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    Steve Moss

    Managing Director and Senior Equity Research Analyst at Raymond James

    Steve Moss is a Managing Director and Senior Equity Research Analyst at Raymond James, specializing in coverage of regional banks and the broader financial sector. He covers over 70 financial companies, including SmartFinancial, and maintains a strong performance record with a 51% success rate and an average return of approximately 13% on stock recommendations, ranking him among the top 500 analysts nationally. Moss began his analyst career prior to joining Raymond James and has since become known for detailed industry expertise and market insight. He holds FINRA securities licenses and is recognized for his diligent bank sector analysis and consistent, data-driven investment calls.

    Steve Moss's questions to CAMDEN NATIONAL (CAC) leadership

    Steve Moss's questions to CAMDEN NATIONAL (CAC) leadership • Q2 2025

    Question

    Steve Moss from Raymond James Financial inquired about the specific industry of the C&I loan that was placed on non-accrual and its impact on net interest income. He also asked about the drivers behind the improved loan pipeline and the outlook for net interest margin expansion.

    Answer

    EVP & CFO Michael Archer confirmed the non-accrual loan was a C&I syndication that impacted the net interest margin by approximately one basis point. President & CEO Simon Griffiths characterized the borrower as a service company and emphasized the overall health of the credit portfolio. Griffiths also noted a broad-based pickup in the loan pipeline, particularly in commercial and home equity, and projected continued NIM expansion of 5-10 basis points in the next quarter, contingent on Fed actions.

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    Steve Moss's questions to CAMDEN NATIONAL (CAC) leadership • Q2 2025

    Question

    Steve Moss from Raymond James Financial inquired about the specific industry of the C&I borrower that filed for bankruptcy, the impact of the non-accrual on net interest income, the drivers behind the improved loan pipeline, and the outlook for net interest margin expansion.

    Answer

    CFO Michael Archer confirmed the loan was a C&I syndication and its non-accrual status impacted the quarterly net interest margin by approximately one basis point. President & CEO Simon Griffiths characterized the borrower as a service company and emphasized that this was an isolated issue, with overall credit metrics remaining strong. Griffiths also noted the loan pipeline's strength was broad-based, with significant momentum in commercial and home equity loans, and projected continued NIM expansion of plus or minus 5-10 basis points in the next quarter, contingent on Fed actions.

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    Steve Moss's questions to NBT BANCORP (NBTB) leadership

    Steve Moss's questions to NBT BANCORP (NBTB) leadership • Q2 2025

    Question

    Steve Moss from Raymond James Financial asked for an outlook on the loan pipeline and business activity for the second half of the year. He also inquired about current loan pricing, where competition is most intense, and whether larger banks are becoming more competitive in NBT's markets.

    Answer

    President & CEO Scott Kingsley described the loan pipeline as being at its highest level ever, partly due to the Evans acquisition. However, he noted that 'uncertainty does not inspire action,' causing hesitation and a slowdown in the speed to completion for new projects. He expects the growth rate to be similar to the first half. Kingsley identified the indirect auto space as highly competitive, forcing NBT to focus on replacing cash flows rather than aggressive growth. He stated that competition is not radically different, with no significant new pressure from larger banks, but some defensive pricing from smaller competitors.

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    Steve Moss's questions to NewtekOne (NEWT) leadership

    Steve Moss's questions to NewtekOne (NEWT) leadership • Q2 2025

    Question

    Steve Moss of Raymond James Financial sought details on the extended holding period for SBA 7(a) loans, confirmed the full-year SBA origination target, asked for the expense outlook for the second half of the year, and requested clarification on the valuation of securitization residuals, including the 14% discount rate.

    Answer

    President, Chairman & CEO Barry Sloane projected a 60-75 day holding period for certain 7(a) loans to benefit net interest income and confirmed the $1 billion origination target. He expects expenses to be 'flattish.' Sloane also explained the 14% yield on residuals is calculated after assuming a 3% lifetime charge-off rate, derived from a 15% default frequency and 20% severity.

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    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership

    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership • Q2 2025

    Question

    Steve Moss asked for an estimate of the potential book of business from the five newly hired deposit teams, the expected resolution timeline for the two largest non-performing loans, and the anticipated impact of a 25 basis point Fed rate cut on the net interest margin.

    Answer

    President & Chief Banking Officer Matthew McNeill and CEO Christopher Gruseke explained that while the new teams managed hundreds of millions in prior roles, it's too early to quantify the potential deposit inflows. McNeill detailed that one large non-performing loan could be refinanced in the next several months, while the other, a multi-bank participation, will likely take longer to resolve. CFO Courtney Sacchetti projected that even without a Fed cut, the NIM could expand by another 5-10 basis points due to CD repricing, with a rate cut potentially adding another 10 basis points on top of that.

