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    Matthew Clark

    Managing Director and Senior Research Analyst at Piper Sandler

    Matthew Clark is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in western U.S. regional banks with coverage of companies such as Banc of California, East West Bancorp, Glacier Bancorp, HomeStreet, and Zions Bancorporation. Over his career, Clark has delivered an average price target achieved rate of approximately 61% with an average potential upside of 24.5% on his rated stocks, and his recommendations have included notable high-performing calls on HomeStreet. He joined Piper Sandler in 2015 after more than 14 years covering small and mid-cap banks at firms including Sterne Agee, Credit Suisse, and Keefe, Bruyette & Woods, and began his finance career at Arthur Andersen LLP. Clark holds a bachelor's degree in finance from Lehigh University and is registered with FINRA as an investment professional.

    Matthew Clark's questions to First Foundation (FFWM) leadership

    Matthew Clark's questions to First Foundation (FFWM) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies questioned the reasons behind the recent management turnover, including the CBO, COO, and Chief Credit Officer, and asked about the company's plans to further reduce its high-cost ECR deposits.

    Answer

    CEO Thomas Shafer attributed the turnover to the significant changes in the company's operating model, stating that the skills required for the next phase are different and that the changes create opportunities. On deposits, Mr. Shafer confirmed the focus is on replacing high-cost funds. CFO James Britton added that they aim to reduce concentration in the remaining $500M ECR portfolio, potentially by another couple hundred million by year-end, and noted the full benefit of recent MSR deposit exits will appear in Q3.

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    Matthew Clark's questions to First Foundation (FFWM) leadership • Q3 2024

    Question

    Matthew Clark asked about the planned use of proceeds from the loan securitization, the dollar amount of brokered CDs, the percentage of the loan book that is floating rate, the spot rate on deposits at quarter-end, the net interest margin for September, and the target peer reserve ratio.

    Answer

    Executive Scott Kavanaugh stated that proceeds from loan sales will be used to reduce wholesale funding, such as brokered deposits and FHLB advances. Executive Jamie Britton confirmed the brokered deposit figures and noted that about 20% of the loan book is adjustable, with repricing periods typically between 3 to 6 months. Britton also shared that the interest-bearing deposit cost for the month of September was 4.15%. Kavanaugh provided the September NIM at approximately 1.32% and confirmed the peer reserve ratio target is between 65 and 70 basis points.

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    Matthew Clark's questions to ING GROEP (ING) leadership

    Matthew Clark's questions to ING GROEP (ING) leadership • Q2 2025

    Question

    Matthew Clark from Mediobanca asked if deposit outflows from the Q1 German campaign were still expected in Q3. He also questioned why Q3 Commercial NII is guided to be flat, rather than positive, given tailwinds from volume and a potential rebound in FX rates.

    Answer

    CEO Steven van Rijswijk confirmed that some deposit outflow from the German campaign is still expected in Q3, consistent with past trends where about one-third of promotional funds leave. CFO Tanate Phutrakul explained the flat Q3 NII guidance is because the full negative impact of the Q2 foreign exchange movement will be felt in Q3, offsetting other positive drivers.

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    Matthew Clark's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership

    Matthew Clark's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies asked why the loans transferred to held for sale were higher than the amount initially announced with the branch sale. He also inquired about the remaining volume of non-relationship loans targeted for runoff and the strategic intent behind the deposit market share slide in the presentation.

    Answer

    EVP & CFO David Della Camera clarified that the additional loans moved to held for sale were all identified as being tied to the Arizona and Kansas branch transaction. President & CEO James Reuter stated that most of the deliberate runoff of non-strategic loans has already occurred, though some stabilized multifamily construction loans may still exit to the secondary market. He explained the deposit market share slide is meant to illustrate existing density and growth opportunities, not to signal an intention to exit any markets.

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    Matthew Clark's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q1 2025

    Question

    Matthew Clark of Piper Sandler inquired about the specifics of credit migration this quarter, asking for more color on the types of industrial and agricultural credits that were downgraded. He also questioned the risk of further reserve builds given the declining reserve-to-nonperforming loan ratio, the origin of the problem loans (legacy First Interstate vs. legacy Great Western Bank), and the company's stance on capital returns, particularly the potential for a stock buyback versus maintaining the dividend.

    Answer

    CEO James Reuter explained that the credit issues are part of a deliberate 'credit reset' to ensure consistency across the footprint, noting that while some downgrades were in specific industrial warehouse and multifamily properties, there were no systemic trends. He stated the company is action-oriented, as shown by exiting indirect lending and repositioning the branch network. Deputy CFO David Della Camera affirmed that the current reserve level of 1.24% is appropriate based on their robust quarterly analysis. Regarding capital, Reuter emphasized that the dividend remains a key priority and while all options are considered, there are no imminent plans for a stock buyback.

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    Matthew Clark's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q4 2024

    Question

    Matthew Clark asked for details on the increase in criticized loans, including whether it was driven by a third-party review, the origin of the loans, their size, and any associated marks. He also inquired about the size of a specific loan expected to be refinanced and sought new CEO Jim Reuter's updated thoughts on long-term strategic targets.

    Answer

    CEO Jim Reuter clarified that a third-party review affirmed the bank's internal credit ratings and that the criticized loans originated from the Great Western Bank footprint without any purchase accounting marks. CFO Marcy Mutch added that the four loans totaled $160 million and are all current on payments. Regarding strategy, Mr. Reuter expressed continued confidence in the bank's fundamentals and team, noting that specific long-term targets will be shared next quarter, while pointing to the exit from indirect lending as an immediate strategic action.

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    Matthew Clark's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler & Co. inquired about the specific reserves for a C&I relationship, whether reserves were previously set aside for the two metro office credits that were charged-off, and the spot deposit rate and core margin for the month of September.

    Answer

    CEO Kevin Riley stated that while the specific reserve on the C&I credit is not disclosed, it is considered adequate. CFO Marcy Mutch added that while no specific reserves were on the two metro office loans, their characteristics were included in the overall allowance calculation. Mutch also provided the September spot rate on deposits as 2% and the core net interest margin for September as 3.03%.

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    Matthew Clark's questions to FIRSTSUN CAPITAL BANCORP (FSUN) leadership

    Matthew Clark's questions to FIRSTSUN CAPITAL BANCORP (FSUN) leadership • Q2 2025

    Question

    Asked for the cost of incremental deposits and the spot rate at quarter-end, the sustainability of non-interest-bearing balances, an update on the Southern California expansion's footings, and the current M&A environment and strategy.

    Answer

    The company noted that new deposits are more expensive, with the end-of-June spot rate slightly below the quarterly average. They expect net growth in non-interest-bearing deposits for the full year. The Southern California initiative is performing well and is effectively self-funding with around $200 million each in loans and deposits. On M&A, they remain opportunistic but selective in the Southwest, noting a gap in price expectations between buyers and sellers.

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    Matthew Clark's questions to FIRSTSUN CAPITAL BANCORP (FSUN) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies requested details on incremental deposit costs, the sustainability of non-interest-bearing deposit balances, an update on the Southern California expansion's footings, and the current M&A environment.

