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    Gregory Zingone

    Research Analyst at Piper Sandler

    Gregory Zingone is a Research Analyst at Piper Sandler, specializing in the financial services sector with a focus on regional and community banks. He covers companies including Citizens & Northern Corp. and Orrstown Financial Services, Inc., providing in-depth equity research and analysis since joining Piper Sandler in May 2021. Zingone began his career after earning both his Bachelor of Science and Master of Science in finance from Bentley University, where he is also currently pursuing an MBA. He holds active FINRA registration through Piper Sandler & Co., demonstrating his compliance with industry standards and regulatory credentials.

    Gregory Zingone's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership

    Gregory Zingone's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership • Q2 2025

    Question

    Gregory Zingone of Piper Sandler Companies inquired about remaining credit clean-up from the Codorus Valley deal and the specific capital level Orrstown Financial Services aims to reach before considering another acquisition.

    Answer

    An executive noted that while some minor loan sales from the Codorus portfolio might occur, no substantial sales are planned due to successful workout resolutions. Regarding M&A, EVP & CFO Neelesh Kalani stated that the bank's capital levels are already at a point where they feel comfortable pursuing a transaction without needing outside capital, noting they have reached pre-merger levels and will continue to build from there.

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    Gregory Zingone's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership • Q1 2025

    Question

    Gregory Zingone asked for the bank's Commercial Real Estate (CRE) concentration level at quarter-end and its internal target for this metric. He also inquired about the significant increase in cash balances and the strategy for its deployment.

    Answer

    Chief Credit Officer David Chajkowski reported the CRE to risk-based capital ratio was 302%, below the internal tolerance of 350%, providing room for growth. EVP & CFO Neelesh Kalani explained the cash build-up resulted from loan payoffs and that these funds are being reallocated to investments and will be used to fund the strong future loan pipeline, which should benefit the net interest margin.

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    Gregory Zingone's questions to BHLB leadership

    Gregory Zingone's questions to 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 BHLB leadership • Q1 2025

    Question

    Gregory Zingone of Piper Sandler, stepping in for Mark Fitzgibbon, sought confirmation of the March spot net interest margin. He also asked about strategies for retaining key employees ahead of the merger of equals, plans to align product offerings with Brookline Bancorp before the close, and any target TCE ratio or CRE concentration levels the bank is managing towards.

    Answer

    CFO Brett Brbovic confirmed the March spot NIM was 3.31%. COO Sean Gray addressed retention, stating that key producers have been identified and that both banks have discussed meaningful retention grants. CEO Nitin Mhatre noted that instead of launching new products, the focus is on enhancing digital capabilities, like a new direct deposit API. Mhatre also stated the bank aims to keep CRE concentration below 300%, while Brbovic added that the TCE ratio is expected to remain stable leading up to the merger.

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

    Gregory Zingone's questions to Eastern Bankshares (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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