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    David Bishop • Hovde Group

    David Bishop's questions to WesBanco Inc (WSBC) leadership

    David Bishop's questions to WesBanco Inc (WSBC) leadership • Q2 2025

    Question

    David Bishop from Hovde Group asked about factors beyond CRE payoffs that could constrain loan growth and whether fee income was impacted by temporary waivers related to the Premier acquisition.

    Answer

    President and CEO Jeffrey Jackson identified elevated CRE payoffs as the primary factor that could keep loan growth from reaching high-single-digits, downplaying broader macro concerns. Senior EVP & CFO Daniel Weiss clarified that while there were no major waivers, fees on legacy Premier accounts were suppressed for the first month post-conversion, which could lead to a modest benefit in Q3.

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    David Bishop's questions to WesBanco Inc (WSBC) leadership • Q1 2025

    Question

    David Bishop asked about any stress testing or analysis conducted on the loan portfolio's exposure to potential trade tariffs, particularly within the newly acquired Premier book. He also requested guidance on the outlook for fee income.

    Answer

    Jeffrey Jackson, President and CEO, responded that while the bank has reviewed both legacy portfolios, they do not feel there is significant exposure to tariffs, but acknowledged the situation remains uncertain. Daniel Weiss, Senior Executive Vice President and CFO, provided a framework for modeling fee income, suggesting that a full quarter's impact from Premier could be estimated by annualizing the one-month contribution seen in Q1, while cautioning about a non-recurring $700,000 tax preparation fee in Q1 trust income.

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    David Bishop's questions to WesBanco Inc (WSBC) leadership • Q4 2024

    Question

    David Bishop asked for color on the success of WesBanco's revamped treasury management products and sought an update on the confidence level and timeline for the Premier Financial acquisition's regulatory approval.

    Answer

    CEO Jeffrey Jackson confirmed that the bank is winning larger commercial accounts and that treasury management fees grew nicely year-over-year, driven by new product adoption. He also expressed high confidence in a first-quarter close for the Premier deal, noting that applications are with the Fed and FDIC and that correspondence has been positive with no issues arising.

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    David Bishop's questions to WesBanco Inc (WSBC) leadership • Q3 2024

    Question

    David Bishop asked for the current market rates for refinancing maturing FHLB borrowings and CDs. He also questioned if incentive compensation for deposit growth was fully accrued and how WesBanco has managed to avoid the large commercial real estate loan payoffs affecting peers.

    Answer

    CFO Daniel Weiss stated that current 1-month FHLB advances are priced around 10-15 basis points above Fed funds and that promotional CD rates are now around 4.00%. CEO Jeffrey Jackson confirmed that incentive costs are fully accounted for in the current expense run rate. He attributed the low CRE payoffs to strong customer relationships, noting that while Q4 payoffs might be slightly higher than Q3, no major events are anticipated.

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    David Bishop's questions to OceanFirst Financial Corp (OCFC) leadership

    David Bishop's questions to OceanFirst Financial Corp (OCFC) leadership • Q2 2025

    Question

    David Bishop questioned if the deposit costs from the new Premier Banking teams would trend lower, inquired about loan generation from this new segment, asked about high-opportunity C&I verticals, and sought an update on plans for redeeming subordinated debt.

    Answer

    Chairman & CEO Christopher Maher expects the Premier team's deposit costs to align with the bank's average as non-interest-bearing balances grow to about 30% of the mix. President & COO Joseph Lebel confirmed they are already seeing significant loan pipeline activity from the new teams. Lebel noted C&I growth is broad-based geographically rather than concentrated in specific verticals. Maher added that the company is monitoring markets for its sub-debt and has optionality.

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    David Bishop's questions to OceanFirst Financial Corp (OCFC) leadership • Q1 2025

    Question

    David Bishop asked about the drivers of the strong C&I loan growth, including any new sectors or geographic concentrations, and sought a near-term outlook on deposit cost trends.

    Answer

    President Joseph Lebel reported that the C&I growth was broad-based but highlighted concentrated growth in the newer government contracting business in the Virginia, Maryland, and D.C. metro area. CEO Christopher Maher noted that entering this business now allows for high credit selectivity. CFO Patrick Barrett indicated a stable near-term outlook for deposit costs, with no immediate plans to rely on wholesale funding as new deposit-gathering initiatives ramp up.

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    David Bishop's questions to OceanFirst Financial Corp (OCFC) leadership • Q4 2024

    Question

    David Bishop asked about the remaining opportunity to lower deposit costs, the traction of the new premier banking division, and for details on a recent loan purchase.

