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    Jeffrey Rulis

    Research Analyst at D.A. Davidson & Co.

    Jeffrey Rulis is Managing Director and Senior Research Analyst at D.A. Davidson & Co., specializing in equity research for regional banks and financial institutions. He actively covers companies such as Banner Bank, Enterprise Financial Services, Alerus Financial, Columbia Banking System, First Interstate BancSystem, Washington Federal, and Bank of Marin Bancorp, with a strong performance track record highlighted by an average return of up to 15.2% and a success rate consistently above 70% across his recommendations. With over 24 years of investment and financial analysis experience, Rulis began his equity research career in the late 1990s and has been with D.A. Davidson for much of his professional tenure. He holds advanced securities industry credentials and is recognized for top analyst rankings including documented 5-star ratings from independent platforms.

    Jeffrey Rulis's questions to HERITAGE FINANCIAL CORP /WA/ (HFWA) leadership

    Jeffrey Rulis's questions to HERITAGE FINANCIAL CORP /WA/ (HFWA) leadership • Q2 2025

    Question

    Jeffrey Rulis of D.A. Davidson & Co. inquired about the securities loss trade, including its earn-back period and margin impact, the potential for future balance sheet restructuring, capital deployment priorities like buybacks and M&A, and the drivers behind the recent increase in credit downgrades.

    Answer

    EVP & CFO Donald Hinson detailed a roughly three-year earn-back for the Q2 trade and stated future trades depend on market conditions. He also noted buyback activity was opportunistic. President & CEO Bryan D. McDonald commented that organic loan growth is strong but offset by payoffs, and that the bank remains active in M&A conversations. EVP & Chief Credit Officer Tony Chalfant clarified that credit normalization, not a change in review aggressiveness, drove the downgrades.

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    Jeffrey Rulis's questions to Bridgewater Bancshares (BWB) leadership

    Jeffrey Rulis's questions to Bridgewater Bancshares (BWB) leadership • Q2 2025

    Question

    Jeffrey Rulis of D.A. Davidson & Co. asked for the average net interest margin (NIM) for the month of June, details on the securities sold, and the outlook for swap fee income, including its recurrence and the competitive environment.

    Answer

    CFO & President Joe Chybowski provided the June standalone NIM of 2.65% and explained that the sold securities were primarily low-4% yielding treasuries and mortgage-backed securities, making their redeployment into higher-yielding loans a favorable trade. Chief Banking Officer Nick Place added that while swap fees can be lumpy, they are a strategic focus and are expected to be a more consistent contributor, driven by broad banker participation and as a tool to remain competitive.

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    Jeffrey Rulis's questions to BANNER (BANR) leadership

    Jeffrey Rulis's questions to BANNER (BANR) leadership • Q2 2025

    Question

    Jeffrey Rulis of D.A. Davidson & Co. sought clarification on the projected Q3 loan growth pullback, the outlook for the net interest margin, and the specific drivers behind the quarterly increase in nonperforming assets.

    Answer

    EVP & Chief Credit Officer Jill Rice clarified that the projected Q3 loan growth pullback is from the high 9% annualized rate of Q2, not a net decline. EVP & CFO Robert Butterfield noted a positive margin outlook if the Fed remains on pause, with loan yields expected to rise and funding costs potentially decreasing with seasonal deposit growth and the sub-debt redemption. Jill Rice further explained that the increase in nonperforming assets was almost exclusively from 1-to-4 family residential properties, which have prolonged resolution timelines, while the agricultural sector has seen some downgrades to substandard but did not drive the nonperforming increase.

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    Jeffrey Rulis's questions to BANNER (BANR) leadership • Q2 2025

    Question

    Jeffrey Rulis sought clarification on the expected Q3 loan growth 'pullback,' asking if it meant a slower pace or a net decline. He also asked about the net interest margin outlook given several positive drivers and questioned which loan categories contributed to the increase in nonperforming assets.

    Answer

    EVP & Chief Credit Officer Jill Rice clarified the 'pullback' refers to a moderation from Q2's 9% annualized growth rate, not a net loan decline, consistent with seasonal trends. EVP & CFO Rob Butterfield confirmed a positive margin outlook, expecting loan yields to rise 4-5 bps per quarter and funding costs to potentially decrease with seasonal deposit inflows. Jill Rice specified that the increase in nonperforming assets was almost exclusively from 1-4 family residential mortgages, while recent credit downgrades were more concentrated in the agricultural sector.

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    Jeffrey Rulis's questions to BANNER (BANR) leadership • Q2 2025

    Question

    Jeffrey Rulis of D.A. Davidson & Co. sought clarification on the expected Q3 loan growth pullback, the outlook for the net interest margin, and the specific drivers behind the increase in nonperforming assets.

    Answer

    EVP & Chief Credit Officer, Jill Rice, clarified the Q3 pullback refers to a slower growth rate than Q2's 9% pace, not a net decline, and noted the rise in nonperforming assets was almost exclusively from 1-to-4 family residential properties. EVP & CFO, Robert Butterfield, suggested margin tailwinds from rising loan yields and potential funding cost improvements from seasonal deposit inflows reducing FHLB reliance.

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    Jeffrey Rulis's questions to BANNER (BANR) leadership • Q2 2025

    Question

    Jeffrey Rulis sought clarification on the projected Q3 loan growth 'pullback,' the outlook for the net interest margin given recent balance sheet moves, and the specific drivers behind changes in credit metrics, including nonperforming assets and risk rating downgrades.

    Answer

    EVP & Chief Credit Officer, Jill Rice, clarified that the Q3 loan growth 'pullback' is relative to Q2's strong 9% annualized pace, not a net decline. EVP & CFO, Robert Butterfield, suggested a favorable margin outlook if the Fed remains on pause, with loan yields expected to rise and funding costs potentially decreasing with seasonal deposit inflows. Jill Rice added that the increase in nonperforming assets was mainly from 1-4 family residential loans, while downgrades were concentrated in the agricultural sector due to commodity price pressures.

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    Jeffrey Rulis's questions to Bank of Marin Bancorp (BMRC) leadership

    Jeffrey Rulis's questions to Bank of Marin Bancorp (BMRC) leadership • Q1 2025

    Question

    Inquired about the net interest margin outlook, including the March spot rate, and asked about the process for charitable contributions and the potential for further expense cuts.

    Answer

    The March NIM was 2.85%, and the outlook is positive due to liability sensitivity and expected rate cuts. Charitable contributions are a budgeted, Board-approved part of the bank's community commitment; the timing was just pulled forward. The bank is not planning further major expense cuts as the underlying run rate is already trending down.

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