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    Daniel Cardenas • Janney Montgomery Scott

    Daniel Cardenas's questions to Orrstown Financial Services Inc (ORRF) leadership

    Daniel Cardenas's questions to Orrstown Financial Services Inc (ORRF) leadership • Q1 2025

    Question

    Daniel Cardenas asked for the quarterly cash flow from the securities portfolio, how those proceeds would be deployed, and for color on the M&A environment, including potential geographic expansion.

    Answer

    EVP & CFO Neil Kalani reported about $15 million per month in securities runoff and noted a strategic shift toward potentially growing the portfolio to enhance margin, taking advantage of market volatility. On M&A, CEO Thomas Quinn emphasized a disciplined approach, stating that while opportunities are presented, any deal must offer tremendous shareholder value and cultural fit, and that nothing is imminent.

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    Daniel Cardenas's questions to Peoples Bancorp Inc (PEBO) leadership

    Daniel Cardenas's questions to Peoples Bancorp Inc (PEBO) leadership • Q1 2025

    Question

    Daniel Cardenas asked for the forward-looking tax rate, a breakdown of the improvements in criticized and classified loans, and the company's geographic priorities for potential acquisitions.

    Answer

    Kathryn Bailey, CFO, guided the tax rate to be closer to 22% to 22.5%. Tyler Wilcox, President, detailed the credit quality improvement, attributing it to approximately $28 million in upgrades (often after receiving updated client financials) and $22 million in paydowns. For M&A, Mr. Wilcox prioritized in-market opportunities in Ohio, Kentucky, and West Virginia, with a strong interest in expanding into contiguous markets like Virginia, Southwest Pennsylvania, and Southern Indiana, while also evaluating national specialty finance businesses.

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    Daniel Cardenas's questions to Peoples Bancorp Inc (PEBO) leadership • Q4 2024

    Question

    Daniel Cardenas asked how much of the Q4 charge-offs were covered by specific reserves, the outlook for rebuilding the reserve level, and whether recent market M&A has spurred talent acquisition opportunities.

    Answer

    CFO Kathryn Bailey confirmed about $3 million in Q4 charge-offs, all from the leasing portfolio, were covered by existing specific reserves. Both she and Executive Tyler Wilcox expressed confidence in the current reserve level and do not foresee a significant build, absent a negative economic shift. Tyler Wilcox affirmed they are actively hiring talent, having recently added nine commercial bankers in core markets to capitalize on market disruption.

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    Daniel Cardenas's questions to Peoples Bancorp Inc (PEBO) leadership • Q3 2024

    Question

    Daniel Cardenas asked about the potential for stock repurchase activity given the improving TCE ratio. He also inquired about the specific rates and terms offered on the special deposit products during the third quarter.

    Answer

    CFO Kathryn Bailey reiterated the bank's capital priorities, placing organic growth and the dividend ahead of M&A and buybacks, but stated they will continue to evaluate repurchases opportunistically. She specified that the Q3 special deposit product was a 5-month CD with a rate close to, and at times slightly above, 5%, which has since been lowered to around 4.5%.

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    Daniel Cardenas's questions to Northwest Bancshares Inc (NWBI) leadership

    Daniel Cardenas's questions to Northwest Bancshares Inc (NWBI) leadership • Q4 2024

    Question

    Daniel Cardenas sought clarification on the provision guidance, asking if the expected 'slight increase' for 2025 is relative to a normalized level that excludes the Q4 derisking impact. He also asked about the company's intentions for share buybacks in 2025 and whether the pending acquisition of Penns Woods would restrict such activity.

    Answer

    Chief Financial Officer Douglas Schosser confirmed that the provision guidance assumes a normalized base, excluding the one-time impacts from Q4's derisking transactions, and that increases would be to provide for new loan growth. On capital deployment, Schosser reiterated the bank's priorities: supporting the dividend, funding organic growth, and pursuing strategic M&A. He stated that share buybacks are the last priority and are not contemplated in the near or intermediate future.

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    Daniel Cardenas's questions to Northwest Bancshares Inc (NWBI) leadership • Q3 2024

    Question

    Daniel Cardenas inquired about potential future balance sheet restructuring, whether provisioning would rise with classified loans, the number of credits driving the classified increase, and the expected breakeven period for potential de novo branches.

    Answer

    CFO Douglas Schosser confirmed there are no immediate plans for balance sheet restructuring and does not expect material provision increases for the healthcare portfolio, as provisions have already been made. Executive Thomas Creal noted the classified increase was driven by a net of five credits with no geographic concentration. Management deferred the question on de novo breakeven timing, stating the strategy is still under review.

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    Daniel Cardenas's questions to First Commonwealth Financial Corp (FCF) leadership

    Daniel Cardenas's questions to First Commonwealth Financial Corp (FCF) leadership • Q3 2024

    Question

    Daniel Cardenas asked for the size of the loan participation portfolio, whether other loans within it were being watched, and for specific details on the property whose loan recently became nonperforming.

    Answer

    An executive, likely Chief Credit Officer Brian Taake, stated the shared national credit portfolio has been reduced to just over $115 million across 10 relationships and is not a major concern. He explained the nonperforming loan was for a mixed-use property that suffered from post-rehabilitation tenancy issues, not mismanagement. The property is located in Allegheny County, just outside the downtown Pittsburgh district.

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    Daniel Cardenas's questions to Civista Bancshares Inc (CIVB) leadership

    Daniel Cardenas's questions to Civista Bancshares Inc (CIVB) leadership • Q3 2024

    Question

    Daniel Cardenas asked for an update on criticized loan levels, whether charge-offs are expected to normalize, the amount of remaining deposits from the exited tax program, and the size of the customer segment with low or no balances that the bank is targeting.

    Answer

    Chief Credit Officer Michael Mulford stated that criticized loans have been fairly stable, with a large relationship payoff being offset by downgrades of a few other commercial relationships, including in hospitality and healthcare. Management confirmed they expect charge-offs to elevate slightly back toward more normal historical levels in the coming quarters. President and CEO Dennis Shaffer reported that $14 million in deposits from the old tax program remained at quarter-end but were in the process of being closed out. The team did not have a precise number for the low/no balance customer base but affirmed it represents a clear opportunity.

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