    Answer

    CEO Christopher Maher noted there is 'a little more room' to methodically reprice deposits downward as competitive pressures ease. He described the premier banking initiative as being in 'very early days,' with significant banker hiring expected in Q2 and Q3. President Joseph Lebel detailed that the loan purchase was part of a multi-faceted relationship with Spring Garden Capital, which includes a white-label leasing business and has shown great credit quality.

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    David Bishop's questions to OceanFirst Financial Corp (OCFC) leadership • Q3 2024

    Question

    David Bishop asked about the fee income and expense guidance related to the new acquisitions, the cautious outlook on loan yields, and for color on the increase in special mention and substandard loans.

    Answer

    CEO Christopher Maher explained that the caution on loan yields is specific to Q4 due to various moving parts, but he reiterated that net interest income has troughed. Regarding credit, he noted that criticized and classified assets remain well below historical and peer averages and the recent increase did not reflect a pattern or specific concern.

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    David Bishop's questions to Atlantic Union Bankshares Corp (AUB) leadership

    David Bishop's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q2 2025

    Question

    David Bishop of Hovde Group asked for details on credit quality trends within the legacy Atlantic Union portfolio, the performance and pipeline of the GovCon loan segment, and the expected run rate for purchase accounting accretion income.

    Answer

    CEO John C. Asbury and Chief Credit Officer Doug Woolley stated that legacy credit quality is stable and the rise in NPAs was due to the Sandy Spring acquisition. Asbury and EVP David Ring noted the GovCon portfolio is performing well, benefiting from defense spending. CFO Robert Gorman suggested the current quarter's accretion income of approximately $45 million is a reasonable run rate going forward.

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    David Bishop's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q1 2025

    Question

    David Bishop asked about the long-term core loan growth outlook for the combined company post-Sandy Spring integration, sought details on a specific C&I credit that impacted the provision, and inquired about any unforeseen opportunities arising from the current market disruption.

    Answer

    EVP and CFO Rob Gorman projected mid-single-digit loan growth in the medium term, with a long-term goal of upper-single-digits, citing opportunities in the Sandy Spring footprint. Regarding credit, Gorman confirmed the quarter's provision increase was primarily driven by a qualitative overlay for economic uncertainty, though a small specific reserve was added for the C&I credit in question. President and CEO John Asbury and Head of Commercial Businesses David Ring highlighted that the disruption is helping build a strong pipeline in the former Sandy Spring markets, noting the pipeline had doubled in the prior three weeks.

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    David Bishop's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q4 2024

    Question

    David Bishop of Hovde Group questioned whether Atlantic Union's deposit pricing is becoming more tied to larger competitors as it grows, and asked about the potential for redevelopment of large government office buildings in Washington D.C.

    Answer

    President and CEO John Asbury and Head of Consumer and Business Banking Shawn O’Brien clarified that while large banks influence market pricing, AUB's strategy focuses on relationship value over being the price leader. Regarding D.C. real estate, Asbury suggested that converting old government buildings to multifamily housing is a significant opportunity but would likely require financial incentives to attract capital, noting it does not directly impact AUB's or Sandy Spring's current portfolios.

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    David Bishop's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q3 2024

    Question

    David Bishop of Hovde Group questioned if the post-merger business model would shift upmarket, inquired about client retention from the recent American National acquisition, and asked for more details on the expected increase in CRE paydowns.

    Answer

    CEO John Asbury clarified the model will expand, not change, by adding capabilities to serve larger middle-market clients while retaining all current business. CFO Rob Gorman and Head of Commercial Banking David Ring reported strong client retention from the American National deal, with lower-than-average attrition. Asbury described the expected CRE paydowns as a healthy market normalization, and Gorman affirmed the bank still projects mid-single-digit loan growth.

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    David Bishop's questions to Renasant Corp (RNST) leadership

    David Bishop's questions to Renasant Corp (RNST) leadership • Q2 2025

    Question

    David Bishop of Hovde Group questioned Renasant's post-merger interest rate sensitivity, particularly to a potential Fed rate cut, and asked about untapped fee income opportunities from the combination.

    Answer

    Executive VP & CFO James Mabry explained that the merger has tempered the company's asset sensitivity, making it less impacted by potential rate cuts. President & CEO Kevin Chapman highlighted several fee income opportunities, including a rebound in mortgage, the rollout of treasury management solutions to the new footprint, and cross-selling capital markets, ABL, and factoring services, noting that early wins are already materializing.

