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    David Konrad • Keefe, Bruyette & Woods (KBW)

    David Konrad's questions to Blue Foundry Bancorp (BLFY) leadership

    David Konrad's questions to Blue Foundry Bancorp (BLFY) leadership • Q2 2025

    Question

    David Konrad of Keefe, Bruyette & Woods (KBW) asked a long-term strategic question about asset generation and its connection to deposit growth, specifically inquiring about the bank's plans to increase its level of non-interest-bearing deposits as it expands its commercial and industrial (C&I) loan portfolio.

    Answer

    President & CEO James Nesci explained that the bank's strategy focuses on securing full banking relationships from all commercial borrowers, not limited to the C&I segment but also including commercial real estate clients. He stated that by offering compelling products and actively pursuing deeper relationships with existing loan customers, the bank aims to grow its core, non-interest-bearing deposits. He expressed confidence that this strategy is proving effective.

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    David Konrad's questions to Bankwell Financial Group Inc (BWFG) leadership

    David Konrad's questions to Bankwell Financial Group Inc (BWFG) leadership • Q2 2025

    Question

    David Konrad questioned the expected progression of noninterest expenses for the second half of 2025, asking if the quarterly run-rate would remain flat or build from the current level.

    Answer

    CFO Courtney Sacchetti clarified that noninterest expenses are expected to remain relatively flat in the second half of the year, at approximately $15 million per quarter. She explained that the primary investments and team additions occurred in the first half, and compensation structures have been adjusted accordingly, leading to an anticipated leveling-off of expenses.

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    David Konrad's questions to Brookline Bancorp Inc (BRKL) leadership

    David Konrad's questions to Brookline Bancorp Inc (BRKL) leadership • Q2 2025

    Question

    David Konrad of Keefe, Bruyette & Woods (KBW) asked for clarification on the near-term outlook for expenses, questioning if the current quarter's level is a good run rate for Q3 on a standalone basis.

    Answer

    Co-President and CFO Carl Carlson confirmed that the Q2 expense level is a solid run rate for the third quarter. He added that if there were any change, expenses would likely be down slightly from the current level.

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    David Konrad's questions to Amalgamated Financial Corp (AMAL) leadership

    David Konrad's questions to Amalgamated Financial Corp (AMAL) leadership • Q2 2025

    Question

    David Konrad of Keefe, Bruyette & Woods (KBW) asked for an outlook on the Net Interest Margin (NIM), focusing on the yields of new loans booked late in the quarter. He also inquired about the expected expense run-rate for Q3 and the bank's longer-term capital return philosophy regarding dividends and buybacks.

    Answer

    CFO Jason Darby provided new loan yield ranges from high 5% to 7% and explained that while Q3 NIM is expected to be flat due to a drag from the securities portfolio, he anticipates margin expansion in Q4. Darby projected a rise in Q3 expenses due to new hires and a digital platform launch but reaffirmed the full-year $170M OpEx target. Regarding capital, he reiterated a 20-25% total payout ratio target and a dividend yield goal of 2-2.5%, suggesting a pace of more frequent dividend increases going forward.

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    David Konrad's questions to Independent Bank Corp (Massachusetts) (INDB) leadership

    David Konrad's questions to Independent Bank Corp (Massachusetts) (INDB) leadership • Q2 2025

    Question

    David Konrad of Keefe, Bruyette & Woods (KBW) questioned the sustainability of driving deposit costs lower for NIM expansion and asked for the expected pro forma CET1 ratio following the Enterprise acquisition.

    Answer

    CFO Mark Ruggiero explained that future net interest margin expansion is now primarily dependent on asset repricing, as deposit costs are expected to remain stable amid competitive pressures. He also stated that the pro forma CET1 ratio is projected to be in the mid-12% range.

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

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

    Question

    David Konrad questioned the outlook for deposits, focusing on the company's ability to continue remixing its deposit base and managing costs. He also asked about the net interest income (NII) guidance, noting that a flat performance could meet the high end, and inquired about the expected NII exit rate for the year.

    Answer

    CFO Richard Kraemer responded that while deposit betas are slowing, deposit costs are likely near a trough, barring rate cuts, due to competition and the desire to fund loan growth with customer deposits. He noted that while fixed-rate asset repricing is a tailwind for NII, competitive pressures on loan yields and funding costs are headwinds, suggesting a 'steady state modest growth' in NII assuming no Fed moves.

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