 7 basis point expansion in Q2, assuming the Fed remains on hold. She also stated the new loan yield was approximately 7.2% in Q1. Matsumoto confirmed the quarterly operating expense guidance of $42.5 million to $43.5 million remains, noting that savings from the office consolidation may be offset by investments in people and technology.

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    Andrew Liesch's questions to Central Pacific Financial Corp (CPF) leadership • Q4 2024

    Question

    Andrew Liesch from Piper Sandler questioned the outlook for the net interest margin (NIM), asking if it could surpass the high end of its previous range. He also sought clarity on the drivers of loan yield repricing and the potential for lower funding costs.

    Answer

    SVP & CFO David Morimoto expressed cautious optimism that the NIM could exceed prior guidance, pointing to a strong December NIM of 3.29%. He attributed loan yield strength to pricing discipline on new, higher-yielding loans. Morimoto anticipates future NIM expansion will be balanced, with continued opportunities to manage funding costs, which fell to 1.14% in December.

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    Andrew Liesch's questions to Central Pacific Financial Corp (CPF) leadership • Q3 2024

    Question

    Andrew Liesch from Piper Sandler asked about the forward run rate for the net interest margin (NIM), the competitive landscape for deposits in Hawaii, and the reasons for the cessation of discussions regarding the previously mentioned strategic opportunity.

    Answer

    David Morimoto, SVP and CFO, responded that approximately two-thirds of the Q3 NIM expansion was organic and forecasted a NIM in the 3.10% to 3.20% range for the next one to two quarters. He noted that deposit competition has led to lower promotional CD rates, with CPF's 6-month CD now at 3.75% following the Fed's rate cut. Arnold Martines, Chairman, President and CEO, stated that the company could not comment further on the strategic opportunity.

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    Andrew Liesch's questions to First Hawaiian Inc (FHB) leadership

    Andrew Liesch's questions to First Hawaiian Inc (FHB) leadership • Q1 2025

    Question

    Andrew Liesch asked for clarity on the net interest margin outlook, specifically how quickly the bank could offset potential Fed rate cuts and whether the margin would dip or hold flat post-cut. He also asked for the expected full-year tax rate.

    Answer

    CFO James Moses explained that the ability to offset a rate cut is dependent on loan growth. With strong growth, the impact could be offset within a quarter; otherwise, a small dip might precede a continued rise driven by other repricing dynamics. He also stated that 23% is a good estimate for the full-year tax rate.

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    Andrew Liesch's questions to First Hawaiian Inc (FHB) leadership • Q4 2024

    Question

    Andrew Liesch inquired about the 2025 loan growth outlook, the specifics behind the recent C&I loan growth, and the strategy for the newly authorized $100 million stock buyback.

    Answer

    CEO Bob Harrison noted that while the loan pipeline is active, payoffs in CRE and construction will be a headwind, leading to low to mid-single-digit growth for the year. He described the C&I growth as broad-based across many local companies. CFO Jamie Moses stated the buyback would be opportunistic, depending on factors like loan growth and capital deployment needs.

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    Andrew Liesch's questions to First Hawaiian Inc (FHB) leadership • Q3 2024

    Question

    Andrew Liesch asked for the rationale behind the provision build in the consumer and home equity books and sought clarification on the full-year expense guidance, including what a normalized expense growth rate might be following recent major investments.

    Answer

    CRO Lea Nakamura explained the reserve build was not due to specific concerns but rather model-driven adjustments, with CEO Bob Harrison adding the portfolios remain well-secured. CFO Jamie Moses confirmed the $500 million full-year expense guidance includes a one-time $3.8 million tax-related item. He stated that future expense growth should align with a more normal banking industry rate, significantly lower than the 5.5-6% seen recently, due to efficiencies from past investments.

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    Andrew Liesch's questions to National Bank Holdings Corp (NBHC) leadership

    Andrew Liesch's questions to National Bank Holdings Corp (NBHC) leadership • Q1 2025

    Question

    Andrew Liesch questioned the drivers of future expense growth given the low Q1 run-rate, the expected quarterly expense cadence for the year, and the sources for the projected ramp-up in noninterest income.

    Answer

    CFO Nicole Van Denabeele confirmed that future expense growth will be driven by the 2UniFi initiative, including amortization, developer costs, and marketing, and affirmed the expense cadence would likely see a step-up in Q3 post-launch. President Aldis Birkans stated that the noninterest income ramp-up is expected from a recovery in SBA gain-on-sale and swap fees, which were slow in Q1 due to lower loan production.

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    Andrew Liesch's questions to National Bank Holdings Corp (NBHC) leadership • Q4 2024

    Question

    Andrew Liesch of Piper Sandler sought clarification on the 2025 net interest margin (NIM) guidance, the balance sheet's positioning for future rate changes, the core bank's expense growth rate excluding 2UniFi, and the progress and revenue timeline for the 2UniFi platform.

