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    Brandon Rud

    Senior Research Associate at Stephens Inc.

    Brandon Rud is a Senior Research Associate at Stephens Inc., specializing in equity research coverage of Midwest and Super Regional banks. He follows specific companies such as OneMain Holdings, PROG Holdings, Propel Holdings, Regional Management Corp., Upbound Group, and World Acceptance Corp., contributing detailed analysis to the firm’s investment research. Joining Stephens in January 2021, Rud began his career after earning a B.B.A. in Financial Markets Finance from the University of Minnesota Duluth, and holds FINRA registration as a securities broker representative. Recognized for bringing rigorous sector insight as part of Stephens' Institutional Equities and Research team, his professional credentials underscore strong analytical and compliance standards.

    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership

    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Brandon Rud, on for Terry McEvoy, asked for the industry of the recently downgraded commercial relationship, the reason for the expected plateau in leasing charge-offs, and the spread between maturing and new commercial loan yields.

    Answer

    President & CEO Tyler Wilcox identified the downgrade as a C&I loan to an Ohio-based wholesaler/manufacturer, noting it's not part of a concentrated industry risk. He attributed the charge-off trend to the active workout of high-balance accounts in a shrinking portfolio. Both Wilcox and CFO Kathryn Bailey confirmed that loan pricing spreads have been stable and are expected to remain so.

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    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Brandon Rud, on for Terry McEvoy, asked for the industry classification of the recently downgraded commercial relationship and the bank's total exposure to that sector. He also sought more detail on the drivers behind the expected plateau in leasing charge-offs and the current spread between new production yields and maturing commercial loans.

    Answer

    Tyler Wilcox, President, CEO & Director, identified the downgraded credit as a C&I loan to a wholesaler/manufacturer in Ohio, emphasizing it is part of a granular portfolio with no significant concentration in that specific industry. He explained the leasing charge-off plateau is a direct result of actively working out high-balance accounts within a shrinking portfolio. Both Wilcox and CFO Kathryn Bailey noted that loan pricing spreads have been stable and are expected to remain so, moving in line with the broader market.

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    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Brandon Rud from Stephens Inc. asked for the industry classification of the recently downgraded commercial relationship and the bank's total exposure to that sector. He also sought more detail on the drivers behind the expected plateau in leasing charge-offs and the current spread between new and maturing commercial loan yields.

    Answer

    President & CEO Tyler Wilcox identified the downgraded credit as a C&I loan to an Ohio-based wholesaler/manufacturer, emphasizing it is part of a granular portfolio with no significant industry concentration. He explained the leasing charge-off plateau is a direct result of actively working out the shrinking high-balance account portfolio. Both executives affirmed that loan pricing discipline remains strong and spreads are expected to be stable, moving in line with the broader market.

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    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Brandon Rud, on behalf of Terry McEvoy at Stephens Inc., asked for details on the recently downgraded commercial relationship, including its industry and the bank's total exposure. He also sought clarification on the drivers for the expected plateau in leasing charge-offs and the current spread between new and maturing commercial loan yields.

    Answer

    President & CEO Tyler Wilcox identified the downgraded credit as a C&I loan to a wholesaler/manufacturer in Ohio, noting it is part of a granular portfolio with no correlation to other concentrations. He explained the leasing charge-off plateau is due to the active workout of high-balance accounts in a shrinking portfolio. CFO Katie Bailey added that loan pricing spreads have been stable and the bank will maintain its discipline, moving with the market if industry-wide rates change.

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    Brandon Rud's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Brandon Rud, on for Terry McEvoy, asked for the industry of the recently downgraded commercial relationship and the bank's total exposure to that sector. He also sought clarification on the drivers behind the expected plateau in leasing charge-offs and the current spread between maturing commercial loans and new production yields.

    Answer

    President and CEO Tyler Wilcox identified the downgraded credit as a C&I loan to a wholesaler/manufacturer in Ohio, clarifying it is part of a granular portfolio with no specific industry concentration. He explained that the leasing charge-off plateau is a result of actively working out high-balance accounts in a shrinking portfolio. Both Wilcox and CFO Kathryn Bailey stated that loan pricing spreads are expected to remain stable, as they have been consistent and disciplined.

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    Brandon Rud's questions to OLD SECOND BANCORP (OSBC) leadership

    Brandon Rud's questions to OLD SECOND BANCORP (OSBC) leadership • Q4 2024

    Question

    Brandon Rud, on behalf of Terry McEvoy from Stephens Inc., asked for the industry of the large C&I charge-off, confirmation of no further expenses on an OREO sale, and commentary on the competitive landscape and its impact on loan spreads.

    Answer

    Executive James Eccher stated he could not disclose the C&I credit's industry due to legal proceedings but confirmed it is not a focus area for the bank. He expressed confidence that the OREO properties will sell without further write-downs. He also noted that the competitive environment is unchanged and that the bank's 2024 loan growth pullback was a strategic choice to avoid lower-yielding credits.

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    Brandon Rud's questions to WINTRUST FINANCIAL (WTFC) leadership

    Brandon Rud's questions to WINTRUST FINANCIAL (WTFC) leadership • Q3 2024

    Question

    Brandon Rud, on behalf of Terry McEvoy at Stephens Inc., asked for a medium-term target for the net overhead ratio or the expense-to-average-assets ratio. He also inquired about the yields on new loans being originated.

    Answer

    David Stoehr, CFO, explained that Wintrust focuses on the net overhead ratio, targeting a level below 1.50%, as it better reflects the profitability of commission-heavy businesses. Richard Murphy, EVP and Chief Credit Officer, added that new loan yields vary significantly by category, ranging from spreads in the low 200s for core commercial relationships to substantially higher yields in premium finance.

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    Brandon Rud's questions to Midland States Bancorp (MSBI) leadership

    Brandon Rud's questions to Midland States Bancorp (MSBI) leadership • Q4 2022

    Question

    Brandon Rud from Stephens Inc., on for Terry McEvoy, asked for more detail on the 'more selective' approach to new loan production, the target size for the equipment finance portfolio, and the outlook for net interest income (NII) in dollar terms.

    Answer

    Executive Jeffrey Ludwig clarified that the selective approach to new loans is broad-based, not limited to a specific category, though he noted CRE balances declined slightly. Executive Eric Lemke indicated the equipment finance portfolio is at a comfortable level around 17-18% of total loans and the bank would prefer to keep it in the 15-20% range. He also stated that the company is focused on growing NII in dollar terms and believes it can increase through asset repricing and loan growth, despite some pressure from the GreenSky runoff.

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