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    Nathan Race • Piper Sandler

    Nathan Race's questions to UMB Financial Corp (UMBF) leadership

    Nathan Race's questions to UMB Financial Corp (UMBF) leadership • Q2 2025

    Question

    Nathan Race from Piper Sandler Companies asked if there is an upward bias to the net interest margin in Q4 and beyond, assuming the Federal Reserve remains on pause. He also questioned the sustainability of the high single-digit growth rate in the fund services fee income line.

    Answer

    CFO Ram Shankar responded that a margin uplift is 'potentially' possible but noted that a pause in rate cuts is neutral to slightly negative as deposit costs would not decline. He highlighted offsetting factors like fixed-asset repricing and seasonal DDA declines. CEO Mariner Kemper stated that the fund services growth is 'absolutely' sustainable, citing strong tailwinds, superior service, a strong tech stack, and a dominant position in the private fund space.

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    Nathan Race's questions to UMB Financial Corp (UMBF) leadership • Q1 2025

    Question

    Speaking for Nathan Race, Adam Butler asked about future loan growth opportunities from the Heartland acquisition and sought clarity on the forward run rate for average earning assets (AEA) and the appetite for more securities sales.

    Answer

    CEO J. Kemper reiterated the deal's strategic rationale: leveraging Heartland's larger footprint and low-cost deposit base to accelerate UMB's proven loan growth engine. CFO Ram Shankar provided a normalized average earning assets range of $60.5 billion to $61.5 billion, which will serve as the new baseline for future growth, and noted plans to deploy excess cash over the next 3-6 months.

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    Nathan Race's questions to UMB Financial Corp (UMBF) leadership • Q4 2024

    Question

    Nathan Race asked whether the HTLF acquisition would be accretive to UMB's loan growth outlook, sought to confirm the combined core expense run rate for Q1 2025, and asked if the 40% cost savings target for the year was still on track.

    Answer

    Chairman and CEO J. Kemper projected that HTLF's loan growth would likely slow in 2025 pending system conversion, but UMB's standalone growth engine remains strong, with the combined entity expected to hit its stride in 2026. CFO Ram Shankar generally confirmed the logic for the Q1 combined expense estimate, noting cost saves would begin to trickle in. Both executives affirmed that the 40% cost save target for 2025 remains their expectation.

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    Nathan Race's questions to UMB Financial Corp (UMBF) leadership • Q3 2024

    Question

    Nathan Race asked if net interest income (NII) growth would accelerate in Q4, sought confirmation on the HTLF acquisition cost-save targets, inquired about the rate sensitivity of 12b-1 fees, the sustainability of fund services growth, and whether a recent FDIC proposal could delay the HTLF deal closing.

    Answer

    CFO Ram Shankar confirmed that NII growth should be stronger in Q4 than in Q3, citing balance sheet growth and the full-quarter impact of deposit repricing. He also affirmed comfort with the 27.5% cost-save target for the HTLF deal and noted that 12b-1 fees would not be materially impacted until another 300-350 bps of rate cuts. Chairman and CEO J. Kemper and UMB Bank CEO Jim Rine both expressed strong confidence in the sustained growth of fund services, corporate trust, and wealth management, citing strong pipelines and new service launches like CLO trustee services. Regarding the FDIC proposal, Kemper stated they do not expect any delays to the planned Q1 closing.

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    Nathan Race's questions to Midwestone Financial Group Inc (IOWA) (MOFG) leadership

    Nathan Race's questions to Midwestone Financial Group Inc (IOWA) (MOFG) leadership • Q2 2025

    Question

    Nathan Race from Piper Sandler Companies asked about the new hires' ability to produce immediately, sought more precise NIM guidance for the second half of the year, and inquired about capital deployment priorities, including buybacks and M&A.

    Answer

    President & COO Len Devaisher confirmed the new hires are seasoned and can begin producing immediately. CEO Charles Reeves projected NIM expansion of 4-5 basis points per quarter for the rest of the year, which already accounts for potential Fed cuts. Regarding capital, Reeves prioritized stock buybacks at current levels, followed by the dividend, and noted the company is becoming M&A-ready but will focus on performance in Q3.