    Answer

    CFO Nicole Van Denabeele confirmed the 2025 NIM guidance is in the 3.9s and that core bank noninterest expense is projected to increase 3%. President Aldis Birkans explained the NIM is tempered by the reinvestment of proceeds from security sales into lower-yielding assets. Ms. Van Denabeele added that the balance sheet is modeled to be asset-neutral to rate changes. CEO Tim Laney reported that 2UniFi user testing is progressing well, with revenue expected in the second half of 2025, though it is not yet being publicly forecasted.

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    Andrew Liesch's questions to National Bank Holdings Corp (NBHC) leadership • Q3 2024

    Question

    Andrew Liesch inquired about the company's M&A appetite, specifically asking which geographic markets are most attractive for expansion. He also sought clarification on the drivers of seasonality in noninterest income and the expected forward tax rate.

    Answer

    Chairman and CEO Tim Laney identified Utah and Texas as desirable markets for M&A, emphasizing the strategy of entering high-growth markets and the critical importance of cultural and credit risk alignment. CFO Nicole Van Denabeele confirmed that noninterest income seasonality is primarily driven by the mortgage banking line and projected a full-year effective tax rate between 18% and 19%.

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    Andrew Liesch's questions to Bank of Hawaii Corp (BOH) leadership

    Andrew Liesch's questions to Bank of Hawaii Corp (BOH) leadership • Q1 2025

    Question

    Andrew Liesch questioned how the newly added interest rate swaps would impact the percentage of fixed-rate earning assets. He also asked whether any projects had been canceled or fallen out of the loan pipeline due to economic uncertainty.

    Answer

    CFO Dean Shigemura explained that the new swaps would bring the fixed asset mix down slightly from 56% to approximately 55%. Regarding the loan pipeline, both Dean Shigemura and Chairman and CEO Peter Ho confirmed that no deals have fallen through at this point, but they are maintaining a cautious outlook given the fluid and uncertain economic environment.

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    Andrew Liesch's questions to Bank of Hawaii Corp (BOH) leadership • Q4 2024

    Question

    Andrew Liesch from Piper Sandler Companies asked for more specific details about the "revenue-enhancing initiatives" that were mentioned as part of the 2025 expense outlook.

    Answer

    CFO Dean Shigemura noted the initiatives are focused on the commercial and wealth areas and are expected to be accretive to earnings. CEO Peter Ho elaborated that the bank is strategically building its wealth operation to match the scale of its other businesses, citing recent growth in trust and broker sales and alluding to further enhancements planned for 2025.

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    Andrew Liesch's questions to Bank of Hawaii Corp (BOH) leadership • Q3 2024

    Question

    Andrew Liesch of Piper Sandler questioned the specific drivers behind the commercial real estate loan growth in the quarter and asked whether potential interest rate changes were causing commercial or consumer clients to delay projects.

    Answer

    President and Chief Banking Officer James Polk responded that the growth was driven by a healthy mix of commercial mortgages and some construction, with pipelines building nicely. Chairman and CEO Peter Ho added that commercial lending activity is constructive and leading the way, while consumer clients seem to be waiting for definitive rate cuts before re-engaging.

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    Andrew Liesch's questions to Great Southern Bancorp Inc (GSBC) leadership

    Andrew Liesch's questions to Great Southern Bancorp Inc (GSBC) leadership • Q1 2025

    Question

    Andrew Liesch inquired about the net interest margin outlook for the upcoming quarter, the balance sheet's sensitivity to potential Fed rate cuts, and current customer sentiment regarding loan demand and economic uncertainty.

    Answer

    CFO Rex Copeland stated that while there is limited room for further reductions in funding costs, maturing CDs and repricing loans could offer a small benefit to the margin. CEO Joseph Turner added that the company's interest rate risk posture is fairly neutral, with repricing assets and liabilities largely offsetting each other in the event of a rate cut. Turner also noted that loan activity is somewhat subdued amidst significant competition, leading to expectations of minimal loan growth.

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    Andrew Liesch's questions to Great Southern Bancorp Inc (GSBC) leadership • Q4 2024

    Question

    Andrew Liesch questioned the conservative outlook on net interest margin (NIM), suggesting it could be more optimistic given recent rate cuts and improvements in funding costs. He also inquired about the competitive landscape for local deposits and asked for confirmation on the appropriate expense run rate for 2025 after excluding a one-time item from Q4.

    Answer

    Executive Rex Copeland explained that while there will be benefits from maturing CDs, the overall NIM is not expected to move significantly due to dependencies on the deposit mix and potential runoff in noninterest-bearing accounts. Executive Joseph Turner added that deposit markets remain competitive, limiting their ability to lower rates aggressively. Turner also confirmed that the adjusted Q4 expense figure is a reasonable baseline, but noted it will be impacted by seasonal payroll taxes and annual merit increases in the first quarter.

