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    Gregory Zingone • Piper Sandler

    Gregory Zingone's questions to Orrstown Financial Services Inc (ORRF) leadership

    Gregory Zingone's questions to Orrstown Financial Services Inc (ORRF) leadership • Q2 2025

    Question

    Gregory Zingone of Piper Sandler Companies inquired about any remaining credit issues from the Codorus Valley acquisition that Orrstown is looking to resolve and the specific capital level the bank aims to reach before considering another acquisition.

    Answer

    An executive stated that while some minor loan sales might occur, they do not anticipate substantial sales from the Codorus portfolio, as workout efforts have been successful with minimal charge-offs. EVP & CFO Neelesh Kalani added that Orrstown's capital levels are already sufficient to consider a new transaction without needing outside capital, and this position is expected to strengthen further in the coming quarters.

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    Gregory Zingone's questions to Orrstown Financial Services Inc (ORRF) leadership • Q1 2025

    Question

    Gregory Zingone inquired about the bank's Commercial Real Estate (CRE) concentration level at quarter-end, its internal goal for this metric, and the reasons behind the significant build-up in cash balances during the quarter.

    Answer

    Chief Credit Officer David Chajkowski stated the CRE to risk-based capital ratio was 302%, comfortably below the internal 350% tolerance. EVP & CFO Neil Kalani explained that the cash increase resulted from loan payoffs and that the bank is actively redeploying these funds into investments and to support a strong future loan pipeline, highlighting the strategic flexibility provided by the 84% loan-to-deposit ratio.

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    Gregory Zingone's questions to Berkshire Hills Bancorp Inc (BHLB) leadership

    Gregory Zingone's questions to Berkshire Hills Bancorp Inc (BHLB) leadership • Q1 2025

    Question

    Gregory Zingone of Piper Sandler inquired about the spot net interest margin for March, employee retention strategies ahead of the merger, plans for aligning deposit products, and target levels for the TCE ratio and CRE concentration.

    Answer

    CFO Brett Brbovic confirmed the March spot NIM was 3.31%. COO Sean Gray stated that key producers have been identified and offered retention packages. CEO Nitin Mhatre noted a focus on enhancing digital deposit functionality rather than launching new products, and said the CRE concentration target remains below 300%. Brett Brbovic added that the TCE ratio should remain stable until the merger.

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    Gregory Zingone's questions to Eastern Bankshares Inc (EBC) leadership

    Gregory Zingone's questions to Eastern Bankshares Inc (EBC) leadership • Q4 2024

    Question

    Gregory Zingone of Piper Sandler inquired about the specifics of Eastern's $1.2 billion investment portfolio repositioning, asking for the average rate and duration of securities being sold and purchased, and confirming the calculated 5.7-year earn-back period. He also requested details on two legacy Eastern investor office loans that were moved to nonaccrual, including their size, occupancy, and reserve levels.

    Answer

    CFO R. Rosato explained that the securities being sold had an average yield in the mid-1.80% range, while the new securities being purchased have an average yield around 4.75%. He confirmed the longer earn-back period is due to the homogeneous nature of the portfolio, which was established when rates were low following the company's IPO. Regarding the office loans, Rosato stated they were legacy loans that had been identified and fully reserved for, declining to provide further specific details.

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