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    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership • Q2 2025

    Question

    Steve Moss from Raymond James Financial asked for an estimate of the potential deposit inflows from the five newly hired teams over the next 12-24 months, the expected timeline for resolving the two largest non-performing loans, and the sensitivity of the net interest margin to a hypothetical 25 basis point Fed rate cut.

    Answer

    President & CBO Matthew McNeill and CEO Christopher Gruseke explained that while the new teams managed hundreds of millions in deposits at prior firms, it is too early to provide a specific forecast, emphasizing the bank's focus on proper onboarding. McNeill projected one large non-performing loan could be resolved in the next several months, while the other may take longer. CFO Courtney Sacchetti estimated that even without a rate cut, the NIM could expand by another 5-10 basis points, with a Fed cut potentially adding another 10 basis points on top of that.

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    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership • Q2 2025

    Question

    Steve Moss from Raymond James Financial asked for an estimate of the potential deposit business from the five newly hired teams, the resolution timeline for two large nonperforming loans, and the margin impact of a potential 25 basis point Fed rate cut.

    Answer

    President Matthew McNeill and CEO Christopher Gruseke explained that while the new teams managed hundreds of millions in prior roles, it's too early to quantify the impact, but they expect significant results. McNeill anticipates one large nonperforming loan may resolve in the next few months, while the other will take longer. CFO Courtney Sacchetti projected that a Fed rate cut could add approximately 10 basis points to the NIM, on top of the 5-10 basis points of expansion expected from current repricing opportunities.

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    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership • Q2 2025

    Question

    Steve Moss asked for an estimate of the potential deposit business from the five newly hired teams, the expected timeline for resolving the two largest non-performing loans, and the sensitivity of the net interest margin (NIM) to a potential 25 basis point Fed rate cut.

    Answer

    President & CBO Matthew McNeill and CEO Christopher Gruseke explained that while the new teams previously managed hundreds of millions in deposits, it is too early to provide a specific forecast, but they expect significant contributions. On credit, McNeill anticipates one large non-performing loan could be resolved in the next several months, while the other will take longer. CFO Courtney Sacchetti projected that even without a rate cut, the NIM could expand by another 5-10 basis points, with a Fed cut potentially adding another 10 basis points on top of that.

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    Steve Moss's questions to Bankwell Financial Group (BWFG) leadership • Q2 2025

    Question

    Steve Moss from Raymond James asked for an estimate of the potential deposit business from the five newly hired teams, the expected timeline for resolving the two largest non-performing loans, and the sensitivity of the net interest margin (NIM) to a potential 25 basis point Fed rate cut.

    Answer

    President & CBO Matthew McNeill stated that while the new teams previously managed hundreds of millions in deposits, it is too early to quantify the expected inflows. CEO Christopher Gruseke added that one of the large non-performing loans could be resolved in the next few months, while the other will likely take longer. Regarding the NIM, CFO Courtney Sacchetti projected a 5-10 basis point expansion even without a rate cut, with a potential Fed cut adding another 10 basis points of improvement.

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    Steve Moss's questions to BROOKLINE BANCORP (BRKL) leadership

    Steve Moss's questions to BROOKLINE BANCORP (BRKL) leadership • Q2 2025

    Question

    An associate on behalf of Steve Moss asked about the current pricing environment for new loans and requested more information on a delayed Mass Housing loan takeout mentioned in the presentation.

    Answer

    Chairman & CEO Paul Perrault described the loan pricing environment as competitive but holding up, with strong rates in equipment finance. Co-President and CFO Carl Carlson specified that Q2 loan originations totaled $445 million at a weighted average coupon of 6.94%. Regarding the Mass Housing loan, Carlson clarified it is technically past due on maturity but is current on payments, fully leased, and simply awaiting final paperwork for the takeout, which is expected in Q3.

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    Steve Moss's questions to COMMUNITY FINANCIAL SYSTEM (CBU) leadership

    Steve Moss's questions to COMMUNITY FINANCIAL SYSTEM (CBU) leadership • Q2 2025

    Question

    Steve Moss of Raymond James inquired about the competitive dynamics and pricing in the lending market, the outlook for quarterly Net Interest Margin (NIM) expansion, and the company's strategy for deploying the approximately $600 million in deposits from the recent branch acquisition.

