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    Frank Schiraldi • Piper Sandler

    Frank Schiraldi's questions to First Commonwealth Financial Corp (FCF) leadership

    Frank Schiraldi's questions to First Commonwealth Financial Corp (FCF) leadership • Q1 2025

    Question

    Frank Schiraldi questioned the assumptions behind the net interest margin (NIM) guidance, particularly regarding deposit costs in a stable rate environment. He also sought clarification on whether the CenterBank acquisition was included in the NIM forecast and asked about the company's appetite for share buybacks post-acquisition.

    Answer

    CFO James Reske clarified that the NIM guidance, which projects expansion to the high 3.70s, conservatively assumes stable deposit costs, suggesting potential upside if costs fall further. He confirmed the guidance includes the CenterBank deal, though its impact is minimal (1-2 bps). Regarding buybacks, Reske stated that while no decision has been made, the company has excess capital and will evaluate repurchases in the second quarter.

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    Frank Schiraldi's questions to First Commonwealth Financial Corp (FCF) leadership • Q3 2024

    Question

    Frank Schiraldi asked about the potential for near-term volatility from the large deposit inflow, whether Q3 marked an inflection point for deposit costs, and if the 5 basis point NIM compression per 25 basis point rate cut was still a valid rule of thumb.

    Answer

    President and CEO Mike Price acknowledged a portion of the large deposit might flow out in Q1 2025. CFO Jim Reske clarified that he expects deposit costs to decline in Q4, suggesting an inflection point has been reached. He confirmed the 5 bps per 25 bp cut is a reasonable rule of thumb, but noted that various tailwinds in their forecast partially offset this impact.

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    Frank Schiraldi's questions to WSFS Financial Corp (WSFS) leadership

    Frank Schiraldi's questions to WSFS Financial Corp (WSFS) leadership • Q1 2025

    Question

    Frank Schiraldi inquired about the near-term outlook for commercial loan growth, trends in problem loans and delinquencies, and how potential rate cuts might affect the profitability of the Cash Connect business.

    Answer

    Chairman, President and CEO Rodger Levenson stated that commercial clients are performing well but remain cautious, postponing expansion projects until macroeconomic uncertainty subsides. Executive David Burg added that while delinquencies saw a minor increase, there were no systemic red flags. Burg also explained that rate cuts are accretive to Cash Connect's profitability, with each cut adding approximately $400,000 annually, helping to offset volume headwinds.

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    Frank Schiraldi's questions to WSFS Financial Corp (WSFS) leadership • Q4 2024

    Question

    Frank Schiraldi asked about the expected trend for regulatory capital levels, the company's appetite for M&A, the sustainability of the strong Q4 deposit growth, and the ongoing financial impact from the terminated Cash Connect client relationship.

    Answer

    Executive David Burg stated that WSFS expects to continue its capital return policy, targeting a payout of around 50% of net income in the coming year, similar to the prior year. CEO Rodger Levenson added that the new strategic plan focuses on organic optimization rather than significant M&A, though accretive deals would be considered. Regarding deposits, Levenson acknowledged some seasonality, expecting a partial outflow in Q1 but highlighted strong year-over-year average growth, especially in noninterest-bearing accounts. On the terminated client, he declined to give a specific revenue impact but noted that overall Cash Connect profit margin is still expected to increase in 2025 due to other positive factors.

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    Frank Schiraldi's questions to WSFS Financial Corp (WSFS) leadership • Q3 2024

    Question

    Frank Schiraldi of Piper Sandler & Co. sought more detail on credit, asking what drove the growth in problem assets if the nonperforming loans were already known. He also asked for a more precise estimate of NIM compression adjusted for the new hedges and for updated thoughts on the potential for further bank M&A.

    Answer

    EVP and CFO David Burg attributed the increase in problem assets to rigorous internal processes rather than a negative trend, with Chairman, President and CEO Rodger Levenson adding that three credits accounted for nearly 70% of the growth in criticized loans. Regarding NIM, Burg deferred a precise number to the 2025 outlook, citing the nonlinearity of rate impacts. On M&A, Levenson reiterated that the primary focus is on organic growth and talent acquisition, stating the bar for a deal would be 'very, very high.'

