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    Terry McEvoy

    Managing Director and Research Analyst at Stephens Inc.

    Terry McEvoy is a Managing Director and Research Analyst at Stephens Inc., specializing in U.S. regional and super-regional banking sector research. He covers a diverse set of banks including Associated Banc-Corp (ASB), First Busey Corporation (BUSE), Byline Bancorp (BY), Citizens Financial Group (CFG), and Fifth Third Bancorp (FITB), among others, and has been recognized by Financial Times/Starmine as a top commercial bank stock picker and earnings estimator. McEvoy began his career at Tucker Anthony Capital Markets in 1996, held senior analyst roles at Oppenheimer & Co. from 2001 to 2014, and led bank research at Sterne Agee before joining Stephens in May 2015. He is a CFA charterholder, a founding board member of the CFA Society of Maine, and has received industry accolades for his stock picking accuracy and sector expertise.

    Terry McEvoy's questions to MidWestOne Financial Group (MOFG) leadership

    Terry McEvoy's questions to MidWestOne Financial Group (MOFG) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. asked for details regarding the $24 million CRE office loan that moved to nonaccrual, questioning what specifically happened. He also requested information on other large CRE credits and sought clarity on the revised expense guidance, including investments in operational efficiencies and hiring.

    Answer

    SVP & Chief Credit Officer Gary Sims detailed that the suburban Minneapolis loan, originated in 2022, saw the sponsor stop making payments, prompting legal action. He noted the next largest office loan is a performing $12 million credit. CEO Charles Reeves explained the higher expense guidance is due to strategic hires in the Twin Cities and Denver, alongside technology investments in workflow management and digital banking.

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    Terry McEvoy's questions to MidWestOne Financial Group (MOFG) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. asked for details regarding the large CRE office loan that moved to non-accrual and questioned the revised expense guidance, particularly around investments and new hires.

    Answer

    SVP & Chief Credit Officer Gary Sims detailed that the sponsor of the $24 million CRE loan stopped making payments, prompting the bank to initiate a receivership and move the loan to non-accrual. CEO Charles Reeves explained that the increased expense guidance reflects strategic talent acquisitions in the Twin Cities and Denver, alongside ongoing technology investments in workflow management and digital banking.

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    Terry McEvoy's questions to MidWestOne Financial Group (MOFG) leadership • Q4 2024

    Question

    Terry McEvoy of Stephens Inc. asked if the Q1 mid-single-digit loan growth guidance is a reasonable run rate for the full year and sought the outlook for fee income, particularly wealth management. He also inquired about the health of the agricultural loan portfolio.

    Answer

    President and COO Len Devaisher confirmed that mid-single-digit loan growth is the model for the full year and that the company targets continued double-digit growth in wealth management. CEO Charles Reeves added that loan growth could accelerate if interest rates decline. Chief Credit Officer Gary Sims noted that while the ag sector faces pressure, the bank's producer portfolio is resilient and well-positioned to manage through challenges.

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    Terry McEvoy's questions to BYLINE BANCORP (BY) leadership

    Terry McEvoy's questions to BYLINE BANCORP (BY) leadership • Q2 2025

    Question

    Terry Mcevoy from Stephens Inc. asked about Byline's strategy for staying ahead of regulatory expectations, particularly concerning the potential impact of crossing the $10 billion asset threshold. He also inquired about the bank's ability to further lower its interest-bearing deposit costs, especially for CDs, in the second half of the year.

    Answer

    President & Director Alberto Paracchini stated that the company takes a long-term, even-keeled view on regulatory changes and is proactively planning to be well ahead of expectations for crossing the $10 billion threshold. On deposit costs, EVP, CFO & Treasurer Thomas Bell and Mr. Paracchini explained that while there is some room for CD repricing, the primary focus is on ongoing strategic pricing initiatives to optimize costs across the entire deposit portfolio, a continuous effort on both the consumer and commercial sides.

