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    Ryan Pan

    Senior Research Analyst at D.A. Davidson & Co.

    Ryan Pan is a Senior Research Analyst at D.A. Davidson & Co., specializing in equity research within the technology and software sectors, with a particular focus on cloud computing and SaaS businesses. He has covered prominent companies such as Salesforce, Workday, and ServiceNow, consistently delivering actionable insights that have driven strong average returns, and his stock recommendations have achieved a success rate above 60% according to industry platforms. Ryan began his career as an analyst in the late 2010s, having previously worked at Cowen Inc. and Roth Capital Partners before joining D.A. Davidson in 2021. He is a FINRA-registered professional holding Series 7, 63, 86, and 87 licenses, and is recognized for his robust analytical skills and in-depth sector expertise.

    Ryan Pan's questions to QCR HOLDINGS (QCRH) leadership

    Ryan Pan's questions to QCR HOLDINGS (QCRH) leadership • Q1 2025

    Question

    Ryan Pan, on for Jeff Rulis, inquired about the outlook for non-capital markets fee income, the cause of a fair value loss, the expected timing of a rebound in capital markets revenue, and requested details on the three new nonaccrual loans.

    Answer

    Executive Todd Gipple projected non-capital markets revenue growth of 6% or better, with wealth management expected to grow near double digits. He clarified the fair value loss was a minor $156,000 adjustment on unhedged caps. Executive Larry Helling attributed the Q1 capital markets slowdown to typical seasonality exacerbated by Washington uncertainty, but reiterated confidence in the $50-$60 million guidance for the next four quarters. Helling also stated the new nonaccrual loans had no common theme, spanning different industries and reflecting management quality issues in a normalizing credit environment.

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    Ryan Pan's questions to ENTERPRISE FINANCIAL SERVICES (EFSC) leadership

    Ryan Pan's questions to ENTERPRISE FINANCIAL SERVICES (EFSC) leadership • Q3 2024

    Question

    Ryan Pan, on behalf of Jeff, inquired about the composition of Q3 net charge-offs, the outlook for core conversion expenses in 2025, and the momentum of the loan pipeline heading into the new year.

    Answer

    Scott Goodman, President of Enterprise Bank & Trust, clarified that the charge-offs were mainly from a single acquired multifamily loan. Keene Turner, CFO & COO, detailed that $1.5 million in core conversion expenses remain for Q4, but overall expenses should be level to lower in 2025 due to rate-driven reductions in deposit service charges. Scott Goodman and CEO James Lally added that loan production is solid and evenly spread, though net growth is currently muted by factors like agricultural portfolio runoff.

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