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    Frank Schiraldi's questions to OceanFirst Financial Corp (OCFC) leadership

    Frank Schiraldi's questions to OceanFirst Financial Corp (OCFC) leadership • Q1 2025

    Question

    Frank Schiraldi asked about the specific sectors targeted by the new Premier Banking teams, the expected deposit mix and cost, the timing for any additional hiring, and the drivers for the expense increase beyond the new teams.

    Answer

    President Joseph Lebel explained the new teams serve a diverse range of commercial clients, from law firms to traditional borrowers, without a specific vertical focus. CEO Christopher Maher added that the deposit portfolios are attractive, typically with over 20% in noninterest-bearing accounts and the remainder at the lower end of market rates. Maher also noted that the spring recruiting season was largely complete. CFO Patrick Barrett attributed the remaining expense growth to compensation increases, contract renewals, and occupancy costs for the new hires.

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    Frank Schiraldi's questions to OceanFirst Financial Corp (OCFC) leadership • Q4 2024

    Question

    Frank Schiraldi asked about the geographies of recent C&I banker hires, the target niches for new deposit-focused teams, the expected earn-back period for these hires, and if M&A was now a lower priority.

    Answer

    President Joseph Lebel confirmed recent hires span the company's footprint from Northern Virginia to Boston. CEO Christopher Maher added that new deposit teams are being sought in a wide net close to the current footprint, like the New York metro, with a focus on long-term relationships. Maher estimated a 1-2 year earn-back period for new talent and stated concisely that the company is 'highly focused on the organic initiatives,' implying M&A is on the back burner.

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    Frank Schiraldi's questions to OceanFirst Financial Corp (OCFC) leadership • Q3 2024

    Question

    Frank Schiraldi asked for details on the acquisitions of Garden State Home Loans and Spring Garden Capital, including Spring Garden's business model, size, and portfolio risk. He also inquired about the drivers for the expected loan growth pickup in Q4.

    Answer

    CEO Christopher Maher detailed that Spring Garden is a profitable, low-risk bridge lender for housing rehabilitation, with most of its loans already on OceanFirst's balance sheet. President Joseph Lebel added that Q4 loan growth is expected from a combination of new C&I bankers ramping up, increased client optimism, and new mortgage activity from the Garden State acquisition.

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    Frank Schiraldi's questions to Customers Bancorp Inc (CUBI) leadership

    Frank Schiraldi's questions to Customers Bancorp Inc (CUBI) leadership • Q1 2025

    Question

    Frank Schiraldi of Piper Sandler & Co. inquired about the composition of new deposit inflows from banking teams, specifically the noninterest-bearing portion, and the reasons for the overall decline in noninterest-bearing deposits. He also asked if the recent securities portfolio restructuring was complete and if it eliminated all significant credit-sensitive instruments.

    Answer

    President and CEO Sam Sidhu confirmed that new teams are bringing in deposits that are approximately 30% noninterest-bearing. He clarified that the quarterly decline in total noninterest-bearing balances was due to a roughly $300 million decrease in cubiX balances, while average operating noninterest-bearing deposits actually increased. CFO Philip Watkins and CEO Sam Sidhu both affirmed that no further securities restructuring is anticipated. Watkins detailed that the sale primarily consisted of corporate bonds, CLOs, and non-agency CMBS, effectively derisking the portfolio. Sidhu characterized the move as a strategic 'balance sheet optimization' to fund strong loan growth rather than a reaction to specific credit impairments.

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    Frank Schiraldi's questions to Customers Bancorp Inc (CUBI) leadership • Q3 2024

    Question

    Frank Schiraldi of Piper Sandler questioned the cost and interest rate beta of the ~$500 million in quarterly deposits expected from new teams. He also asked if this deposit growth would translate to total balance sheet growth in 2025 and sought guardrails for the elevated outside services expenses.

