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Brett Rabotin

Research Analyst at Hovde Capital Advisors LLC

Brett Rabatin is Managing Director and Head of Research at Hovde Group, leading the Equity Research Department with a focus on coverage of U.S. regional and community bank stocks across the country. He personally covers multiple small and mid-cap banks, including Coastal Financial, and has a proven track record of strong investment performance, ranked as a top analyst by The Wall Street Journal’s Best on The Street survey for banks and thrifts in 2002 (number-one stock picker) and recognized as number two overall by Forbes and StarMine in 2003, in addition to earning top marks for earnings estimation within the sector. Since 1999, Rabatin has been a sell-side analyst at Piper Jaffray, Sterne Agee, FTN Midwest, and JC Bradford; he previously specialized in valuations and transaction advisory for financial institutions at Mercer Capital before joining Hovde Group in September 2020. He holds a Bachelor’s degree in Finance from the University of Memphis, is a CFA Charterholder, and maintains FINRA Series 7, 24, 63, 86, and 87 licenses.

Brett Rabotin's questions to First Western Financial (MYFW) leadership

Question · Q3 2025

Brett Rabotin inquired about the strong money market deposit account (MMDA) growth, specifically if it was driven by internal efforts or the mortgage department, and the stickiness of these new deposit levels. He also asked for color on the non-performing asset (NPA) added during the quarter, including any specific provision related to it. Finally, he sought clarification on the expected magnitude of net interest margin (NIM) expansion in Q4, assuming potential rate cuts.

Answer

Scott Wylie, CEO, explained that deposit growth was a result of ongoing efforts, acknowledging its lumpy nature but affirming the stickiness of the Q3 inflows. He confirmed the NPA was a C&I loan downgraded in Q3 with an adequate specific provision. David Weber, CFO, stated that NIM expansion is expected from deploying balance sheet liquidity into the loan portfolio, improving earning asset yields, and lowering deposit costs, projecting approximately five basis points of NIM expansion in Q4.

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