    Answer

    CFO Robert Cafera stated that the cost of new deposits is higher than the portfolio average and that the spot rate at quarter-end was slightly below the quarterly average. He affirmed that despite some transitory funds, the bank expects net growth in non-interest-bearing deposits for the year. For the Southern California initiative, Mr. Cafera reported that both loans and deposits grew to approximately $200 million each, making the expansion self-funded. CEO Neal Arnold commented on M&A, noting the focus is on the Southwest and that while conversations are ongoing, price discovery remains a challenge.

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    Matthew Clark's questions to FIRSTSUN CAPITAL BANCORP (FSUN) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies questioned the cost of incremental deposit growth, the sustainability of non-interest-bearing balances, the loan and deposit footings in the Southern California initiative, and the current M&A environment.

    Answer

    CFO Robert Cafera provided the spot rate for deposits at the end of June and confirmed that while some large deposits were transitory, the bank still expects net growth in non-interest-bearing accounts for the year. He reported that the Southern California initiative is now effectively self-funded, with both loans and deposits at approximately $200 million each. CEO Neal Arnold commented that M&A conversations continue with a focus on the Southwest, but differing price expectations have made deal resolutions challenging.

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    Matthew Clark's questions to FIRSTSUN CAPITAL BANCORP (FSUN) leadership • Q1 2025

    Question

    Matthew Clark asked for the spot deposit rate and average margin for March, sought to quantify the MSR impact on mortgage revenue, and inquired about the Q2 expense run rate and specific M&A priorities.

    Answer

    CFO Robert Cafera stated the March margin was stable around 4.07-4.08% (non-FTE) and clarified the MSR revenue impact was driven by net capitalization changes, not a significant fair value write-down. He expects the Q2 expense pace to increase to meet full-year guidance. CEO Neal Arnold reiterated that M&A strategy is focused on their existing footprint without naming specific targets.

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    Matthew Clark's questions to Bank of Marin Bancorp (BMRC) leadership

    Matthew Clark's questions to Bank of Marin Bancorp (BMRC) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the specifics of two commercial real estate (CRE) loans that migrated to non-performing status, the bank's appetite for restructuring its held-to-maturity (HTM) securities portfolio, and its strategy for share repurchases.

    Answer

    President and CEO Tim Myers explained the CRE loans are smaller, non-San Francisco retail/mixed-use properties with good sponsorship, and the bank is not particularly concerned about them. Regarding the HTM portfolio, Myers stated that while they continue to evaluate a potential restructuring, they remain cautious about the impact on capital and shareholder dilution. He also noted that the recent share buyback activity was limited by a short execution window following regulatory approvals, but it remains a competing use of capital they will continue to evaluate.

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    Matthew Clark's questions to Bank of Marin Bancorp (BMRC) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the specifics of two commercial real estate (CRE) loans that migrated during the quarter, the bank's appetite for restructuring its held-to-maturity (HTM) securities portfolio, and its strategy regarding the share buyback program.

    Answer

    Tim Myers, Director, President & CEO, clarified that the migrated CRE loans were smaller retail/mixed-use properties outside of San Francisco with good sponsorship, and the bank is actively working on remargining them. Regarding the HTM portfolio, he stated that while a restructuring is under consideration, the bank remains cautious about the potential impact on capital and shareholder dilution. Myers also explained that the recent share buyback activity was limited by a narrow execution window due to regulatory processes, but the board has reauthorized the program, viewing it as an attractive use of capital below tangible book value.

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    Matthew Clark's questions to Bank of Marin Bancorp (BMRC) leadership • Q4 2024

    Question

    Matthew Clark asked for the spot deposit rate at year-end and in January, following recent rate cuts. He also questioned the likelihood of the bank using its new shelf filing for specific purposes like repositioning HTM securities, team lift-outs, or M&A. He concluded by asking for updated thoughts on M&A and the expected tax rate.

    Answer

    CFO Dave Bonaccorso provided the December average cost of deposits (1.32%) and interest-bearing deposits (2.37%), stating the year-end spot rate was very close to the average and that interest-bearing costs were cut by another 8-9 basis points in January. President and CEO Tim Myers stated there are no immediate plans to tap the shelf filing, viewing it as a tool for preparedness. On M&A, he said the bank prefers to be an acquirer but valuations are an impediment, and the bank is comfortable continuing its organic strategy. Bonaccorso confirmed the tax rate should reset to the 25-26% range.

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    Matthew Clark's questions to CENTRAL PACIFIC FINANCIAL (CPF) leadership

    Matthew Clark's questions to CENTRAL PACIFIC FINANCIAL (CPF) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies asked for specific financial metrics, including the spot deposit cost and net interest margin for June. He also inquired about the volume and rates of maturing CDs for the next two quarters, the expected deposit beta in a rate-cut environment, new loan yields, the dollar amount of the quarter's large C&I charge-off, details on two newly criticized loans, and the total size of the mainland SNC portfolio.

    Answer

    EVP & CFO Dayna Matsumoto provided the June 30 spot deposit cost (0.98%) and June NIM (3.49%). She detailed upcoming CD maturities ($430M in Q3, $350M in Q4) rolling off at 3.6% while new promotions are at 3.4%, and projected a similar downward deposit beta. Vice Chairman & COO David Morimoto stated new loan yields averaged 7.2% in Q2. Senior EVP & Chief Risk Officer Ralph Mesick quantified the single charge-off at 21 basis points and provided the mainland SNC portfolio size at approximately $403 million, but declined to give specific details on the downgraded credits, citing client confidentiality while noting no losses are expected.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership

    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies inquired about the nature of end-of-quarter borrowings, the spot rate for deposits in June, expectations for further deposit cost relief, and the updated expense run rate for the second half of the year.

    Answer

    CFO David Weber explained that the borrowings were overnight at a mid-4% rate, intended to be paid off with incoming Q3 deposits. He stated the June spot rate on total deposits was 3.07% and expects NIM to be flat in Q3 before expanding in Q4. Weber also reaffirmed the expense guidance of $19.5 million to $20 million. CEO Scott Wylie added that the company's strategy focuses on operating leverage from revenue growth rather than cost-cutting.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the nature of recent borrowings, the spot rate on deposits, and the outlook for both deposit costs and overall expenses for the remainder of the year.

    Answer

    CFO & Treasurer David Weber explained that the borrowings were overnight funds at a mid-4% rate, which the company plans to pay off with incoming deposits in Q3. He stated the June spot rate for total deposits was 3.07% and projected a flat NIM for Q3, followed by expansion in Q4. He also reaffirmed the expense guidance of $19.5 million to $20 million. Chairman & CEO Scott Wylie added that the company's strategy focuses on operating leverage from revenue growth rather than cost-cutting.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q2 2025

    Question

    Matthew Clark inquired about the nature of borrowings at quarter-end, the spot rate for deposits in June, and the expense outlook for the second half of the year.

    Answer

    CFO David Weber explained that the borrowings were overnight at a mid-4% rate and are expected to be paid off with Q3 deposit inflows. He stated the June spot rate on total deposits was 3.07% and reaffirmed the expense guidance of $19.5 million to $20 million. CEO Scott Wylie added that the company's strategy focuses on operating leverage from revenue growth rather than cost-cutting.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the nature of recent borrowings, the spot rate for deposits, and the outlook for both net interest margin (NIM) and operating expenses for the remainder of the year.