    Answer

    CEO Samvir Sidhu confirmed the new deposits maintain a blended cost below 3% and have a high beta to Fed funds on the way down, with a stable 30% noninterest-bearing component. He stated that the focus remains on remixing the balance sheet for a couple more quarters before translating inflows into balance sheet growth. CFO Philip Watkins described the outside services expense trajectory as a "bell curve," expecting it to step up in Q4 and Q1 before normalizing.

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    Frank Schiraldi's questions to Customers Bancorp Inc (CUBI) leadership • Q2 2024

    Question

    Frank Schiraldi of Piper Sandler sought clarification on the 3% blended cost of new deposits, their rate sensitivity, how close the bank is to a neutral interest rate position after its recent hedge, and the outlook for the loan loss reserve ratio.

    Answer

    President and CEO Sam Sidhu confirmed the 3% cost is a blended rate inclusive of noninterest-bearing accounts. CFO Philip Watkins stated that recent hedging has moved the bank significantly closer to a neutral interest rate position. He also noted that the allowance for credit losses should continue to benefit from a mix shift away from higher-reserve consumer loans to lower-risk commercial loans, though macroeconomic factors remain a variable.

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    Frank Schiraldi's questions to Bancorp Inc (TBBK) leadership

    Frank Schiraldi's questions to Bancorp Inc (TBBK) leadership • Q1 2025

    Question

    Frank Schiraldi asked about The Bancorp's net interest margin (NIM) trajectory, seeking details on the average yield of fintech loans and the bank's current asset sensitivity. He also questioned how the growth of fintech loan balances, which generate fee income, would impact the reported NIM. Additionally, he inquired about the progress of migrating loans in the REBEL portfolio and the status of a delayed OREO property sale.

    Answer

    CEO Damian Kozlowski explained that the growing fintech loan portfolio has a 5% yield recognized primarily as noninterest income, which will naturally lower the reported NIM as the loan balances increase the denominator. He stated that asset sensitivity is now near 1%, significantly reduced from 8% previously. Regarding the REBEL portfolio, Kozlowski noted the deal market is slow and enhanced underwriting is in place, but did not provide specific outflow data. He also expressed confidence that the delayed OREO property sale would close in May, stating the buyer's change in ownership has strengthened their position.

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    Frank Schiraldi's questions to Bancorp Inc (TBBK) leadership • Q4 2024

    Question

    Frank Schiraldi asked about the drivers behind the fourth-quarter acceleration in Gross Dollar Volume (GDV), the outlook for fee income growth, and the forecast for Net Interest Margin (NIM) in 2025. He also inquired about the trend in criticized and classified loans and the need for future loan sales.

    Answer

    CEO Damian Kozlowski explained that strong GDV growth of 19-20% has continued into January, driven by new product diversity and larger programs. He projected overall fee growth in the high 20s, fueled by credit sponsorship and other payment fees. Kozlowski noted that while NIM may see some near-term erosion due to the mix of new fee-based products, it should reverse as interest-bearing programs are implemented. Both Kozlowski and CFO Paul Frenkiel stated they believe credit quality issues have peaked and expect to see progress in reducing substandard loans, though small new issues could still arise.

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    Frank Schiraldi's questions to Bancorp Inc (TBBK) leadership • Q4 2024

    Question

    Frank Schiraldi inquired about the drivers behind the Q4 acceleration in Gross Dollar Volume (GDV), the outlook for GDV and related fee income in 2025, the trajectory of the Net Interest Margin (NIM) given new fee-heavy products, and the status of criticized loans.

    Answer

    CEO Damian Kozlowski confirmed that strong GDV growth of 19-20% has continued into January 2025, driven by new product diversity and larger programs. He projected total fee growth in the high 20s, noting that near-term NIM might see some compression as new fee-based credit sponsorship programs ramp up, but this should reverse as interest-bearing products are added. On credit, both CEO Damian Kozlowski and CFO Paul Frenkiel stated they believe the peak in criticized REBL loans has passed and expect significant improvement, despite two small new nonaccruals which are well-collateralized with no expected loss.