    Answer

    CEO Dimitar Karaivanov acknowledged a more competitive lending environment, noting that Community Financial is selectively shedding criticized credits while maintaining its market share strategy. He indicated new loan yields were around 6.75% but are trending lower. CFO Marya Burgio Wlos adjusted the NIM expansion guidance to a 3-to-5 basis point range per quarter. Dimitar Karaivanov added that the acquired deposits will fund future loan growth over several years.

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    Steve Moss's questions to COMMUNITY FINANCIAL SYSTEM (CBU) leadership • Q2 2025

    Question

    Speaking on behalf of Steve Moss, an analyst from Raymond James inquired about the competitive landscape for lending, current loan pricing trends, the sustainability of the previously guided 2-7 basis points of quarterly NIM expansion, and the strategic deployment of the $600 million in deposits from the recent branch acquisition.

    Answer

    CEO Dimitar Karaivanov acknowledged that the lending market is more competitive on both rate and credit, with new loan originations yielding around 6.75% and trending lower. CFO Marya Burgio Wlos adjusted the quarterly NIM expansion guidance to a range of 3-5 basis points. Regarding the acquired deposits, Mr. Karaivanov stated they will be used to fund organic loan growth over the next several years, initially being held in short-term instruments.

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    Steve Moss's questions to COMMUNITY FINANCIAL SYSTEM (CBU) leadership • Q2 2025

    Question

    Steve Moss of Raymond James, with Thomas asking on his behalf, inquired about the competitive lending landscape, current loan pricing, the outlook for net interest margin (NIM) expansion, and the deployment strategy for the recently acquired deposits.

    Answer

    CEO Dimitar Karaivanov described the lending environment as highly competitive on both rate and credit, with new loan originations yielding around 6.75% but trending lower. CFO Marya Burgio Wlos updated the quarterly NIM expansion guidance to a range of 3 to 5 basis points. Mr. Karaivanov added that the acquired deposits will fund organic loan growth over several years, initially being held in short-term instruments.

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    Steve Moss's questions to COMMUNITY FINANCIAL SYSTEM (CBU) leadership • Q2 2025

    Question

    Steve Moss of Raymond James, with Thomas asking on his behalf, inquired about the competitive landscape for lending, current loan pricing, and the outlook for Net Interest Margin (NIM) expansion. He also asked about the deployment strategy for the $600 million in acquired deposits.

    Answer

    CEO Dimitar Karaivanov acknowledged increased competition on both rate and credit, noting that Q2 originations were in the 6.75% range but are trending lower. CFO Marya Burgio Wlos projected quarterly NIM expansion to be in the 3 to 5 basis point range. Mr. Karaivanov added that the acquired deposits will fund loan growth over several years, initially held in short-term instruments.

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    Steve Moss's questions to ServisFirst Bancshares (SFBS) leadership

    Steve Moss's questions to ServisFirst Bancshares (SFBS) leadership • Q2 2025

    Question

    Thomas R, on behalf of Steve Moss from Raymond James Financial, asked about current trends in commercial credit demand, the potential for sustained low double-digit loan growth, and the specifics of fixed-rate loans set to reprice in the coming year.

    Answer

    Chairman, President & CEO Thomas Broughton described commercial loan demand as broad-based across markets, not concentrated in one area, and stated that low double-digit growth is achievable, though it can be lumpy due to payoff headwinds. EVP & CFO David Sparacio specified that approximately $1.5 billion in fixed-rate loans with a weighted average yield of 4.87% are scheduled to reprice over the next twelve months.

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    Steve Moss's questions to FIRST BANCORP /PR/ (FBP) leadership

    Steve Moss's questions to FIRST BANCORP /PR/ (FBP) leadership • Q2 2025

    Question

    Asked about current new loan yields and the potential for further reduction in funding costs, including plans for FHLB advances.

    Answer

    New loan yields vary by portfolio: C&I yields came down slightly, consumer yields are stable but affected by mix, and mortgage yields are around 6.5%. There is some room to lower funding costs from broker deposits and time deposits, though high rates limit this. Maturing FHLB advances will be paid down if funding is not needed, with $30 million maturing in the next three months likely to be paid down.

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    Steve Moss's questions to FIRST BANCORP /PR/ (FBP) leadership • Q3 2024

    Question

    Inquired about the securities portfolio cash flows beyond Q1 2025, the coupon on maturing securities, the pace of deposit repricing following Fed rate cuts, and the drivers of strong commercial loan origination.

    Answer

    The company expects $1.0-1.1 billion in securities cash flows for the full year 2025, with a yield on the maturing portion around 1.50-1.60%. Deposit repricing will have a lag, especially for retail deposits, which is why Q4 margin is expected to be flat. Strong commercial demand is broad-based, coming from construction, auto, C&I, and government sectors in both Puerto Rico and Florida.