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    Nathan Race's questions to Midwestone Financial Group Inc (IOWA) (MOFG) leadership • Q1 2025

    Question

    Nathan Race of Piper Sandler requested details on asset repricing tailwinds, the potential for more pronounced margin expansion in the second half of the year, the criteria for resuming share buybacks, the outlook for net charge-offs, and any recent impact of macro uncertainty on loan demand.

    Answer

    Executive Barry Ray quantified upcoming asset repricing, confirming that margin expansion should be more pronounced later in the year. CEO Charles Reeves stated the company is actively reviewing share buybacks for Q2. Chief Credit Officer Gary Sims noted that while proactive credit management continues, he doesn't anticipate elevated charge-offs. Sims and President Len Devaisher acknowledged hearing customer uncertainty, which could affect loan demand in the second half of 2025.

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    Nathan Race's questions to Midwestone Financial Group Inc (IOWA) (MOFG) leadership • Q4 2024

    Question

    Nathan Race of Piper Sandler requested details on loan repricing volumes and yields, new loan pricing, CD repricing opportunities, balance sheet sensitivity to rate cuts, deposit growth expectations, and bond portfolio cash flows.

    Answer

    CFO Barry Ray specified that $386 million in loans at a 4.57% coupon will reprice over the next year, with new loans originating at 7.1%. He noted significant CD repricing opportunities exist and projected 3% deposit growth for 2025. Ray confirmed the balance sheet models as asset sensitive but sees potential for margin expansion. He also expects about $200 million in cash flows from the securities portfolio in 2025.

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    Nathan Race's questions to Midwestone Financial Group Inc (IOWA) (MOFG) leadership • Q3 2024

    Question

    Nathan Race asked for a baseline figure for Q4 earning assets, clarification on the Q4 net interest margin (NIM) starting point following the balance sheet repositioning, the potential NII impact from rate cuts, the loan growth outlook for 2025, and the company's capital allocation priorities.

    Answer

    EVP and CFO Barry Ray suggested a Q4 average earning assets starting point of around $5.7 billion and confirmed there is upside potential to the previously guided 3.18% NIM. President and COO Len Devaisher affirmed a mid-to-high single-digit loan growth target for 2025. CEO Charles Reeves stated that the immediate priority is execution and building the CET1 ratio to around 10.5%, after which the company will evaluate options like M&A, share buybacks, or dividend increases.

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    Nathan Race's questions to Horizon Bancorp Inc (HBNC) leadership

    Nathan Race's questions to Horizon Bancorp Inc (HBNC) leadership • Q2 2025

    Question

    Nathan Race from Piper Sandler Companies asked about the bank's target for wholesale funding levels, the outlook for asset growth, and the net interest margin's sensitivity to potential Fed rate cuts and its trajectory for the rest of the year.

    Answer

    CFO John Stewart explained the long-term objective is to reduce reliance on wholesale funding, though no step-function changes are expected. He confirmed the balance sheet is positioned to be neutral to the two anticipated rate cuts. He also guided for modest NIM expansion from the Q2 core level of 3.16%, driven by asset churn and funding cost management, reaffirming a Q4 landing spot of 3.15% to 3.20%.

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    Nathan Race's questions to Horizon Bancorp Inc (HBNC) leadership • Q1 2025

    Question

    Nathan Race of Piper Sandler inquired about current deposit pricing dynamics and the expected trajectory of deposit costs. He also asked for details on the volume of rate-sensitive deposits and the amount of fixed-rate commercial loans scheduled to reprice higher in 2025.

    Answer

    EVP & CFO John Stewart noted that competitive time deposit rates are in the low 4s and that total deposit costs would likely remain stable if the Fed holds rates. He mentioned the CD portfolio has a short duration of 6-7 months, allowing for repricing flexibility. EVP & Chief Commercial Banking Officer Lynn Kerber specified that for 2025, approximately $139 million in commercial real estate loans with an average rate of 6% are set to mature, offering a potential 100-125 basis point pickup.