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    Frank Schiraldi's questions to Bancorp Inc (TBBK) leadership • Q3 2024

    Question

    Frank Schiraldi of Piper Sandler inquired about new fintech partnerships, the drivers behind the 2025 guidance, specifically the relationship between GDV and fee growth, trends in the Real Estate Bridge Lending (REBL) portfolio, and the expected timing for reaching a peak in criticized loan balances.

    Answer

    CEO Damian Kozlowski confirmed a robust fintech pipeline but had no new partners to announce. He noted that GDV growth was trending above 20% in October and that the 15-20% range for 2025 is achievable, with fee growth potentially outpacing GDV due to program implementations. Regarding the REBL book, Kozlowski stated that while market liquidity is improving, it hasn't yet significantly accelerated loan payoffs. He affirmed management's belief that the bank is at or near the peak for substandard assets and has a plan to reduce these balances over the next two quarters, with a broader resolution expected throughout 2025.

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    Frank Schiraldi's questions to Valley National Bancorp (VLY) leadership

    Frank Schiraldi's questions to Valley National Bancorp (VLY) leadership • Q1 2025

    Question

    Frank Schiraldi inquired about the trend in commercial loan origination yields, which were around 7% last quarter, and the current repricing of the back book. He also asked about long-term targets for Commercial Real Estate (CRE) concentration and the outlook for Commercial & Industrial (C&I) loan growth.

    Answer

    Travis Lan, an executive at Valley, noted that new loan origination yields were slightly lower at approximately 6.80% due to lower benchmark rates and spread compression. CEO Ira Robbins added that the bank anticipates continued double-digit growth in C&I loans and is comfortable with the current CRE concentration levels, expecting them to stabilize as originations increase. He clarified that long-term CRE concentration reduction would be driven by growth in other loan categories rather than aggressive runoff.

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    Frank Schiraldi's questions to Valley National Bancorp (VLY) leadership • Q4 2024

    Question

    Frank Schiraldi questioned management's level of confidence in achieving the target Return on Assets (ROA) of 1% by the end of 2025 and asked about the greatest potential risks to that outlook, such as falling long-term rates.

    Answer

    Executive Travis Lan expressed confidence, noting the NII guidance range already conservatively models a lower rate environment and would still support a 1%+ ROA. He added that the provision for credit losses is expected to be higher early in the year and taper off, which also supports the path to the year-end ROA target. CEO Ira Robbins reiterated this confidence, highlighting the bank's recent success in aggressively reducing deposit costs while simultaneously achieving record deposit growth.

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    Frank Schiraldi's questions to Popular Inc (BPOP) leadership

    Frank Schiraldi's questions to Popular Inc (BPOP) leadership • Q1 2025

    Question

    Frank Schiraldi asked about the macroeconomic uncertainty from tariffs, the potential for new investment in Puerto Rico, particularly in pharmaceuticals, and the impact of the island's power grid issues. He also followed up on deposit flows, seasonality, and the outlook for the remainder of the year.

    Answer

    CEO Ignacio Alvarez stated that Puerto Rico's industries are resilient to power outages due to private power generation. An executive added that while no major new pharmaceutical investments have been announced, Puerto Rico remains an attractive option for reshoring due to its existing talent and infrastructure. CFO Jorge Garcia addressed deposits, noting strong Q1 performance driven by seasonal tax refunds and robust economic activity, and expressed confidence in the deposit baseline despite expecting a potential seasonal trough in Q3.

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    Frank Schiraldi's questions to Popular Inc (BPOP) leadership • Q4 2024

    Question

    Frank Schiraldi sought clarification on the at-risk deposit balance of $600M-$800M. He also asked about the future cadence of share buybacks and management's long-term view on normalized CET1 capital levels for the bank.

    Answer

    CFO Jorge Garcia suggested the at-risk deposit balance might be slightly lower but emphasized active retention efforts. He confirmed that an opportunistic approach to buybacks based on stock price is a fair expectation. Garcia also stated that while the bank needs to operate with a higher capital margin, the current CET1 ratio will be reduced gradually over time and does not need to be 400-500 basis points above peers.