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    Terry McEvoy's questions to FIRST FINANCIAL BANCORP /OH/ (FFBC) leadership

    Terry McEvoy's questions to FIRST FINANCIAL BANCORP /OH/ (FFBC) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. asked for more detail on the company's ongoing efficiency initiatives and sought to understand the underlying loan growth rate when excluding the impact of elevated payoffs in commercial real estate.

    Answer

    President & CEO Archie Brown explained that the efficiency initiative is a comprehensive, bank-wide review of processes and technology, which is about 80% complete. He stated that the company's long-term normalized loan growth target is 6-7%. While CRE payoffs have recently muted overall growth, he noted that other business lines are performing well and their growth will become more apparent as CRE payoffs subside.

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    Terry McEvoy's questions to ASSOCIATED BANC-CORP (ASB) leadership

    Terry McEvoy's questions to ASSOCIATED BANC-CORP (ASB) leadership • Q2 2025

    Question

    Terry McEvoy of Stephens Inc. requested management's updated perspective on M&A, considering the company's strong stock performance and growing capital. He also asked for an explanation for the rising allowance for credit losses (ACL) in the C&I portfolio, which increased from $136 million to $150 million.

    Answer

    President and CEO Andrew Harmening stated that while the company is in a strong position, the primary focus remains on executing its strategic plan. Any M&A deal would need to be a compelling strategic, financial, and cultural fit. On the ACL, EVP & Chief Credit Officer Patrick Ahern explained the increase in the C&I allowance is primarily a "growth story" directly tied to the significant growth in that loan portfolio, rather than a deterioration in credit quality.

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    Terry McEvoy's questions to CIVISTA BANCSHARES (CIVB) leadership

    Terry McEvoy's questions to CIVISTA BANCSHARES (CIVB) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. asked for details on the specific markets and sectors driving loan demand, whether loan growth was intentionally moderated due to the loan-to-deposit ratio, and the potential impact of new deposit-gathering initiatives.

    Answer

    President & CEO Dennis Shaffer confirmed that CRE loan growth had been muted due to concentration concerns, which the new capital will help alleviate. He and EVP & Chief Lending Officer Charles Parcher highlighted strong, broad-based demand across Ohio's major cities. Shaffer also detailed new deposit initiatives, including the Mantle digital platform and plans to hire more treasury management officers to support future growth.

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    Terry McEvoy's questions to OLD SECOND BANCORP (OSBC) leadership

    Terry McEvoy's questions to OLD SECOND BANCORP (OSBC) leadership • Q2 2025

    Question

    Terry McEvoy of Stephens Inc. asked about the company's appetite for another transaction, specifically if they would consider a deal before the Evergreen integration is complete. He also inquired about a recent share repurchase, its timing relative to the deal, the seller's identity, and the ongoing appetite for buybacks.

    Answer

    Management, primarily COO & CFO Bradley Adams, indicated that while they are always opportunistic, the ideal timing for another deal would be after the Evergreen integration is complete in October, citing the significant workload of acquisitions. Adams confirmed the repurchase of 327,000 shares was from a private equity investor, occurred after the deal closed at $18 per share, and that buybacks remain a viable option for capital return.

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    Terry McEvoy's questions to HORIZON BANCORP INC /IN/ (HBNC) leadership

    Terry McEvoy's questions to HORIZON BANCORP INC /IN/ (HBNC) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. questioned the year-over-year decline in interchange fee revenue and asked for an outlook on deposit competition and costs for the remainder of the year.

    Answer

    CEO Thomas Prame attributed the lower interchange revenue to a slight decrease in transaction volume and average spend per swipe, reflecting more conservative consumer behavior. On deposits, he noted that while the consumer market is stable, the public funds space remains competitive, but the bank successfully managed funding costs down slightly from Q1 by letting some higher-priced CDs run off.