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    Nathan Race's questions to Horizon Bancorp Inc (HBNC) leadership • Q4 2024

    Question

    Nathan Race sought to clarify the cadence of the net interest margin expansion during 2025, asking if it would be front-loaded. He also inquired about current new loan pricing across portfolios and the volume and rates of fixed-rate loans scheduled for repricing in 2025.

    Answer

    John Stewart, EVP and CFO, responded that he expects margin expansion to be 'fairly ratable' throughout 2025, with only a minor extra lift in Q2 from a wholesale borrowing paydown. Lynn Kerber, EVP and Chief Commercial Banking Officer, detailed that new commercial fixed-rate loans are priced in the high 6% to 8% range, with leasing yields higher. She specified that approximately $139 million in commercial real estate loans with rates under 7% are set to reprice in 2025.

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    Nathan Race's questions to Horizon Bancorp Inc (HBNC) leadership • Q3 2024

    Question

    Nathan Race asked about the possibility of additional balance sheet actions, such as restructuring the held-to-maturity (HTM) portfolio or raising capital. He also sought to clarify the 2025 expense outlook and the company's stance on share repurchases.

    Answer

    Executive Thomas Prame indicated that the Q4 actions position the company well for 2025, and there is no current need to restructure the HTM portfolio or raise capital. EVP and CFO John Stewart confirmed the 2025 consensus expense outlook is in the $155-$160 million range and stated that share repurchases will be evaluated alongside other capital deployment options as the company moves into an excess capital position.

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    Nathan Race's questions to QCR Holdings Inc (QCRH) leadership

    Nathan Race's questions to QCR Holdings Inc (QCRH) leadership • Q2 2025

    Question

    Nathan Race asked about the company's appetite for share buybacks given its capital accumulation and the potential impact of recent affordable housing legislation on LIHTC deal volumes and capital markets revenue.

    Answer

    President & CEO Todd Gipple explained that with capital ratios like TCE and CET1 growing, the company will evaluate capital deployment, including buybacks, in the second half of the year. He noted that the next securitization, which includes selling the B-piece, will better align GAAP and regulatory capital. Regarding legislation, he stated that while the impact is over a year away, it is very significant long-term and could increase LIHTC allocations by over 20% by 2026-2027.

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    Nathan Race's questions to QCR Holdings Inc (QCRH) leadership • Q1 2025

    Question

    Nathan Race inquired about the potential for share buybacks given capital levels, the drivers behind the quarterly increase in charge-offs, the expected normalized charge-off range, and sought clarification on the margin outlook for the second half of the year.

    Answer

    Executive Larry Helling stated the company would be 'deliberate' about buybacks due to economic uncertainty but has 760,000 shares remaining on its authorization. Regarding credit, management suggested that a normalized charge-off level would be in the high-$3 million to low-$4 million range per quarter. Executive Todd Gipple clarified that the margin outlook for the second half of the year depends more on the shape of the yield curve than on Fed rate cuts, noting a steeper curve is needed to significantly expand the margin toward historical highs.

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    Nathan Race's questions to QCR Holdings Inc (QCRH) leadership • Q4 2024

    Question

    Nathan Race of Piper Sandler asked about the funding plan for the 8-10% gross loan growth guidance, the static impact of a 25 basis point rate cut on NIM, the full-year expense outlook, and expectations for the charge-off range in 2025.

    Answer

    Executive Todd Gipple stated that loan growth will be funded by core deposits, with a goal of lowering the loan-to-deposit ratio into the low 90s. He confirmed a 25 bps rate cut would lift NIM by 2-3 basis points and suggested the Q1 expense guidance of $52-$55 million should be fairly static for the year. Executive Larry Helling added that credit is normalizing from historic lows and expects manageable charge-offs, with key credit metrics remaining well below the 20-year average.

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    Nathan Race's questions to QCR Holdings Inc (QCRH) leadership • Q3 2024

    Question

    Nathan Race asked for a breakdown of the drivers for the Q4 margin expansion, the improving economics of loan securitizations, the rationale behind the conservative capital markets revenue guidance, and the strategy for managing excess capital.