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    Frank Schiraldi's questions to Popular Inc (BPOP) leadership • Q3 2024

    Question

    Frank Schiraldi asked about the bank's ability to reprice deposits, the calculation basis for the new 12% ROTCE target, the timeline for the 14% ROTCE goal, and the potential seasonality of share buybacks.

    Answer

    CFO Jorge Garcia detailed that public deposits in Puerto Rico are repricing down, while retail betas in PR are low. U.S. deposits offer some repricing opportunity but are subject to competition. He confirmed the 12% ROTCE target for Q4 2025 excludes AOCI impact and stated that while the 14% goal will take longer, management remains focused on it. He also noted the Q3 buyback began in August and the company intends to use the authorization flexibly.

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    Frank Schiraldi's questions to Pathward Financial Inc (CASH) leadership

    Frank Schiraldi's questions to Pathward Financial Inc (CASH) leadership • Q2 2025

    Question

    Frank Schiraldi inquired about the scalability and competitive outlook for the tax business, the macroeconomic view on the commercial finance portfolio, and the strategy for capital returns, particularly share buybacks.

    Answer

    CEO Brett Pharr noted the tax business's strong performance was driven by market share gains and higher IRS refunds, but cautioned that the recent high growth rate may not be sustainable. He also stated that the commercial finance portfolio shows no signs of credit deterioration and that an economic downturn could actually strengthen their pipeline. On capital returns, Pharr explained the company can maintain its 80-90% buyback payout ratio for the year while still achieving its target Tier 1 leverage ratio of around 10% due to strong profitability.

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    Frank Schiraldi's questions to Pathward Financial Inc (CASH) leadership • Q1 2025

    Question

    Frank Schiraldi asked about the growth outlook for the commercial finance business, the impact of a sustained high-interest-rate environment on earnings guidance, and the economic terms of recent partnership renewals.

    Answer

    CEO Brett Pharr highlighted the renewable energy loan business, noting its optionality for loan sales. While acknowledging a 'higher for longer' rate environment is a tailwind, he stated the company remains cautious pending tax season results and is making investments in technology and compliance. Regarding partnerships, Pharr and CFO Greg Sigrist noted general rate-related pressure on processing fees, which they aim to offset with other transaction fees, but declined to comment on specific new partners.

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    Frank Schiraldi's questions to Pathward Financial Inc (CASH) leadership • Q4 2024

    Question

    Frank Schiraldi of Piper Sandler sought confirmation that the bottom-line impact from Partner Solutions growth would accelerate in the latter half of fiscal 2025. He also asked about the anticipated growth rate for the commercial finance book following the premium finance sale and its primary drivers. Additionally, he inquired about the outlook for the consumer finance portfolio, particularly the new secured credit product, and asked for clarification on the main levers driving the fiscal 2025 guidance range, such as the interest rate curve.

    Answer

    CEO Brett Pharr confirmed that revenue from new Partner Solutions deals is expected to ramp up in the second half of fiscal 2025. CFO Gregory Sigrist projected that the commercial finance book could grow in the low double-digit range post-transaction, driven by structured finance, working capital, and SBA loans. Pharr noted that while the consumer loan portfolio may see some growth, it is not expected to become a materially larger part of the balance sheet. Sigrist identified the interest rate curve as the primary external factor influencing the guidance range, with the pace of pipeline execution being the key internal lever.

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    Frank Schiraldi's questions to Fulton Financial Corp (FULT) leadership

    Frank Schiraldi's questions to Fulton Financial Corp (FULT) leadership • Q1 2025

    Question

    Frank Schiraldi inquired about the 2025 loan growth outlook, asking if strategic portfolio actions would push growth to the second half of the year. He also asked about the sensitivity of Net Interest Income (NII) to potential interest rate cuts.

    Answer

    Chairman and Executive Officer Curtis Myers explained that while loan pipelines are healthy, customer caution is impacting conversion rates, and Q1's decline was influenced by strategic headwinds. Chief Financial Officer Rick Kraemer added that while achieving NII guidance is more challenging without loan growth, it is still possible at the low end of the range. He quantified that a 25 basis point rate cut represents a $1.7 million annual headwind to NII.