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    David Bishop's questions to Renasant Corp (RNST) leadership • Q1 2025

    Question

    David Bishop from Hovde Group asked about the bank's process for assessing loan book exposure to potential tariffs and economic policy changes, and for an outlook on the mortgage banking business for the second quarter.

    Answer

    Chief Credit Officer David Meredith explained that while direct exposure to government markets is low, the bank is conducting robust, ongoing conversations with all customers to assess risks from broader economic factors like tariffs and has contingency plans for underwriting. Executive Kevin Chapman stated that mortgage activity is subject to rate volatility but saw a seasonal Q1 uptick and remains well-positioned with its products and team, though Q2 performance will be highly dependent on interest rate movements.

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    David Bishop's questions to Renasant Corp (RNST) leadership • Q4 2024

    Question

    David Bishop asked if the current economic outlook has changed Renasant's appetite for growth in any loan segments. He also inquired about the first quarter balance sheet strategy regarding cash and securities, and the repricing dynamics for CDs in the first half of the year.

    Answer

    David Meredith responded that the bank's appetite for loan growth remains unchanged and the outlook is positive for most asset classes in its markets. James Mabry stated that strong deposit growth provides flexibility, and the bank will likely be a net purchaser of securities in Q1. He also noted that about $2 billion in CDs with a blended rate in the low 4s will mature in the first half of 2025.

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    David Bishop's questions to Renasant Corp (RNST) leadership • Q3 2024

    Question

    David Bishop questioned the bank's provisioning strategy, asking why more of the gain from the insurance agency sale was not allocated to the allowance for credit losses (ACL) given the recent increase in criticized loans. He also inquired about the intended use of the excess liquidity on the balance sheet.

    Answer

    EVP and Chief Credit Officer David Meredith stated that the bank allowed its CECL model to determine the provision and considers the current reserve of 1.59% to be 'very healthy.' EVP and COO Kevin Chapman added that the allowance was significantly built in 2020-2021 to address pandemic-related stresses, and the current credit trends are the realization of those anticipated issues. EVP and CFO James Mabry addressed liquidity, stating the preference is to deploy it into loan growth, but purchasing securities is also a possibility.

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    David Bishop's questions to Fulton Financial Corp (FULT) leadership

    David Bishop's questions to Fulton Financial Corp (FULT) leadership • Q2 2025

    Question

    David Bishop asked for an update on the commercial loan pipeline, specifically whether uncertainty from tariff talks was impacting demand. He also inquired about Fulton's current appetite for M&A, including geographic focus and size parameters, following the integration of the Republic acquisition.

    Answer

    CEO Curtis Myers stated that loan pipelines are up linked-quarter, but pull-through rates remain below historical norms due to customer caution amid economic uncertainty. Regarding M&A, Myers reiterated that the strategy is unchanged: focusing on disciplined, in-market acquisitions of community banks in the $1 billion to $5 billion asset range, while also monitoring larger, though less frequent, opportunities.

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    David Bishop's questions to Fulton Financial Corp (FULT) leadership • Q1 2025

    Question

    David Bishop requested an update on the indirect auto portfolio's runoff status and its quarter-end balance. He also sought to confirm the outlook for purchase accounting accretion for the remainder of the year.

    Answer

    Chief Financial Officer Rick Kraemer confirmed the indirect auto portfolio remains in runoff, with an estimated quarterly decline of $40 million and a remaining balance of about $260 million. He also adjusted the purchase accounting accretion forecast to a run rate closer to $12 million per quarter for the rest of the year, a slight decrease from the previous $13 million estimate.

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    David Bishop's questions to Fulton Financial Corp (FULT) leadership • Q4 2024

    Question

    David Bishop of Hovde Group asked for quantification of the cost savings from the FultonFirst initiative already in the run rate, trends in the retention of Republic Bank deposits, and the expected quarterly purchase accounting accretion for 2025.

    Answer

    CFO Rick Kraemer quantified that just under $5 million in FultonFirst cost savings were included in the Q4 run rate and guided for quarterly purchase accounting accretion to be in the $13.5 million to $14 million range. CEO Curtis Myers added that the acquired Republic deposit portfolio has stabilized and is performing ahead of initial runoff assumptions.

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    David Bishop's questions to Fulton Financial Corp (FULT) leadership • Q3 2024

    Question

    David Bishop questioned if the high liquidity level, with cash and investments over 18% of assets, would see a rundown. He also asked for more detail on the increase in nonaccrual loans and the source of the organic deposit growth from the acquired Republic Bank portfolio.