    Answer

    Executive Todd Gipple stated that the expected Q4 margin expansion is driven roughly half by deposit repricing and half by the benefits of securitizations. He confirmed that securitization economics are improving, citing a smaller-than-expected loss in Q3 and a guided gain for Q4. Executive Larry Helling explained the conservative capital markets guidance is due to inherent variability, though the pipeline remains strong. Regarding capital, Helling prioritized supporting organic growth, followed by potentially retiring sub-debt, and then considering buybacks, with M&A being a low priority.

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    Nathan Race's questions to Wintrust Financial Corp (WTFC) leadership

    Nathan Race's questions to Wintrust Financial Corp (WTFC) leadership • Q2 2025

    Question

    Nathan Race of Piper Sandler Companies asked about competitive loan pricing, loan yield compression, new production yields in premium finance, the outlook for deposit costs, and the full-year expense guidance.

    Answer

    Vice Chairman & Chief Lending Officer Richard Murphy acknowledged some margin compression but stated the firm remains disciplined. President, CEO & Director Timothy Crane said new premium finance yields were in the mid-7% range and expects deposit costs to be stable. EVP & CFO David Stoehr guided for quarterly expenses to remain near the Q2 level of approximately $380 million.

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    Nathan Race's questions to Wintrust Financial Corp (WTFC) leadership • Q1 2025

    Question

    Nathan Race of Piper Sandler asked about the potential for lowering non-maturity deposit costs, competitive dynamics in new loan pricing, and the drivers behind the increase in criticized loans.

    Answer

    CFO David Dykstra noted there is some room for deposit costs to decline amid rational competition, balanced by the need to fund strong anticipated loan growth. Executive Richard Murphy described loan pricing as generally consistent, with more pressure in leasing and CRE, but not "overly disconcerting." He also clarified that the rise in criticized loans was nominal, had no common theme, and was considered a "one-off" event.

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    Nathan Race's questions to Wintrust Financial Corp (WTFC) leadership • Q4 2024

    Question

    Nathan Race questioned the potential for net interest margin expansion if the Fed pauses rate hikes, the trajectory for mortgage gain-on-sale margins, and the company's strategy for its preferred stock series that are approaching their call dates.

    Answer

    Executives Timothy Crane and David Dykstra stated that while a steeper yield curve could provide some upside, they expect a relatively stable margin around 3.50% due to offsetting competitive pressures. Dykstra noted that mortgage gain-on-sale margins could approach 2% if activity picks up but the business is a small part of earnings. Regarding the preferreds, he indicated they would likely be replaced with a new instrument if market conditions are favorable.

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    Nathan Race's questions to Wintrust Financial Corp (WTFC) leadership • Q3 2024

    Question

    Nathan Race of Piper Sandler questioned the cause of the significant gain-on-sale margin compression in the mortgage business and asked for a Q4 outlook. He also sought confirmation on NII growth potential and inquired about capital management priorities, including M&A.

    Answer

    David Stoehr, CFO, attributed the lower gain-on-sale margin to market volatility from falling rates but expects it to rebound closer to 2% in Q4. He also confirmed that with a stable NIM and mid-to-high single-digit asset growth, NII should grow at a similar rate. Timothy Crane, President and CEO, added that the company is comfortable gradually building capital.

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    Nathan Race's questions to Mercantile Bank Corp (MBWM) leadership

    Nathan Race's questions to Mercantile Bank Corp (MBWM) leadership • Q2 2025

    Question

    Nathan Race of Piper Sandler Companies inquired about the future outlook for deposit and loan growth, plans for the securities portfolio, and C&I lending opportunities. He also asked about the net interest margin's sensitivity to rate changes and the bank's future M&A appetite following the Eastern Michigan Bank deal.

    Answer

    EVP & CFO Charles Christmas stated that strong deposit growth remains a priority to fund loan growth and replace brokered deposits, and he quantified margin sensitivity at a 3-4 basis point reduction for every 25 bps Fed rate cut. President & CEO Raymond Reitsma noted abundant C&I opportunities across the entire footprint and reiterated that the bank will maintain its highly disciplined M&A strategy, which led to the uniquely strong partnership with Eastern Michigan Bank after an eleven-year hiatus.