    Answer

    CFO David Weber explained that the borrowings were overnight at a mid-4% rate and are expected to be paid off with Q3 deposit inflows. He noted the June spot rate on total deposits was 3.07% and projected a flat NIM for Q3, followed by expansion in Q4 to the low-to-mid 2.70s. Weber reaffirmed the expense guidance of $19.5 million to $20 million. CEO Scott Wylie added that the company's strategy prioritizes operating leverage through revenue growth over cost-cutting.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q1 2025

    Question

    Matthew Clark inquired about the components of the linked-quarter increase in loan yields, asking for the specific dollar amount of any interest recoveries. He also requested the spot rate on deposits at the end of March, the average margin for the month, and an update on the resolution timeline for remaining nonperforming assets.

    Answer

    Executive David Weber quantified the amortized loan fees, noting they were approximately $200,000 higher than normal. He provided a spot deposit rate of 2.98% and projected a flattish Net Interest Margin (NIM) for Q2 before expanding in the second half of the year. Executive Scott Wylie added that the one remaining OREO property is expected to be sold this year, while a significant NPL resolution is dependent on court timing and anticipated in 2025.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q4 2024

    Question

    Matthew Clark sought to confirm that the marks on the OREO ranch were fully reflected relative to its sale price and asked about the carrying value of the two remaining homes. He also requested the spot rate on deposits at the end of December, inquired about the full-year NIM outlook, and asked for color on the significant drop in noninterest-bearing deposits at year-end.

    Answer

    Executive Scott Wylie clarified that the ranch is carried below its contract price, implying a potential gain in Q1, and that the write-downs on the other two properties were based on new appraisals received around year-end but booked in Q4. He provided the December spot deposit rate as 3.05%. Both Scott Wylie and David Weber affirmed that exiting 2025 with a NIM around 2.73% is achievable. Scott Wylie explained the drop in noninterest-bearing deposits is a typical seasonal outflow in Q4 as clients pay year-end bonuses and distributions.

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    Matthew Clark's questions to First Western Financial (MYFW) leadership • Q3 2024

    Question

    Matthew Clark asked for clarification on the spot NIM calculation, the percentage of floating-rate loans, the reason for a disconnect between AUM growth and fee income, the size of a fraud loss recovery, and the expense outlook.

    Answer

    CFO David Weber clarified the 2.40% spot NIM excludes the impact of an interest reversal but includes the non-accrual loans, and noted about 25% of the loan book is floating rate. CEO Scott Wylie explained the AUM fee lag was due to asset mix, with growth in fixed-fee directed trusts, and mentioned an initiative to better monetize AUM. David Weber stated the fraud recovery was about $100,000. For expenses, Scott Wylie projected a 2025 range of $19.5M-$20.5M and a Q4 run rate similar to or slightly above Q3's $19.4M. COO Julie Courkamp also provided the special mention loan figure.

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    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership

    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies asked for a quantification of purchase accounting accretion's contribution to loan yields in Q2 versus Q1. He also questioned if the Bank of Idaho acquisition impacted interest-bearing deposit costs and requested the spot deposit rate and margin for the month of June.

    Answer

    President & CEO Randall Chesler stated that purchase accounting accretion was approximately 4 basis points in Q2, down from 8 basis points in Q1. SVP & Treasurer Byron Pollan confirmed the Bank of Idaho deal slightly increased deposit costs but expects overall funding costs to decline. He reported the June spot deposit rate was 1.25% and the spot margin was 3.30%.

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    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies asked for quantification of purchase accounting accretion's impact on loan yields, the reason for the slight increase in interest-bearing deposit costs, and the spot rates for deposits and margin for the month of June.

    Answer

    President & CEO Randall Chesler stated that purchase accounting accretion contributed about four basis points to the loan yield in Q2, down from eight basis points in Q1. SVP & Treasurer Byron Pollan explained the increase in deposit costs was due to the Bank of Idaho acquisition and expects costs to remain stable. Pollan also provided the June spot deposit rate of 1.25% and a spot net interest margin of 3.30%.

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    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership • Q1 2025

    Question

    Matthew Clark of Piper Sandler inquired about the spot deposit rate and margin in March, the reason for the uptick in nonaccrual loans, and the potential impact of Canadian lumber tariffs on construction activity.

    Answer

    Treasurer Byron Pollan provided the specific metrics: a 1.24% spot deposit rate at March-end and a 3.05% margin for the month of March. Chief Credit Administrator Tom Dolan explained the nonaccrual increase was tied to a single, well-secured relationship with no expected loss. Executive Randall Chesler and Tom Dolan noted that while customers are aware of potential cost increases from tariffs, they are managing through it by building conservatism into project budgets and have not indicated plans to pull back.

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    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler & Co. requested specific margin details, including the spot deposit rate at year-end, the December margin, the implied Q4 2025 exit rate, and the outlook for loan yields. He also asked for guidance on the expense run rate.

    Answer

    Treasurer Byron Pollan provided a year-end spot deposit rate of 1.26% and a December spot margin of 2.99%. He confirmed the 2025 NIM guidance implies a Q4 exit rate around 3.35%-3.45% and expects loan yields to expand. CFO Ron Copher guided for quarterly expenses of $151 million to $154 million for 2025, excluding the Bank of Idaho acquisition.

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    Matthew Clark's questions to GLACIER BANCORP (GBCI) leadership • Q3 2024

    Question

    Matthew Clark from Piper Sandler & Co. asked about the trend in core loan yields, the portion of the loan book that is floating rate, and the net interest margin for the month of September.

    Answer

    Treasurer Byron Pollan stated that approximately 7% of the loan portfolio is floating and indexed to prime. He expects loan yields to continue increasing due to the repricing of the back book, with about 20% of the portfolio repricing annually. Mr. Pollan also provided the net interest margin for the month of September, which was 2.88%.

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    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership

    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies asked for clarification on purchase accounting accretion, the rationale for the Q2 increase in securities and borrowings, the outlook for deposit growth and pricing, and the company's appetite for simplifying its capital stack.

    Answer

    EVP & CFO Ronald Farnsworth stated the credit mark accretion was 3 basis points, consistent with Q1, and the securities purchases were made to reduce the pro-forma company's asset sensitivity post-acquisition. EVP Christopher Merrywell noted that deposit repricing has slowed and pricing is stable. CEO Clint Stein confirmed his preference for a clean capital stack and expects the Pacific Premier deal to provide the flexibility to optimize it.

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    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q2 2025

    Question

    Matthew Clark from Piper Sandler Companies asked for clarification on purchase accounting accretion, the rationale for recent securities growth, the deposit growth outlook, and the company's appetite for optimizing its capital stack.

    Answer

    EVP & CFO Ronald Farnsworth clarified that the credit mark accretion was 3 basis points and confirmed that recent securities purchases were a strategic move to reduce the pro forma company's asset sensitivity post-acquisition, funded temporarily with wholesale borrowings. Senior EVP Christopher Merrywell noted deposit pricing has stabilized. President & CEO Clint Stein affirmed his desire for a clean capital stack, stating that accelerated capital generation from the Pacific Premier deal will provide flexibility for future optimization.

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    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler sought specifics on funding repricing rates, the potential for further deposit rate cuts, the strategy for the transactional loan portfolio, and clarification on the 2025 expense guide.