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    Terry McEvoy's questions to FIRST MERCHANTS (FRME) leadership

    Terry McEvoy's questions to FIRST MERCHANTS (FRME) leadership • Q2 2025

    Question

    Terry McEvoy from Stephens Inc. asked about the flat year-over-year performance in wealth management fees and the overall outlook for total fee income. He also requested specific examples of benefits realized from the prior year's technology upgrades.

    Answer

    EVP & CFO Michele Kawiecki projected mid-single-digit growth for noninterest income, noting mortgage activity was softer than expected. President Michael Stewart clarified that while investment management fees grew, flatness in other private wealth categories muted overall results. CEO & Director Mark Hardwick detailed how technology upgrades improved account opening speed, treasury management products, and the private wealth platform, providing bankers with superior, competitive tools.

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    Terry McEvoy's questions to WINTRUST FINANCIAL (WTFC) leadership

    Terry McEvoy's questions to WINTRUST FINANCIAL (WTFC) leadership • Q2 2025

    Question

    Terry McEvoy of Stephens Inc. asked about performance in the Western Michigan market post-acquisition and sought details on the mortgage finance portfolio's size, growth contribution, and expected volatility.

    Answer

    President, CEO & Director Timothy Crane expressed positive sentiment on the Western Michigan market, noting the Macatawa conversion is complete and prospecting is strong. Vice Chairman & Chief Lending Officer Richard Murphy stated the mortgage warehouse portfolio now stands at $1.2 billion and is gaining market share, contributing significantly to growth.

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    Terry McEvoy's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership

    Terry McEvoy's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership • Q2 2025

    Question

    Terry McEvoy asked why the net interest income (NII) outlook for the second half of 2025 was not increased despite retaining the CRE loans, and requested commentary on technology investments following the hiring of a new CIO.

    Answer

    CFO John Moran clarified that the income from the retained CRE loans is expected to offset the lower-than-anticipated income from purchase accounting accretion marks, resulting in a neutral impact on the NII forecast. CEO & Chairman James Ryan discussed technology, noting the new CIO came from Bremer and that the bank feels good about its tech stack, with ongoing investments in the wealth management ecosystem, treasury management, and data infrastructure, including AI exploration.

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    Terry McEvoy's questions to EQUITY BANCSHARES (EQBK) leadership

    Terry McEvoy's questions to EQUITY BANCSHARES (EQBK) leadership • Q2 2025

    Question

    Terry Mcevoy of Stephens Inc. inquired about Equity Bancshares' plans for the NBC Bank bond portfolio, overall securities management, potential stress in the QSR portfolio beyond a previously discussed relationship, and the drivers of the projected Q4 decline in noninterest expenses.

    Answer

    EVP & CFO Chris Navratil explained that NBC Bank's bond portfolio was sold prior to the acquisition, converting it to cash for deployment. He noted the bank's securities portfolio is managed for liquidity and pledging needs. Chairman & CEO Brad Elliott added they constantly seek rebalancing opportunities. On credit, EVP & Chief Credit Officer Krzysztof Slupkowski confirmed some softness in the broader QSR sector but stated the portfolio is granular and diversified, with no other significant classified relationships. Finally, Chris Navratil attributed the anticipated Q4 expense reduction primarily to cost savings from the NBC merger.

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    Terry McEvoy's questions to HTLF leadership

    Terry McEvoy's questions to HTLF leadership • Q4 2023

    Question

    Inquired about how the significant investments for the HTLF 3.0 plan are being funded, the scope of the 'footprint review', and whether the increase in nonperforming loans was due to a specific company issue rather than broader sector weakness.

    Answer

    The HTLF 3.0 investments are funded by attacking the cost structure, primarily through optimizing oversized and outdated real estate and associated personnel costs. The 'footprint review' is a comprehensive analysis of entire markets and regions, not just individual branches. The increase in nonperforming loans was confirmed to be a company-specific issue with a well-collateralized credit.

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    Terry McEvoy's questions to HTLF leadership • Q3 2023

    Question

    Asked about the charter consolidation savings, specifically how much would be realized versus reinvested, and how it connects to the HTLF 3.0 strategy. Also questioned the expected decline in service charges and the confidence in a rebound in capital markets fees.