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    Nathan Race's questions to Mercantile Bank Corp (MBWM) leadership • Q4 2024

    Question

    Nathan Race of Piper Sandler asked about the target size of the securities portfolio, the trajectory of loan yields if the Fed remains on pause, and the bank's comfort level with allowing capital to build before considering deployment.

    Answer

    EVP and CFO Chuck Christmas projected the securities portfolio could grow to the 15-17% range as the loan-to-deposit ratio settles in the mid-90s. He affirmed the bank's discipline in loan pricing to ensure rates are commensurate with risk and noted the balance sheet is structured to be interest-rate agnostic. On capital, Christmas stated the bank is comfortable with current levels, which support loan growth and dividends, and expects capital ratios to remain relatively steady.

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    Nathan Race's questions to Mercantile Bank Corp (MBWM) leadership • Q3 2024

    Question

    Nathan Race of Piper Sandler sought confirmation on the stable Net Interest Margin outlook for 2025 under a gradual Fed cutting cycle. He also inquired about the strategy for money market deposit pricing, given the bank's competitive positioning, and asked about the potential for stock buybacks considering the bank's strong capital levels and valuation.

    Answer

    EVP and CFO Chuck Christmas confirmed a stable margin outlook for 2025 is expected if Fed cuts are gradual. He stated the bank's strategy is to remain in the top tier for deposit pricing to attract and retain full client relationships, noting that customers understand these rates move with the Fed funds rate. Regarding capital, Christmas emphasized the priority of maintaining a strong capital buffer for potential economic downturns and to support future loan growth. While the buyback plan is active, the current focus is on preserving and growing capital.

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    Nathan Race's questions to Bank7 Corp (BSVN) leadership

    Nathan Race's questions to Bank7 Corp (BSVN) leadership • Q2 2025

    Question

    In a follow-up question, Nathan Race of Piper Sandler Companies inquired about recent credit quality trends, specifically regarding criticized and classified asset migration and the outlook for charge-offs.

    Answer

    President & Chief Credit Officer Jason Estes described a consistent trend of improving credit quality, with a declining non-performing asset (NPA) balance and very clean past dues. He attributed the stability to strong local economic conditions and disciplined underwriting, noting no significant changes in the credit environment over the last six to nine months.

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    Nathan Race's questions to Bank7 Corp (BSVN) leadership • Q4 2024

    Question

    Nathan Race of Piper Sandler & Co. inquired about the potential for further deposit cost reductions if the Fed pauses rate cuts. He also asked for current new loan pricing, the expected expense run rate for 2025, and an update on capital deployment strategies, particularly regarding M&A activity.

    Answer

    Thomas Travis (Executive) explained that opportunities to lower CD costs are limited due to the portfolio's small size and rate-sensitive customers, noting it becomes harder to maintain deposit betas after initial rate cuts. Jason Estes (Executive) stated that new loan pricing is in the 7.5% range. Kelly Harris (Executive) projected Q1 noninterest expense at $9.6 million. On M&A, Thomas Travis confirmed they are actively pursuing opportunities and feel the timing is right given their strong capital and stock value, but they remain disciplined buyers after not closing any deals in 2024.

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    Nathan Race's questions to Bank7 Corp (BSVN) leadership • Q3 2024

    Question

    Nathan Race from Piper Sandler asked about the outlook for Net Interest Income (NII) growth amid falling rates, current credit quality trends, future provisioning levels, and the M&A environment. He also followed up on the financial impact of oil and gas assets and the trajectory of noninterest-bearing deposits.

    Answer

    Executive Jason Estes addressed NII, noting that reduced lending competition has supported margins, though they may gradually decline as the market normalizes. On credit, Estes reported stable nonperformers with successful resolutions on older problem assets and expects provisioning to remain consistent. Executive Thomas Travis described a robust M&A environment where Bank7 is positioned as an opportunistic acquirer, and he emphasized the bank's strong capital cushion. Executive Kelly Harris provided Q4 guidance for oil and gas-related income and expenses and projected flat trends for noninterest-bearing deposits.

