Ryan Pan • D.A. Davidson & Co.

Question 1

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

Apr 23, 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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Question 2

Ryan Pan's questions to Enterprise Financial Services Corp (EFSC) leadership • Q3 2024

Oct 22, 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.