    Answer

    Executive Christopher Merrywell and CFO Ron Farnsworth confirmed that maturing CDs and debt are expected to reprice lower into the 3.75% and mid-4% ranges, respectively. Farnsworth affirmed the bank can continue reducing deposit costs and feels good about a 55% down-rate beta. CEO Clint Stein reiterated that the transactional loan portfolio will be amortized rather than sold, as the economics of a sale are unfavorable. Farnsworth clarified the 2025 operating expense guide is a tight range of $1 billion to $1.01 billion.

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    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q3 2024

    Question

    Matthew Clark inquired about the core net interest margin (NIM) outlook following the recent Fed rate cut, the achievability of the adjusted expense run-rate guidance, and the potential timing for initiating stock buybacks.

    Answer

    CFO Ron Farnsworth stated that while there are tailwinds for the NIM from repricing CDs, the ultimate driver will be deposit flows, which are seasonally variable. He affirmed confidence in hitting the low end of the expense guidance range. CEO Clint Stein indicated that 2025 is the likely window to consider capital returns like buybacks, as the bank is above its regulatory capital targets, but noted it's too early to specify timing.

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    Matthew Clark's questions to COLUMBIA BANKING SYSTEM (COLB) leadership • Q2 2024

    Question

    Matthew Clark of Piper Sandler questioned the impact of recent deposit rate cuts on customer retention, the outlook for reducing wholesale funding, and the trend in FinPac's net charge-offs.

    Answer

    President of Consumer Banking Christopher Merrywell confirmed that deposit rates have been lowered since late February with strong retention of 80-85% on CDs. EVP and CFO Ron Farnsworth explained that wholesale funding levels depend on loan and deposit flows, with the bank targeting $1.5 billion in cash at the Fed. Chief Credit Officer Frank Namdar reported that FinPac charge-offs were on track with expectations and that significant improvement is anticipated for the rest of the year, citing a 12% decline in key delinquency buckets.

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    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership

    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the factors weighing on loan yields, specifically prepayment income and line utilization, and asked for a quantification of the impact. He also questioned the outlook for line utilization and the cost of customer repurchase agreements.

    Answer

    CEO David Brager stated that line utilization has not yet increased but expects a seasonal rise in Q4, particularly in dairy and livestock. CFO E. Allen Nicholson clarified that elevated loan payoffs impacted volume more than yield, with the primary yield pressure coming from lower utilization of higher-yielding loans. He noted that without these factors, loan yields would have increased by five basis points. Nicholson also specified that customer repurchase agreements, viewed as sweep deposits, had a cost of approximately 1.70% during the quarter.

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    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the factors weighing on loan yields, specifically prepayment income and line utilization. He asked for a quantification of prepay income versus a typical quarter and whether line utilization had increased in July. Clark also asked about the cost and outlook for customer repurchase agreements.

    Answer

    CEO David Brager explained that line utilization has not increased, as customers are using their cash to pay down higher-cost debt, but he anticipates a seasonal increase in Q4. CFO E. Allen Nicholson added that elevated payoffs impacted loan volume more than yield, and that without lower utilization on high-yielding loans and reduced prepayment penalties, loan yields would have risen by five basis points. Nicholson also clarified that customer repos, which are swept from checking accounts, averaged around $400 million for the quarter with a cost of approximately 1.70%.

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    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the factors impacting loan yields, specifically requesting quantification of prepayment income versus the prior quarter and its typical levels. He also asked about recent trends in loan line utilization and the cost and outlook for customer repurchase agreements.

    Answer

    President & CEO David Brager explained that line utilization has not increased as customers are using their own cash, but he anticipates a seasonal rise in Q4. EVP & CFO E. Allen Nicholson added that elevated payoffs impacted loan volume more than yield, and lower utilization of higher-yielding loans was the primary drag on yields, which otherwise would have increased by five basis points. Nicholson clarified that customer repos, which are swept from checking accounts, averaged around $400 million for the quarter with a cost of approximately 1.70%.

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    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the factors weighing on loan yields, specifically requesting quantification of prepayment income versus the prior quarter and asking about line utilization trends into July. He also asked for details on the cost and outlook for customer repurchase agreements.

    Answer

    President & CEO David Brager explained that line utilization has not increased as customers are using their own cash, but he anticipates a seasonal rise in Q4 for dairy and livestock loans. EVP & CFO E. Allen Nicholson added that elevated payoffs impacted loan volume more than yield, with the primary yield pressure coming from lower utilization of higher-yielding ABL and dairy loans. He noted that without these factors, loan yields would have increased by five basis points. Nicholson also clarified that customer repos, which averaged around $400 million, are viewed as core deposits and had a cost of approximately 1.70%.

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    Matthew Clark's questions to CVB FINANCIAL (CVBF) leadership • Q3 2024

    Question

    Matthew Clark inquired about the mechanics of the Bank Term Funding Program (BTFP) repayment, specifically asking for the yield on securities sold and other moving parts to calculate the net interest margin impact. He also asked for the outlook on deposit costs and the company's current thinking on M&A versus share buybacks.

    Answer

    CEO David Brager and Executive E. Nicholson explained that the book yield on the securities sold to repay the BTFP was under 3%, with cash from deposit growth also contributing. Regarding deposit costs, David Brager noted a ~50% beta on the first rate cut but anticipates a beta closer to 100% on future cuts, suggesting costs have stabilized. He confirmed that M&A remains the primary focus for capital deployment, but share buybacks are being actively evaluated, with a potential announcement coming shortly.

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    Matthew Clark's questions to DEUTSCHE BANK AKTIENGESELLSCHAFT (DB) leadership

    Matthew Clark's questions to DEUTSCHE BANK AKTIENGESELLSCHAFT (DB) leadership • Q2 2025

    Question

    Matthew Clark of Mediobanca S.p.A. asked for an updated revenue outlook for the Corporate Center, which was previously guided to be zero but has been positive in H1. He also inquired about the bank's mid-term expectation for group-level risk-weighted asset (RWA) growth.

    Answer

    CFO James von Moltke advised modeling zero revenue for the Corporate Center in Q3 and Q4, meaning the bank would retain the upside generated in H1. For RWA growth, he suggested an increase of around €10 billion by year-end is a good assumption, with further growth expected in the coming years to support business and client activity, offset by capital generation and efficiency measures.

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    Matthew Clark's questions to DEUTSCHE BANK AKTIENGESELLSCHAFT (DB) leadership • Q1 2025

    Question

    Matthew Clark from Mediobanca asked about potential RWA impacts from April's market volatility, the outlook for U.S. commercial real estate (CRE) provisions, and the timeline for receiving more concrete financial targets for the years beyond 2025.

    Answer

    CFO James von Moltke confirmed that the RWA impact from April's volatility has been managed and is not a current concern. He also stated the CRE outlook is unchanged, with provisions expected to steadily improve. CEO Christian Sewing added that concrete long-term targets will be provided in the second half of 2025, ensuring a smooth transition with the incoming CFO.

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    Matthew Clark's questions to CATHAY GENERAL BANCORP (CATY) leadership

    Matthew Clark's questions to CATHAY GENERAL BANCORP (CATY) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies requested details on the $50 million increase in classified loans, asking about the credit type and situation. He also asked for two housekeeping items: the basis point contribution from prepayment fees to the Q2 net interest margin and the expected tax credit amortization for Q3 and Q4.