    Answer

    CFO Designee Rick Kraemer acknowledged that a small step back in liquidity was reasonable. Chairman and CEO Curt Myers explained the increase in nonperforming loans was diverse across borrowers and not concentrated in any one sector, attributing it to the macro environment. He added that the Republic deposit growth was encouraging, reflecting stabilization and retention.

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    David Bishop's questions to SouthState Corp (SSB) leadership

    David Bishop's questions to SouthState Corp (SSB) leadership • Q1 2025

    Question

    John, on behalf of David Bishop, confirmed the timing of the IBTX system conversion and asked about management's expectations for potential deposit attrition from the acquired customer base.

    Answer

    CEO John Corbett confirmed the conversion is scheduled for Memorial Day weekend. Executive Stephen Young stated that the company is not modeling or expecting significant deposit attrition because all frontline bankers are being retained and customers will receive technology upgrades. Corbett added that the bank has conducted three practice conversions and is deploying 500 legacy SouthState employees to the new markets to ensure a seamless transition.

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    David Bishop's questions to SouthState Corp (SSB) leadership • Q4 2024

    Question

    David Bishop of Hovde Group, LLC inquired about the deposit repricing strategy for the legacy IBTX book and the expected pro forma effective tax rate.

    Answer

    Executive Vice President and Chief Financial Officer Stephen Young explained that IBTX deposit pricing will be managed locally, similar to SouthState's current model, rather than through a centralized push. President William Matthews confirmed that the effective tax rate is not expected to change materially, and the current rate is a good basis for modeling going forward.

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    David Bishop's questions to Customers Bancorp Inc (CUBI) leadership

    David Bishop's questions to Customers Bancorp Inc (CUBI) leadership • Q1 2025

    Question

    David Bishop of Hovde Group asked about the bank's capacity for further growth in commercial real estate lending. He also inquired about the sustainability of the current run rate for treasury management fee income and the associated technology spending, and requested the spot cost of deposits at quarter-end.

    Answer

    President and CEO Sam Sidhu confirmed that the bank has 'a ton of capacity' for commercial real estate growth, noting their concentration levels are well below peers. He highlighted the attractive 4.4% net spread achieved on recent CRE loan and deposit relationships. Regarding noninterest income, Sidhu stated that the current treasury fee income represents a 'pretty good run rate' and that the major technology investments supporting it are now largely complete. He also confirmed the spot cost of deposits at the end of the quarter was 2.82%, the same as the quarterly average.

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    David Bishop's questions to Customers Bancorp Inc (CUBI) leadership • Q3 2024

    Question

    David Bishop from Hovde Group asked if the current salary and benefits expense is a good run rate for Q4 and 2025. He also inquired if 2025 would be a year of balance sheet growth and asked about the securities portfolio's sensitivity to lower interest rates after its repositioning.

    Answer

    CFO Philip Watkins confirmed the current salary expense is a reasonable starting point, noting a future shift to a profit-based incentive plan. CEO Samvir Sidhu affirmed that 2025 is expected to be a year of balance sheet growth after the deposit remix is complete. Watkins also explained the securities portfolio repositioning significantly reduced its sensitivity to lower rates by decreasing the floating-rate portion to about 30%.

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    David Bishop's questions to Customers Bancorp Inc (CUBI) leadership • Q2 2024

    Question

    David Bishop of Hovde Group asked about the average lead time for onboarding new commercial clients, sought confirmation on the expected quarterly deposit inflows, and requested details on the recently executed interest rate swap.

    Answer

    President and CEO Sam Sidhu detailed that onboarding new commercial clients is a complex process that typically takes between 30 and 90 days. He confirmed the bank expects gross commercial deposit inflows of $500 million to $1 billion per quarter. CFO Philip Watkins added that the new swap converted over $1 billion of fixed-rate liabilities to floating, will take effect in Q4 2024, and is projected to have a 4 basis point negative impact on NIM in that quarter.

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    David Bishop's questions to Trustmark Corp (TRMK) leadership

    David Bishop's questions to Trustmark Corp (TRMK) leadership • Q4 2024

    Question

    Representing David Bishop of Hovde Group, an analyst asked about the quantitative impact of the hedging strategy on the margin in a rate-cut scenario and how low deposit costs could go without Fed action.

    Answer

    CFO Thomas Owens quantified that the bank's cash flow hedge portfolio would benefit NII by approximately $4.25 million in H2 2025 if two 25-basis-point rate cuts occur. He emphasized that the primary driver of near-term deposit cost reduction is the ongoing repricing of the existing short-duration time deposit book, independent of future Fed actions. He projected a full-year 2025 deposit cost beta of around 34% based on current models.

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