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    Steve Moss's questions to SMARTFINANCIAL (SMBK) leadership

    Steve Moss's questions to SMARTFINANCIAL (SMBK) leadership • Q1 2025

    Question

    Steve Moss from Raymond James probed whether the $50 million quarterly revenue target could be achieved before Q4, asked about the status of charge-offs in the Fountain portfolio, and inquired about the current appetite for M&A.

    Answer

    President and CEO William Carroll reiterated the Q4 2025 target for $50 million in revenue, acknowledging good trends but citing uncertainty in the second half of the year. Regarding credit, executive Rhett Jordan stated that while charge-offs from the Fountain portfolio have slowed significantly, a few 'stragglers' may remain. On M&A, Carroll and Jordan confirmed that the primary focus is on organic growth and talent acquisition, making a deal less likely given current market valuations.

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    Steve Moss's questions to FB Financial (FBK) leadership

    Steve Moss's questions to FB Financial (FBK) leadership • Q1 2025

    Question

    Stephen Moss followed up on loan pricing, asking for the current yield on new loan originations. He also inquired whether the bank was considering any balance sheet hedging strategies, such as swaps, to alter its interest rate sensitivity.

    Answer

    CFO Michael Mettee stated that new loans are currently being originated at yields between 7.00% and 7.10% on average. Regarding hedging, Mettee confirmed they constantly evaluate options but have found the cost to outweigh the benefit historically. He said the bank prefers to manage its position through disciplined loan and deposit pricing and is not currently putting on any hedges.

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    Steve Moss's questions to FB Financial (FBK) leadership • Q4 2024

    Question

    Steve Moss sought clarification on the large C&I charge-off, asking if the Q4 provision was related to it, and inquired about the balance sheet's current sensitivity to potential Federal Reserve rate cuts.

    Answer

    Executive Travis Edmondson and Executive Christopher Holmes clarified that the specific reserve for the large charge-off was established in prior quarters, mainly Q2. Executive Michael Mettee added that the Q4 provision was driven by loan growth and economic forecast updates. Mettee also described the balance sheet as slightly asset sensitive, and Holmes noted that the mortgage business provides a lever that would ramp up if rates were to fall significantly.

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    Steve Moss's questions to Atlantic Union Bankshares (AUB) leadership

    Steve Moss's questions to Atlantic Union Bankshares (AUB) leadership • Q4 2024

    Question

    Steve Moss from Raymond James asked for the expected purchase accounting accretion in the 2025 stand-alone guide, current loan pricing trends, recovery prospects for the large nonperforming loan, and confirmation of the Sandy Spring-related CRE sale and equity raise.

    Answer

    EVP and CFO Rob Gorman confirmed stand-alone accretion is stable at 20-22 basis points. Chief Credit Officer Douglas Woolley stated the specific reserve on the nonperforming loan reflects the currently anticipated loss. Gorman and President and CEO John Asbury reaffirmed their plans to execute the full $2 billion CRE sale and the associated forward equity issuance, stating they feel good about the original assumptions despite rate moves.

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    Steve Moss's questions to VALLEY NATIONAL BANCORP (VLY) leadership

    Steve Moss's questions to VALLEY NATIONAL BANCORP (VLY) leadership • Q3 2024

    Question

    Steve Moss of Raymond James & Associates, Inc. asked about the drivers of strong C&I loan growth, the reasons for the increasing reserve allocation to that portfolio, and the outlook for criticized and classified assets.

    Answer

    President Tom Iadanza explained that C&I growth is relationship-driven, stemming from middle-market teams hired over five years, especially in Florida, and is not reliant on participations. An executive added that the higher C&I reserve is due to a higher loss-given-default expectation and some migration in the current rate environment, but they expect this migration to abate and potentially improve in 2025.

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    Steve Moss's questions to SASR leadership

    Steve Moss's questions to SASR leadership • Q3 2024

    Question

    Asked about the average life of CRE loans being sold versus retained, clarification on the loan sale mark, new loan origination rates, potential hedging strategies for the loan sale, and deposit cost trends following recent Fed cuts.

    Answer

    The average life of the CRE loans to be sold is slightly shorter than the total portfolio's 4-year duration. The sale mark is included in the total mark calculations. New loans are originating in the 7.00-7.05% range. Hedging the loan sale is being evaluated but is currently considered expensive. They are aggressively lowering deposit rates post-Fed cut, modeling a mid-40s deposit beta for the down cycle.

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