    Answer

    EVP & CFO Heng Chen clarified that the increase in classifieds was almost entirely due to one large commercial relationship in the high-$40 million range that had cash flow issues but is now in the process of becoming current. He also stated that prepayment fees contributed 3 basis points to the NIM, down from 6 basis points in Q1, and projected tax credit amortization to be approximately $11 million per quarter for the remainder of the year.

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    Matthew Clark's questions to CATHAY GENERAL BANCORP (CATY) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies requested details on the $50 million increase in classified loans. He also asked for clarification on the amount of prepayment fees in the quarter's margin and the outlook for tax credit amortization in Q3 and Q4.

    Answer

    EVP & CFO Heng Chen attributed the increase in classifieds to a single commercial relationship in the high-$40 million range that experienced cash flow issues but is now catching up on payments. He also confirmed that prepay fees contributed 3 basis points to the margin, and tax credit amortization is expected to be around $11 million per quarter for the remainder of the year.

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    Matthew Clark's questions to CATHAY GENERAL BANCORP (CATY) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies requested details on the $50 million increase in classified loans. He also asked for housekeeping items, specifically the amount of prepayment fees in the quarter and the expected tax credit amortization for Q3 and Q4.

    Answer

    EVP, CFO & Treasurer Heng Chen clarified that the increase in classifieds was almost entirely due to one large commercial relationship (in the high $40 million range) that experienced temporary cash flow issues but is now in the process of becoming current. He also confirmed that prepayment fees contributed 3 basis points to the net interest margin and that tax credit amortization is expected to be approximately $11 million per quarter for the remainder of the year.

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    Matthew Clark's questions to CATHAY GENERAL BANCORP (CATY) leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler inquired about key financial metrics, including the net interest margin for December, the spot rate on deposits at year-end, and the volume and rates of CDs maturing in Q1 2025. He also asked about the expected low-income housing tax credit amortization, the size of the Shared National Credit (SNC) portfolio, its criticized portion, and the recent departure of the Chief Risk Officer.

    Answer

    EVP & CFO Heng Chen provided specific figures, stating the December NIM was 3.11%, the year-end deposit spot rate was 3.52%, and $4.2 billion in CDs are maturing at 4.6% with renewal rates around 4.0-4.1%. He also noted the SNC portfolio is about 4% of total loans and has been shrinking. President & CEO Chang Liu explained the CRO's departure was a planned retirement and that a new CRO was hired to elevate the bank's risk management maturity.

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    Matthew Clark's questions to EAST WEST BANCORP (EWBC) leadership

    Matthew Clark's questions to EAST WEST BANCORP (EWBC) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies asked for details on the macroeconomic assumption changes in the CECL model that impacted C&I reserves and which asset classes drove the increase in criticized non-multifamily CRE loans.

    Answer

    EVP & CFO Christopher Del Moral-Niles and EVP & Chief Risk Officer Irene Oh explained the reserve change was macro-driven by degradation in the Moody's model outlook, not a change in weighting. For CRE, Irene Oh noted the downgrades were broad-based, some related to cash flow shortfalls, but she does not currently see them moving to non-accrual status.

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    Matthew Clark's questions to EAST WEST BANCORP (EWBC) leadership • Q1 2025

    Question

    Matthew Clark requested details on the volume and rates of CDs maturing in Q2 and Q3, and asked about the property types driving the increase in criticized non-multifamily commercial real estate loans.

    Answer

    CFO Christopher Del Moral-Niles specified that $10 billion in CDs mature in Q2 and $8 billion in Q3, with repricing offering a potential 18 basis point benefit in a flat rate environment. Chief Risk Officer Irene Oh noted the increase in criticized CRE was broad-based across industrial and retail properties, without a specific concentration.

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    Matthew Clark's questions to EAST WEST BANCORP (EWBC) leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler asked about the deposit beta assumption the bank is using for the current interest rate easing cycle. He also inquired about the outlook for noninterest expense growth and whether the current 6-8% range would be sustained.

    Answer

    CFO Christopher Del Moral-Niles confirmed the bank has assumed a 50% or better deposit beta through the cycle. Regarding expenses, he indicated that he expects the bank to continue making necessary investments, likely resulting in a spend rate "slightly faster than longer-term historical averages" as it prepares for future growth.

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    Matthew Clark's questions to RBB Bancorp (RBB) leadership

    Matthew Clark's questions to RBB Bancorp (RBB) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies asked about the outlook for loan and deposit growth, the rising loan-to-deposit ratio, the future trajectory of deposit costs amid potential Fed rate cuts, and clarification on the forward-looking expense run rate.

    Answer

    President & CEO Johnny Lee noted a focus on quality loan growth and organic deposit generation, with potential loan sales to manage the loan-to-deposit ratio. EVP & CFO Lynn Hopkins added that while deposit competition will persist, she expects costs to decrease with Fed cuts, similar to past cycles. She also clarified that noninterest expenses are expected to normalize to an $18 million quarterly run rate due to the timing of executive transition and legal costs.

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    Matthew Clark's questions to RBB Bancorp (RBB) leadership • Q1 2025

    Question

    Matthew Clark from Piper Sandler asked about the presence of any outsized interest recoveries from problem loan sales, the bank's appetite for further loan sales, potential exposure to tariff wars, and the reasons for weak gain-on-sale income in Q1.

    Answer

    Lynn Hopkins confirmed there were no interest recaptures from Q1 loan sales. CEO David Morris and Lynn Hopkins explained that while they remain open to opportunistic sales, they believe they are well-reserved for the remaining problem assets. Johnny Lee noted that the trade finance portfolio is small (4% of total loans) and initial checks show no financial impact from tariffs. Lynn Hopkins and David Morris attributed the lower gain on sale to a strategic decision to hold some loans, but expect a rebound driven by a growing SBA pipeline and a new hire.

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    Matthew Clark's questions to RBB Bancorp (RBB) leadership • Q4 2024

    Question

    Matthew Clark asked for details on the net interest margin, upcoming CD maturities, the loan growth outlook, and the expected expense run rate for 2025.

    Answer

    EVP & CFO Lynn Hopkins projected continued NIM expansion in Q1, driven by repricing CDs, but noted it may flatten in Q2. President & CEO Johnny Lee stated the loan pipeline is healthy at $200-$225 million and that low to mid-single-digit growth is a reasonable target. Lynn Hopkins added that the 2025 expense run rate would likely be slightly above $17.5 million per quarter, with legal fees remaining elevated due to credit workouts.

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    Matthew Clark's questions to RBB Bancorp (RBB) leadership • Q3 2024

    Question

    Matthew Clark asked for several specific financial details, including the average net interest margin for September, current offer rates for new CDs, the expected deposit beta in an easing cycle, the reason for the decline in securities yield, plans for renewing the share buyback program, and details on an upcoming debt maturity.

    Answer

    Executive Lynn Hopkins provided detailed responses, estimating the September NIM was around 2.75% when normalized for nonaccrual placements. She stated new CD offer rates are 50-70 basis points lower than maturing ones. The decline in securities yield was attributed to maturing commercial paper being reinvested at lower rates. On capital management, she confirmed the company is 'seriously looking at' a new buyback program. Regarding debt, she noted a $150 million FHLB advance is due in March and discussed refinancing strategies, including a recent putable advance.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership

    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the drivers for the updated fee income guidance, the end-of-period spot rate for deposits, the percentage of floating-rate loans post-acquisition, and the remaining cost savings from the Territorial deal. He also asked about net charge-offs and the 2026 tax rate outlook.