    Answer

    The ~$20 million in savings has already been realized in the expense run rate, and these savings will fall to the bottom line. Reinvestment funds for HTLF 3.0 will come from future optimizations. The service charge decline in Q4 is estimated at $600k. Confidence in capital markets fees comes from a growing pipeline, particularly from advising clients on interest rate swaps.

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    Terry McEvoy's questions to Midland States Bancorp (MSBI) leadership

    Terry McEvoy's questions to Midland States Bancorp (MSBI) leadership • Q4 2022

    Question

    Speaking on behalf of Terry McEvoy of Stephens Inc., Brandon Rud asked for details on the bank being more selective in loan production and whether it was concentrated in specific areas. He also inquired about the target size for the equipment finance portfolio and the outlook for net interest income dollars in 2023.

    Answer

    Executive Jeffrey Ludwig stated that the increased selectivity in loan production is broad-based, though he noted the commercial real estate portfolio did decline slightly in the quarter. Executive Eric Lemke indicated the equipment finance portfolio, currently 17-18% of total loans, would ideally be kept in the 15-20% range. He also clarified that the focus is on growing net interest income dollars, which they believe is achievable through asset repricing and managed deposit costs, even with a stable NIM.

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    Terry McEvoy's questions to Midland States Bancorp (MSBI) leadership • Q3 2022

    Question

    Terry McEvoy of Stephens Inc. asked for clarification on the potential impact of the commercial mortgage servicing rights sale on deposits, the near-term outlook for the net interest margin (NIM), and whether future expense growth from strategic hires would be absorbed or lead to an increased expense run rate.

    Answer

    CFO Eric Lemke explained that while they hope to retain the $200 million in deposits associated with the servicing sale, they are preparing for the possibility of the buyer moving them, which would cause the deposits to either reprice or be lost. President and CEO Jeffrey Ludwig added that recent growth came at a slightly lower spread, so the NIM could be flat to slightly up or down. Regarding expenses, Ludwig stated they aim for cost saves to offset investment-related increases, targeting a net 3% expense growth rate.

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    Terry McEvoy's questions to Midland States Bancorp (MSBI) leadership • Q2 2022

    Question

    Terry McEvoy of Stephens Inc. questioned the outlook for deposit growth, funding sources for loans, the size and beta of FHA-related escrow deposits, and the strategy for the wealth management business, including potential investments and M&A.

    Answer

    President and CEO Jeff Ludwig highlighted strong deposit growth from the Community Bank group and a continued focus on gathering deposits to fund loan growth, given the loan-to-deposit ratio is around 90%. He confirmed FHA servicing deposits are approximately $800 million and are high-beta. Regarding wealth management, Ludwig explained the current priority is organic growth through building out the sales team, with M&A being a lower priority until organic growth accelerates.

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    Terry McEvoy's questions to Midland States Bancorp (MSBI) leadership • Q1 2022

    Question

    Terry McEvoy of Stephens Inc. inquired about the primary drivers of the strong Commercial Real Estate (CRE) portfolio growth, the methods used for stress testing this portfolio against rising interest rates, and how the company balances revenue growth initiatives with its goal of maintaining flat expenses. He also asked for clarification on the significant increase in equipment finance yields during the quarter.

    Answer

    President and CEO Jeff Ludwig explained that CRE growth was concentrated in multifamily, senior care, and industrial warehouse properties. He noted that the portfolio is stress-tested on a deal-by-deal basis for interest rates and cap rates, with a full portfolio stress test conducted annually. Ludwig also stated that expense control is being achieved by enhancing the productivity of the existing commercial banking team through tools like Salesforce and by continuously finding operational efficiencies. CFO Eric Lemke added that equipment finance yields rose because the business prices on the five-year curve, which saw a significant lift, allowing for higher rates on new contracts.

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