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    Dan Cardenas

    Director and Equity Research Analyst at Janney Montgomery Scott

    Dan Cardenas is a Director and Equity Research Analyst at Janney Montgomery Scott, specializing in coverage of banks and thrifts with a particular focus on financial institutions in the Midwest and Southeast regions. He provides detailed analysis on companies such as those featured within Janney's banks and thrifts coverage roster, drawing on his extensive track record developed over nearly three decades in equity research. Cardenas joined Janney in July 2022, following prior roles as Director and Senior Analyst at Boenning & Scattergood and as Senior Research Analyst at Raymond James Financial, as well as early experience at Howe Barned Hoefer & Arnett and the Federal Reserve Bank of Chicago. He holds an MBA from St. Mary’s University and maintains FINRA Series 7, 24, 63, 86, and 87 licenses.

    Dan Cardenas's questions to FIRST COMMONWEALTH FINANCIAL CORP /PA/ (FCF) leadership

    Dan Cardenas's questions to FIRST COMMONWEALTH FINANCIAL CORP /PA/ (FCF) leadership • Q2 2025

    Question

    Dan Cardenas of Janney Montgomery Scott focused on credit quality, asking about the new commercial floor plan non-accrual loan, its size relative to the total non-accrual portfolio, the health of the remaining portfolio, and its impact on the margin.

    Answer

    Chief Credit Officer Brian Sohocki clarified the loan represents just over 30% of non-accruals and that absent this loan and acquired NPLs, core credit metrics were stable. He confirmed it was a legacy FCF loan and an isolated event within a small, otherwise well-performing floorplan portfolio. CFO James Reske added that the reversal of interest upon moving the loan to non-accrual had a minor negative impact on the Q2 NIM, costing about one basis point.

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    Dan Cardenas's questions to Northwest Bancshares (NWBI) leadership

    Dan Cardenas's questions to Northwest Bancshares (NWBI) leadership • Q2 2025

    Question

    Dan Cardenas of Janney Montgomery Scott sought more detail on the quarter's increase in classified loans, specifically asking about the loan-to-values of the construction projects and whether the downgraded C&I loans were concentrated in any specific industry.

    Answer

    Chief Credit Officer Thomas Creal clarified the construction projects are multifamily properties with debt coverage ratios near 1-to-1 due to interest rate pressure, but noted they retain equity and strong sponsor support. He also stated there were no material industry concentrations among the C&I downgrades, though he mentioned one larger loan was in the electronics space.

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    Dan Cardenas's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership

    Dan Cardenas's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership • Q2 2025

    Question

    Dan Cardenas from Janney Montgomery Scott asked about commercial line utilization rates, drivers for loan growth, the strategy for winning deals in a competitive market, and the bank's readiness for another M&A transaction.

    Answer

    An executive noted that line utilization remains stable and modest. Senior EVP & COO Adam Metz stated that future loan growth will be a mix of C&I and CRE, as the bank has capacity for more CRE deals. Metz and President & CEO Thomas Quinn emphasized that their success in winning deals stems from a consultative, relationship-driven model rather than just pricing. On M&A, Quinn reiterated that any future deal must add significant shareholder value and is not ego-driven.

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    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership

    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Dan Cardenas of Janney Montgomery Scott inquired about the company's capital management strategy, specifically its appetite for stock repurchases at current capital levels. He also asked for an update on the M&A environment and potential strategic opportunities for Peoples Bancorp.

    Answer

    CFO Katie Bailey described the company's share repurchase strategy as opportunistic, noting that building capital is a higher priority than aggressive buybacks. President & CEO Tyler Wilcox discussed M&A, stating the bank is exercising strategic patience as it nears the $10 billion asset mark. He confirmed active conversations are occurring, with a preference for a larger, transformative deal in existing or adjacent markets, while interest in acquiring specialty finance businesses is lower.

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    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Dan Cardenas inquired about capital management, specifically the company's appetite for stock repurchases given current capital levels, and also asked about the M&A environment and potential opportunities for the franchise.

    Answer

    CFO Kathryn Bailey stated that while they remain opportunistic with buybacks, the priority is building capital. President & CEO Tyler Wilcox discussed M&A strategy, emphasizing the goal of finding a transformative deal to cross the $10 billion asset threshold, with a preference for larger deals in or adjacent to their existing footprint and less interest in acquiring specialty finance businesses.

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    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Dan Cardenas questioned the company's appetite for stock repurchases given its current capital levels and also asked about the M&A environment, including potential opportunities and strategic priorities for the Peoples Bancorp franchise.

    Answer

    Kathryn Bailey, EVP & CFO, stated that while the company remains opportunistic with its active buyback plan, as shown by purchases in April, the current priority is building capital. Tyler Wilcox, President, CEO & Director, elaborated on M&A, explaining they are exercising 'strategic patience' to find a meaningful, transformative deal to cross the $10 billion asset threshold. He noted a preference for larger, in-market or adjacent-market deals and confirmed that active conversations are ongoing.

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    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Dan Cardenas of Janney Montgomery Scott inquired about the company's capital management strategy, specifically its appetite for stock repurchases. He also asked for an update on the M&A environment and where Peoples Bancorp sees potential opportunities for expansion.

    Answer

    CFO Katie Bailey stated that while the company remains opportunistic with its active buyback plan, the current priority is building capital. President & CEO Tyler Wilcox described the M&A outlook as good, with many ongoing conversations. He reiterated the bank's strategic patience in finding a meaningful, transformative deal to cross the $10 billion asset threshold, with a preference for larger, in-market or adjacent-market deals in states like Ohio, West Virginia, and Kentucky.

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    Dan Cardenas's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Dan Cardenas questioned the company's appetite for stock repurchases given its stable capital levels. He also asked about the current M&A environment, including potential opportunities, preferred deal size, and geographic focus for the Peoples franchise.

    Answer

    CFO Kathryn Bailey stated that while the company remains opportunistic with its buyback plan, the primary focus is on building capital. CEO Tyler Wilcox elaborated on M&A, explaining they are exercising 'strategic patience' to find a transformative deal to cross the $10 billion asset threshold. He noted a preference for a larger deal in existing or adjacent markets like Ohio, WV, and KY, while interest in acquiring specialty finance businesses is lower.

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