    Answer

    EVP & CFO Juliana Balicka explained that fee income growth is driven by customer swap fees and loan origination fees. She provided the June deposit spot rate as 2.93% and noted that 42% of loans are floating. She also clarified that major cost saves from the Territorial deal were already realized and projected a go-forward tax rate in the 20-21% range. SEVP & COO Peter Koh added that the increase in net charge-offs was related to ongoing portfolio cleanup and remains at manageable levels.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the drivers behind the 2025 fee income guidance, the deposit spot rate at the end of June, the percentage of floating-rate loans post-acquisition, and the remaining cost savings from the Territorial Bancorp transaction.

    Answer

    EVP & CFO Julianna Balicka explained that fee income growth is driven by customer swap fees and loan-related fees. She stated the June deposit spot rate was 2.93% and is continuing to improve. Balicka confirmed that approximately 42% of the loan portfolio is floating rate and noted that while integration continues, the most significant upfront cost savings from the Territorial acquisition have already been realized.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the drivers for the second-half fee income guidance, the end-of-quarter spot rate on deposits, the assumed deposit beta, the percentage of floating-rate loans, remaining cost savings from the Territorial acquisition, the nature of recent net charge-offs, and the expected tax rate for 2026.

    Answer

    EVP & CFO Julianna Balicka explained that fee income growth is driven by customer swap fees and loan-related fees. She provided the June deposit spot rate as 2.93% and noted that 42% of loans are floating. Balicka also stated that most upfront M&A cost savings have been realized and projected a 20-21% tax rate for 2026. SEVP & COO Peter Koh added that recent net charge-offs were manageable and part of routine portfolio cleanup.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies inquired about the fee income guidance for the second half, the deposit spot rate and beta assumptions, the percentage of floating-rate loans post-acquisition, remaining cost saves from the Territorial deal, and details on the quarter's net charge-offs.

    Answer

    CFO Julianna Balicka explained that fee income growth will be driven by customer swap fees and loan origination fees. She provided a June deposit spot rate of 2.93% and noted that about 42% of loans are floating-rate. Balicka also clarified that major cost saves from the Territorial acquisition are complete, with minor integration costs remaining. COO Peter Koh added that the increase in net charge-offs was due to manageable portfolio cleanup and that overall asset quality remains stable.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q2 2025

    Question

    Matthew Clark inquired about the drivers for the full-year fee income guidance, the end-of-quarter spot rate for deposits, the percentage of floating-rate loans, remaining cost saves from the Territorial acquisition, the 2026 tax rate outlook, and details on Q2 net charge-offs.

    Answer

    EVP & CFO Julianna Balicka explained that fee income growth is driven by customer swap fees and loan-related fees. She stated the June deposit spot rate was 2.93% and that about 42% of loans are floating. Balicka noted most Territorial cost saves are complete, with the 2026 tax rate projected around 20-21%. SEVP & COO Peter Koh added that net charge-offs were slightly up due to portfolio cleanup but remain manageable.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q4 2024

    Question

    Matthew Clark inquired about Hope Bancorp's deposit beta outlook for the current rate cycle, the drivers behind the low double-digit expense growth guidance for 2025, and the expected loan growth mix for the legacy Hope portfolio. He also asked for details on the elevated net charge-offs in the fourth quarter.

    Answer

    CFO Julianna Balicka stated that the company aims for a better deposit beta than in past cycles, noting the 42% beta already achieved is a strong start. She explained the 2025 expense guidance reflects a transitional period for the Territorial Bancorp acquisition and continued investment in talent and technology. Chairman, President and CEO Kevin Kim added that legacy Hope's loan growth will be in the low single-digits, driven by C&I, with nominal CRE growth. Regarding credit, Mr. Kim noted that while Q4 charge-offs were elevated, the full-year 2024 rate of 19 basis points was manageable and lower than 2023.

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    Matthew Clark's questions to HOPE BANCORP (HOPE) leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler & Co. sought clarification on the composition of the variable-rate loan portfolio and asked for the adjusted net interest margin for the month of September.

    Answer

    CFO Julianna Balicka confirmed that the variable-rate loan figure represents 'truly variable' loans, distinct from the hybrid loan category. She also disclosed that the adjusted net interest margin for September was 2.51% and was trending upward in October.

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    Matthew Clark's questions to Preferred Bank (PFBC) leadership

    Matthew Clark's questions to Preferred Bank (PFBC) leadership • Q2 2025

    Question

    Matthew Clark of Piper Sandler Companies asked about Preferred Bank's net interest margin for June, details on upcoming CD repricing, the expense run rate for the second half of 2025, and specifics of the Q2 share repurchase program.

    Answer

    An unnamed executive provided the June margin (3.83%) and cost of deposits (3.41%), noting their stability. He detailed the $1.4 billion in CDs maturing in Q3 at 4.21% with new rates around 4%. He also projected an expense run rate of 21.8% to 22.6% for future quarters, excluding one-time OREO costs. Regarding the buyback, he confirmed the $56 million purchase was at ~$80.81/share and mentioned a new $125 million authorization, which is being approached cautiously due to the higher current stock price, a point echoed by Chairman & CEO Li Yu.

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    Matthew Clark's questions to Preferred Bank (PFBC) leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler asked for the year-end spot rate on deposits, the expected expense run rate for Q1, and details on both the quarter's charge-offs and the outlook for criticized loans.

    Answer

    CFO Edward Czajka reported the December spot rate on deposits was 3.63%. He projected Q1 noninterest expense at approximately $23 million, influenced by wildfire relief donations, seasonal payroll taxes, and elevated legal fees. Executive Nick Pi explained that the charge-offs were related to previously identified and fully reserved impaired loans. He anticipates the criticized loan balance will decline in Q1 through payoffs, resolutions, and upgrades.

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    Matthew Clark's questions to Preferred Bank (PFBC) leadership • Q3 2024

    Question

    Matthew Clark inquired about Preferred Bank's net interest margin for September, the specifics of its floating-rate loan portfolio, the outlook for loan and deposit betas in an easing cycle, and recent stock repurchase activity.

    Answer

    Executive Edward Czajka reported that the net interest margin for September, excluding interest recovery, was 4.03%, with a spot cost of deposits at 3.96%. He detailed that 99% of floating-rate loans have floors, with about 22-23% being close to their current rate. Czajka also noted that a steady pace of rate cuts would be ideal for margin stability. He and Chairman & CEO Li Yu confirmed the repurchase of 110,000 shares, adding that buybacks have paused due to the current stock price.

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    Matthew Clark's questions to Preferred Bank (PFBC) leadership • Q1 2024

    Question

    Matthew Clark inquired about Preferred Bank's net interest margin (NIM) outlook, the specifics of a $66 million nonperforming loan relationship, the forward-looking expense run rate, and the bank's appetite for share repurchases.