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    Frank Schiraldi's questions to Fulton Financial Corp (FULT) leadership • Q4 2024

    Question

    Frank Schiraldi of Piper Sandler inquired about where M&A fits into Fulton's current strategic priorities given the ongoing FultonFirst initiative and sought to clarify if the initiative's projected savings were purely expense-based or also included revenue enhancements.

    Answer

    CEO Curtis Myers responded that Fulton is now in a position to consider M&A again and would weigh any opportunity against its operational capacity. CFO Rick Kraemer confirmed the FultonFirst financial guidance is entirely expense-based, though Mr. Myers added that significant, unquantified revenue initiatives are also part of the program and will contribute to growth over time.

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    Frank Schiraldi's questions to Fulton Financial Corp (FULT) leadership • Q3 2024

    Question

    Frank Schiraldi inquired about Fulton's net interest income (NII) guidance, specifically why it's at the high end despite anticipated rate cuts, and asked about the bank's asset sensitivity. He also sought details on the Fulton First initiative, questioning if the projected savings were purely from expenses or included revenue enhancements.

    Answer

    Chief Financial Officer Designee Rick Kraemer explained that while near-term rate cuts create NII headwinds, the bank's asset sensitivity has been reduced by 45% year-to-date, moving it closer to a neutral position. Chairman and CEO Curt Myers clarified that the Fulton First savings are currently all efficiency and cost-related, with revenue targets to be built into future guidance.

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    Frank Schiraldi's questions to Northwest Bancshares Inc (NWBI) leadership

    Frank Schiraldi's questions to Northwest Bancshares Inc (NWBI) leadership • Q3 2024

    Question

    Frank Schiraldi asked about the expected pace of consumer loan runoff in Q4 and how it aligns with the low single-digit total loan growth target. He also requested more color on the increase in classified loans, particularly in the healthcare segment.

    Answer

    CFO Douglas Schosser stated that the bank is adjusting consumer loan pricing to slow the portfolio's decline and support the overall modest loan growth target. Executive Thomas Creal clarified that the increase in classified loan dollars was due to a few larger downgrades, but the healthcare portfolio actually had more upgrades than downgrades by loan count, indicating portfolio transition rather than broad deterioration.

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    Frank Schiraldi's questions to ConnectOne Bancorp Inc (CNOB) leadership

    Frank Schiraldi's questions to ConnectOne Bancorp Inc (CNOB) leadership • Q3 2024

    Question

    Frank Schiraldi inquired if the Q4 NIM projection of 2.80% assumes similar liquidity levels as Q3 and asked about the 80% deposit beta assumption. He also requested guidance on Q4 expense growth and questioned if the First of Long Island (FLIC) deal lessens the near-term focus on reducing the loan-to-deposit ratio.

    Answer

    CFO Bill Burns confirmed the 2.80% NIM projection for Q4 includes the benefit of already-reduced liquidity and guided for a 1-2% sequential increase in core noninterest expenses. Regarding the loan-to-deposit ratio, Burns stated the merger provides more flexibility for opportunistic growth. Chairman and CEO Frank Sorrentino added that the deal enhances their ability to rely on a core deposit base, providing more firepower for lending.

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    Frank Schiraldi's questions to OFG Bancorp (OFG) leadership

    Frank Schiraldi's questions to OFG Bancorp (OFG) leadership • Q1 2024

    Question

    Frank Schiraldi asked about the growth of digital account openings, the seasonality of deposit growth in Q1, the status of government deposits, and the outlook for consumer charge-off normalization.

    Answer

    Executive José Fernández confirmed that digital account openings are growing, with 25-26% of new checking accounts and CDs now opened via digital channels. He acknowledged Q1 deposit seasonality from tax refunds but expects continued growth, noting a ~$1 billion government deposit is anticipated to be renewed. Chief Risk Officer Cesar Ortiz-Marcano added that while a seasonal increase in charge-offs is expected in Q2, the overall trend is stabilizing due to better underwriting vintages and improved collateral recovery rates.

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