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    Andrew Liesch's questions to Great Southern Bancorp Inc (GSBC) leadership • Q3 2024

    Question

    Andrew Liesch inquired about the net interest margin (NIM) outlook, asking if recent stabilization and rate cuts could lead to expansion in Q4 2024 or if that was more likely in 2025. He also questioned if the Q3 expense level of around $34.25 million was a sustainable run rate.

    Answer

    CFO Rex Copeland responded that the company has worked to achieve a more neutral asset-sensitive position and expects the NIM to be "fairly neutral" in the near term, not necessarily expanding significantly. Regarding expenses, Copeland confirmed the Q3 figure was on the low side, noting the absence of approximately $900,000 in quarterly system conversion costs and another $200,000 to $300,000 in other minor positive items.

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    Andrew Liesch's questions to Banner Corp (BANR) leadership

    Andrew Liesch's questions to Banner Corp (BANR) leadership • Q1 2025

    Question

    Andrew Liesch of Piper Sandler inquired about Banner's capital management plans, including the appetite for share buybacks and the strategy for upcoming subordinated debt. He also asked for an update on the M&A environment.

    Answer

    EVP & CFO Robert Butterfield stated the core dividend is the top priority and that share buybacks are being considered, but a more immediate focus is deciding whether to repay or replace $100 million in subordinated debt. President & CEO Mark J. Grescovich commented that while M&A conversations continue, market volatility has caused a pause as parties reassess valuations and credit metrics, though he noted a favorable regulatory view.

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    Andrew Liesch's questions to Banner Corp (BANR) leadership • Q4 2024

    Question

    Andrew Liesch asked for an update on the M&A environment for 2025 and the general cadence of conversations with potential acquisition targets.

    Answer

    CEO Mark J. Grescovich characterized the M&A conversations as 'positive and much more realistic' than in previous quarters. He noted a growing recognition among potential partners that scale is essential for making necessary investments in technology and maintaining competitiveness, suggesting a constructive environment for potential deals.

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    Andrew Liesch's questions to Banner Corp (BANR) leadership • Q3 2024

    Question

    Andrew Liesch asked about the current M&A environment and the level of chatter, particularly given Banner's improved stock currency, and inquired about the target size range for potential acquisitions.

    Answer

    President and CEO Mark J. Grescovich reiterated that Banner's M&A philosophy is unchanged: they continue dialogue with potential West Coast partners while focusing on organic growth, but are well-positioned to act on opportunistic deals. Regarding size, he noted that deals under $1 billion are less practical in the current regulatory environment, but he would not rule out other sizes, having done deals as small as $350 million in the past.

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    Andrew Liesch's questions to Southern Missouri Bancorp Inc (SMBC) leadership

    Andrew Liesch's questions to Southern Missouri Bancorp Inc (SMBC) leadership • Q2 2025

    Question

    Andrew Liesch asked about the expected cadence of loan growth, questioning if elevated agricultural payoffs might cause a temporary decline before re-accelerating, and whether the bank could surpass its mid-single-digit growth target. He also sought clarity on the net interest margin (NIM) outlook, particularly how it would be affected by excess liquidity.

    Answer

    CEO Greg Steffens projected stable to slightly higher loan balances in the current quarter, with growth potentially around half of the previous quarter's rate. He acknowledged that mid-to-higher single-digit growth for the fiscal year is a possibility, contingent on factors like agricultural planting conditions. CFO Stefan Chkautovich explained that the NIM is in a balancing act; if seasonal deposits remain high, it could pressure the NIM but boost net interest income (NII), and vice versa if the deposits flow out more quickly.

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    Andrew Liesch's questions to Southern Missouri Bancorp Inc (SMBC) leadership • Q1 2025

    Question

    Andrew Liesch questioned the details of the $60 million in brokered deposits maturing in the current quarter, including their rate and replacement strategy. He also asked for confirmation on the forward-looking run rate for fee income.

    Answer

    President and CAO Matthew Funke and CFO Stefan Chkautovich clarified that the maturing $60 million in brokered CDs have an average rate of 4.64%. They plan to let these funds run off, repaying them with expected seasonal inflows from agricultural and public unit customers rather than replacing them. Mr. Funke also confirmed that the previously guided $7 million quarterly run rate for noninterest income remains a good estimate going forward.

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    Andrew Liesch's questions to Southern Missouri Bancorp Inc (SMBC) leadership • Q4 2024

    Question

    Andrew Liesch of Piper Sandler asked for clarification on the components of recent loan growth, specifically in the residential category. He also inquired about the current composition of the loan pipeline, the expected seasonal pace of growth for the next year, and the potential for fee income to establish a run rate above $7 million.

    Answer

    President and Chief Administrative Officer Matthew Funke clarified that the residential growth was in single-family homes. He described the loan pipeline as heavily weighted towards construction draws and commercial real estate. Funke confirmed that the seasonal loan growth pattern seen in fiscal 2024 is expected to continue, possibly becoming more pronounced. He also suggested that a fee income run rate north of $7 million was a reasonable expectation.

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