    Answer

    Executive Edward Czajka provided a normalized Q1 NIM of 3.94% and a March spot rate of 3.84%, noting the margin was holding up better than expected. Executive Nick Pi detailed the two nonperforming loans, stating one ($20.5M) is under contract to be sold at par and the other ($37M) is in bankruptcy court with resolution expected in 1-2 quarters. Czajka projected a normalized quarterly expense run rate of $21.5M to $22M. Chairman and CEO Li Yu clarified that share repurchases occurred in April, with $23 million remaining under the buyback program.

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    Matthew Clark's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership

    Matthew Clark's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q2 2025

    Question

    Matthew Clark requested the spot deposit rate for June, the blended beta assumption, and an update on the contribution of commercial banking fees to total fee income.

    Answer

    CEO Ken Vecchione indicated that spot rates for investments were higher than the Q2 average while deposit and borrowing costs were down, supporting the NIM outlook. CFO Dale Gibbons added that the securities yield continues to rise. Regarding fees, Vecchione projected that non-mortgage, noninterest income would rise over 20% year-over-year, with Gibbons specifying that commercial banking-related income currently constitutes 15% of revenue.

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    Matthew Clark's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q1 2025

    Question

    Matthew Clark from Piper Sandler asked for the exit net interest margin for the quarter and inquired about the outlook for criticized assets and credit migration.

    Answer

    President and CEO Kenneth Vecchione declined to provide an end-of-month margin but gave a cadence outlook, expecting stronger growth in the adjusted NIM in the second half of the year. Chief Banking Officer Tim Bruckner stated that he expects criticized asset levels to be flat in the coming quarter and then begin to decline in the latter part of the year.

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    Matthew Clark's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q4 2024

    Question

    Matthew Clark inquired about the outlook for ECR-related deposit costs, specifically the assumptions for average ECR deposit balances in 2025. He also asked about the near-term plan for average earning assets, particularly regarding the repayment of debt taken on in Q4.

    Answer

    Interim CEO and CFO Dale Gibbons and Chief Banking Officer Stephen Curley stated they expect broader deposit diversification in 2025, with mortgage-related ECR deposits remaining flat but with improved economics due to reduced pricing competition. Gibbons confirmed the plan is to use seasonal deposit inflows in Q1 to repay the higher-cost borrowings from Q4.

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    Matthew Clark's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q3 2024

    Question

    Matthew Clark asked for a quantitative forecast for ECR-related customer service costs in 2025 and questioned the drivers behind the Q3 decline in HFI loan yields, asking to distinguish the impact of SOFR repricing versus lower loan fees.

    Answer

    CFO Dale Gibbons explained that ECR costs are expected to decline significantly. CEO Ken Vecchione quantified this, projecting a roughly $50 million sequential decline in Q4 from Q3. For the loan yields, Gibbons attributed the decline primarily to asset repricing ahead of Fed cuts and suggested using the current quarter's loan fee run rate for modeling. He also noted the combined NIM (including ECR costs) is expected to have troughed in Q3.

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    Matthew Clark's questions to BANC OF CALIFORNIA (BANC) leadership

    Matthew Clark's questions to BANC OF CALIFORNIA (BANC) leadership • Q1 2025

    Question

    Matthew Clark asked about the probability of the bank tendering its preferred stock this year. He also sought details on the recently implemented change in risk-rating methodology and inquired about the outlook for ECR deposit balances.

    Answer

    President and CEO Jared Wolff stated he could not handicap the probability of a preferred tender, as it depends on market conditions. He explained the more disciplined risk-rating approach was an internal decision to be more proactive, not due to external influence. He noted the HOA deposit business, which drives ECR balances, has been stable and is a target for growth.

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    Matthew Clark's questions to BANC OF CALIFORNIA (BANC) leadership • Q4 2024

    Question

    Matthew Clark questioned the average margin for December, the impact of compensation accrual reversals, the average ECR deposit balance, and the bank's stance on share buybacks.

    Answer

    CFO Joseph Kauder stated the December margin was close to the quarterly average and that Q1 comp expense would likely increase around 10% from Q4's seasonally low base. CEO Jared Wolff and Kauder confirmed the average ECR deposit balance was about $3.65 billion. Regarding capital, Wolff mentioned the bank is actively considering all options, including buybacks.

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    Matthew Clark's questions to BANC OF CALIFORNIA (BANC) leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler & Co. inquired about the average balance of ECR deposits in the prior quarter and the growth outlook for HOA balances. He also asked for the spot rate on borrowings and an update on the year-end cost of funds improvement target.

    Answer

    CEO Jared Wolff confirmed the bank's intent to grow its HOA deposit business, noting the all-in cost is slightly above 3% and will decline with interest rates. CFO Joe Kauder stated that the Q4 NIM guidance of 3.0% to 3.10% already incorporates the expected reduction in funding costs. Jared Wolff added that the initial deposit beta on the recent rate cut is around 50%, though it is still early.

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    Matthew Clark's questions to BANC OF CALIFORNIA (BANC) leadership • Q2 2024

    Question

    Matthew Clark of Piper Sandler & Co. inquired about the expected normalization of FDIC assessment costs, noninterest expense relief from the CIVIC portfolio sale, the use of sale proceeds for debt reduction, and specifics on credit quality, including office loan charge-offs and the rise in classified loans.

    Answer

    CEO Jared Wolff and CFO Joe Kauder explained that FDIC costs are expected to decrease to a $10-$12 million quarterly run-rate by Q4, a figure included in their expense guidance. Wolff noted the CIVIC sale provides about $2-$3 million in expense relief, materializing late in the year. Kauder added that over half of the sale proceeds will pay down brokered CDs. Regarding credit, Wolff stated the increase in classified loans was a proactive measure on rate-sensitive real estate, and recent office-related charge-offs were on previously identified and largely reserved-for loans.

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    Matthew Clark's questions to HANMI FINANCIAL (HAFC) leadership

    Matthew Clark's questions to HANMI FINANCIAL (HAFC) leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler asked for details on Hanmi's SBA credit standards, the factors contributing to the loan portfolio's resilient yield, CD repricing data for the second quarter, and the expected expense run rate for 2025.

    Answer

    CEO Bonita Lee attributed strong SBA performance to underwriting based on past performance rather than projections and focusing on direct lending over broker channels. CFO Romolo Santarosa explained that loan yield stability comes from a small portion of floating-rate loans (under 10%) and a blend of fixed and adjustable products. He guided for expenses to generally move with inflation, noting seasonal patterns. CBO Anthony Kim specified that $685 million in CDs will mature in Q2 at a rate of 4.42%.

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    Matthew Clark's questions to HMST leadership

    Matthew Clark's questions to HMST leadership • Q4 2024

    Question

    Matthew Clark of Piper Sandler & Co. asked for the spot rate on deposits after the January paydown of brokered CDs, the total exposure to syndicated loans, the portability of the Deferred Tax Asset (DTA), and the status of M&A discussions.

    Answer

    CFO John Michel provided the December 31 spot deposit rate (2.39% excluding brokered CDs) and confirmed plans to pay down the rest. CEO Mark K. Mason estimated syndicated loan exposure at just under $200 million. Both executives confirmed the DTA is portable and included in the tangible book value calculation, subject to Section 382 limitations. Regarding M&A, Mason stated the Board is continuously reviewing all strategic alternatives.