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    Nathan Race's questions to Bank7 Corp (BSVN) leadership • Q1 2024

    Question

    Nathan Race asked for a broader perspective on the commercial client base's exposure to international economies through supply chains and exports. He also questioned the future trajectory of oil and gas-related revenues and expenses, and sought current thoughts on the M&A environment.

    Answer

    Executive Jason Estes stated that while broad tariffs would be challenging, clients are creatively sourcing from non-impacted regions, a trend Executive Thomas Travis noted was accelerated by COVID-era reshoring. On oil and gas, Executive Kelly Harris advised using the Q1 run rate as a template, noting the segment's contribution is declining as projected. Regarding M&A, Travis described the environment as challenging for disciplined buyers, citing a recent instance where their 'phenomenal' offer for a quality bank was not close, and noted that AOCI marks remain an overhang for potential sellers.

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    Nathan Race's questions to Independent Bank Corp (Michigan) (IBCP) leadership

    Nathan Race's questions to Independent Bank Corp (Michigan) (IBCP) leadership • Q1 2025

    Question

    Nathan Race from Piper Sandler asked about the potential for further reductions in deposit costs, cash flow from the securities portfolio, the repricing schedule for fixed-rate loans, and opportunities for non-interest income growth beyond mortgage banking.

    Answer

    EVP and CFO Gavin Mohr explained that while competitive pressures are limiting further deposit cost reductions, a modest positive spread still exists on maturing CDs. He noted about $100 million in cash flow is expected from the bond book for the rest of the year. President and CEO William Kessel added that outside of the core, consistent fee income lines, the primary source for potential upside to non-interest income guidance would be from mortgage banking gains.

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    Nathan Race's questions to Peoples Bancorp Inc (PEBO) leadership

    Nathan Race's questions to Peoples Bancorp Inc (PEBO) leadership • Q1 2025

    Question

    Nathan Race asked about opportunities to reduce non-maturity deposit pricing, the drivers of the stable margin guidance, the cadence of equipment leasing charge-offs, and the company's appetite for share buybacks.

    Answer

    Kathryn Bailey, CFO, and Tyler Wilcox, President, responded. Ms. Bailey highlighted meaningful opportunities to reprice CDs downward as short-term specials mature and noted the investment portfolio provides $15-20 million in monthly cash flow for redeployment. Mr. Wilcox confirmed that leasing charge-offs are expected to continue ramping down through the year. Regarding capital return, Ms. Bailey stated that the company has a buyback plan in place and was active in the market during April when the stock price became more volatile.

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    Nathan Race's questions to Peoples Bancorp Inc (PEBO) leadership • Q4 2024

    Question

    Nathan Race asked about current new loan pricing, the target for the allowance for credit losses ratio, expectations for 2025 accretion income, and the current M&A environment.

    Answer

    Executive Tyler Wilcox noted the blended loan yield was 7.14% and is expected to remain strong. CFO Kathryn Bailey projected the reserve ratio would stay in the 1.0% to 1.25% range and guided to $10-$15 million in 2025 accretion income. Tyler Wilcox confirmed active M&A discussions, stating a preference for a larger, strategically-fit deal to surpass the $10 billion asset mark, while maintaining patience.

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    Nathan Race's questions to Peoples Bancorp Inc (PEBO) leadership • Q3 2024

    Question

    Nathan Race asked how the net interest margin (NIM) would trend with more than 50 basis points of rate cuts, the impact of loan growth on this dynamic, and for guidance on accretion income and provisioning for 2025.

    Answer

    CFO Kathryn Bailey quantified the impact as a 2-4 basis point hit to NIM for an additional 50 bps of cuts. She provided specific guidance for quarterly accretion income, expecting it to be 20-25 basis points in early 2025 before trending down to 15-20 bps in the back half of the year. She also expressed confidence that current reserve levels are adequate for expected charge-offs.

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