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    Matthew Clark's questions to HMST leadership • Q4 2024

    Question

    Inquired about the spot deposit rate after the brokered CD paydown, exposure to syndicated loans, the portability of the Deferred Tax Asset (DTA) in a sale, and the status of conversations with potential buyers.

    Answer

    The spot deposit rate was 2.65% at year-end, dropping to 2.39% excluding brokered CDs, which are being paid down. Syndicated loan exposure is just under $200 million. The DTA is portable and already included in the tangible book value calculation. The board is continuously reviewing strategic alternatives but offered no specific update on buyer conversations.

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    Matthew Clark's questions to HMST leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler Companies inquired about HomeStreet's ability to engage with previous bidders, the nature of a potential alternative regulatory structure for the merger, and whether regulatory feedback implied issues with combined CRE concentration. He also asked for specifics on the multifamily loan portfolio's yield and duration, current origination rates, and the spot rate on deposits.

    Answer

    Executive Mark K. Mason explained that the current merger agreement restricts soliciting other offers, but they could consider a superior proposal. He declined to detail alternative regulatory structures but confirmed any new plan must be 'meaningfully different.' Mason clarified that HomeStreet's standalone CRE concentration was not a regulatory issue. He stated the current CRE concentration is ~600%, which would fall to ~500% after a potential $800 million loan sale. He estimated the multifamily portfolio's duration at ~2.5 years with a yield around 4%. Management did not have the spot deposit rate available.

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    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership

    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership • Q4 2024

    Question

    Matthew Clark asked about the net interest margin for December and the outlook for Q1 and full-year 2025, details on a Q4 compensation expense reversal, color on the loan purchase strategy, and the plan for upcoming subordinated debt repricing.

    Answer

    CFO Ronald Nicolas provided the December net interest margin (3.03%) and expects Q1 to be similar before improving. He explained the Q4 compensation expense benefit was due to lower staffing and expects a ~$2M increase in Q1 from merit increases. CEO Steven Gardner described loan purchases as tactical supplements to organic growth, focusing on non-CRE assets where the bank has expertise. Regarding subordinated debt, which has a tranche repricing in June, Gardner stated they are evaluating all options, including refinancing or repayment.

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    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership • Q4 2024

    Question

    Matthew Clark asked about the net interest margin for December, the outlook for Q1 and full-year 2025, the details behind the Q4 compensation expense, and the strategy for future loan purchases.

    Answer

    CFO Ronald Nicolas stated the December net interest margin was 3.03% and expects the Q1 margin to be at a similar level before improving throughout 2025. He explained that lower Q4 compensation expense was due to lower overall staffing, which reduced incentive and benefit costs, and anticipates a ~$2 million increase in Q1 from merit increases and payroll taxes. CEO Steven Gardner added that loan purchases are a tactical tool to supplement organic production, focusing on non-CRE assets within their areas of expertise.

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    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership • Q3 2024

    Question

    Matthew Clark asked for the Q3 swap revenue figure, the appetite for new swaps, the rationale for not executing a loss trade, the sustainability of the dividend, and a breakdown of the C&I loan decline.

    Answer

    CFO Ronald Nicolas reported Q3 swap revenue was just under $7 million, with Q4 guidance of $3-4 million, and noted new swaps are unlikely given the rate outlook. CEO Steven Gardner explained that decisions on loss trades are dynamic, weighing book value impact against payback periods. Gardner also expressed confidence in maintaining the dividend, even with a temporary payout ratio over 100%, due to strong capital. He attributed the C&I decline primarily to clients using excess liquidity to pay down debt, not market share loss.

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    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership • Q2 2024

    Question

    Matthew Clark of Piper Sandler sought details on several financial metrics, including the contribution of swap revenue to net interest income, the expected trajectory of deposit costs following potential Fed rate cuts, and plans for FHLB borrowings. He also asked about the scope of a potential securities portfolio restructuring and the source of the quarter's net charge-offs.

    Answer

    CFO Ronald Nicolas quantified the swap revenue's impact (16 basis points to NIM) and stated it would be consistent in Q3. CEO Steven Gardner and CFO Ronald Nicolas addressed deposit costs, suggesting stability in Q4 as competitive pressures and deposit mix shifts might offset the impact of a small rate cut. Gardner confirmed plans to pay off the remaining $200 million in FHLB borrowings in Q4 and stated that all options, including restructuring the AFS, HTM, and low-yielding loan portfolios, are being considered. Both executives confirmed that nearly all of the $10.3 million in net charge-offs were related to the sale of two substandard loans.

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    Matthew Clark's questions to PACIFIC PREMIER BANCORP (PPBI) leadership • Q1 2024

    Question

    Matthew Clark asked for the net interest margin for the month of March, the spot rate on deposits, the outlook for borrowing costs, the potential for a securities loss trade, and the company's openness to share buybacks.

    Answer

    Executive Steven Gardner noted the March NIM was slightly down from the quarterly average and confirmed the board is assessing various tactics, including securities trades and share buybacks, given the bank's very high capital levels. CFO Ronald Nicolas provided the end-of-March spot rate on total deposits at 1.66% and stated the dollar value of swap income for the quarter was $6.7 million. Gardner added that borrowing costs should remain stable as the remaining FHLB advance is fixed-rate.

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    Matthew Clark's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership

    Matthew Clark's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q4 2024

    Question

    Matthew Clark requested details on the specific C&I credit that led to a significant charge-off and asked about the pipeline for capital markets fees, questioning if the strong Q4 performance is sustainable.

    Answer

    Chief Credit Officer Derek Steward explained the charge-off was related to a longtime retail client that was acquired by a private equity firm and faced challenges from rapid growth and management issues. President and COO Scott McLean noted that the capital markets business saw strong results from loan syndications, interest rate products, and real estate capital markets. He expressed optimism for continued progress due to investments in infrastructure and people. CEO Harris Simmons added that the year is starting with a solid pipeline.

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    Matthew Clark's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q3 2024

    Question

    Matthew Clark of Piper Sandler asked for clarification on credit migration, noting that the smaller increase in criticized loans relative to classified loans implied a decrease in special mention loans. He also inquired about the outlook for wholesale borrowings after the recent reduction.

    Answer

    President and COO Scott McLean clarified that the change was not due to upgrades out of special mention, but rather that loans already in special mention were downgraded further into the classified category. Regarding borrowings, an executive explained that their level is managed in concert with core deposit trends, brokered deposit levels, and asset growth, using cash flows from the maturing securities portfolio to either pay down wholesale funding or invest in new loans.

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    Matthew Clark's questions to HERITAGE FINANCIAL CORP /WA/ (HFWA) leadership

    Matthew Clark's questions to HERITAGE FINANCIAL CORP /WA/ (HFWA) leadership • Q3 2024

    Question

    Matthew Clark asked about the cost and repayment plans for $148 million in borrowings maturing in Q4, the expected deposit beta for the current easing cycle, and the outlook for overall loan yields amid potential Fed rate cuts.

    Answer

    CFO Donald Hinson disclosed the maturing borrowings have a 5.40% weighted average rate and that costs will decline significantly, though repayment plans depend on deposit growth and other factors. He suggested the deposit beta in the easing cycle could be similar to the 30% seen during tightening but with a lag. Hinson expects a near-term dip in loan yields in Q4 due to rate cuts but anticipates expansion in 2025 as new, higher-rate loans replace maturing ones.

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