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    Tim Switzer

    Vice President and Equity Research Analyst at Keefe, Bruyette & Woods (KBW)

    Timothy Switzer is a Vice President and Equity Research Analyst at Keefe, Bruyette & Woods (KBW), specializing in the financial services sector with a focus on banking-as-a-service, neobanks, fintechs, and SMID-cap banks in the Mid-Atlantic and Northeast regions. He actively covers companies such as Green Dot Corp, NewtekOne Inc, and Priority Technology Holdings, and is recognized for a strong professional record with a 77.78% success rate and an average return of 14.09% on his recommendations. Switzer began his analyst career after graduating from Creighton University in 2015, previously working as a research analyst at Robert W. Baird covering large-cap banks and later joining KBW in 2021. He is a CFA charterholder, demonstrating significant professional credentials in equity research and financial analysis.

    Tim Switzer's questions to LendingClub (LC) leadership

    Tim Switzer's questions to LendingClub (LC) leadership • Q2 2025

    Question

    Tim Switzer asked about the funding cost benefits from new deposit products, the sustainability of the 100% deposit beta, and the potential impact of Fed rate cuts on NIM.

    Answer

    CEO Scott Sanborn clarified that the new LevelUp checking product is strategically focused on borrower engagement and lifetime value rather than near-term funding cost reduction. CFO Drew LaBenne added that while deposit costs should move down with the Fed, the beta may be less than 100% on future cuts to ensure continued deposit growth. Scott Sanborn also noted that rate cuts could benefit loan sale prices.

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    Tim Switzer's questions to PATHWARD FINANCIAL (CASH) leadership

    Tim Switzer's questions to PATHWARD FINANCIAL (CASH) leadership • Q3 2025

    Question

    Tim Switzer inquired about Pathward's services for crypto-related partners and any internal plans for crypto products, current credit trends in the commercial finance portfolio, the strength of the Banking as a Service (BaaS) partner pipeline, and the company's outlook on share repurchases.

    Answer

    CEO Brett Pharr confirmed Pathward provides USD access for crypto wallets and is evaluating further use cases, though it's still early. He reiterated that credit is strong, with recent NPL increases being episodic and well-collateralized. Mr. Pharr also described the partner pipeline as 'strong,' highlighting opportunities in consumer lending sponsorship and payments. EVP & CFO Greg Sigrist added that share repurchases will continue, though likely at a more 'muted' pace to build capital, as the stock price is still a 'green light' for buybacks.

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    Tim Switzer's questions to NewtekOne (NEWT) leadership

    Tim Switzer's questions to NewtekOne (NEWT) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) inquired about the drivers of the $50 million growth in commercial deposits, future deposit cost expectations, total charge-offs for the held-for-investment portfolio, and a breakdown of the net fair value line item, particularly the gain on Alternative Loan Program (ALP) loans.

    Answer

    President, Chairman & CEO Barry Sloane attributed deposit growth to integrated solutions like lending and payroll linked to zero-fee, high-rate business accounts, emphasizing the 'Newtek Advantage' platform. EVP & CFO Frank DeMaria stated that quarterly charge-offs were $5.1 million, flat sequentially. DeMaria and Sloane clarified the fair value line was impacted by a $35.1 million reversal of a prior unrealized gain on ALP loans, which was offset by a new $32.4 million gain on the retained securitization interest and other gains.

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    Tim Switzer's questions to OCEANFIRST FINANCIAL (OCFC) leadership

    Tim Switzer's questions to OCEANFIRST FINANCIAL (OCFC) leadership • Q2 2025

    Question

    Tim Switzer asked for clarification on the baseline for non-interest income guidance, the expense impact from recent strategic hires, and the company's current stance on M&A versus other capital deployment options.

    Answer

    CFO Patrick Barrett confirmed the GAAP number is the appropriate base for non-interest income guidance. Chairman & CEO Christopher Maher quantified the EPS impact from new hire expenses at approximately $0.06 for Q2. Barrett noted that while compensation will rise, a drop in recruiting fees should keep net operating expenses flat. Maher stated that organic growth is the primary focus, and M&A is not a priority given current share valuation.

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    Tim Switzer's questions to Bancorp (TBBK) leadership

    Tim Switzer's questions to Bancorp (TBBK) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) inquired about the new partnership with Block's Cash App, the drivers behind lower deposit balances, credit quality in the 'Rebel' and SBL loan portfolios, the resolution timeline for the Aubrey property's earnest money dispute, and The Bancorp's capacity for future growth.

    Answer

    CEO Damian Kozlowski explained that the Block partnership is a significant expansion for card issuance, aiming to replace the current issuer over time. He stated that the Q2 deposit decline was a deliberate balance sheet management action. Regarding credit, Kozlowski noted that issues in the Rebel portfolio have likely peaked and are being managed, while the small increase in SBL non-performing assets was isolated. He expressed confidence in resolving the earnest money dispute in the next quarter and affirmed that the company's infrastructure is built to handle multiples of its current transaction volume.

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    Tim Switzer's questions to PROVIDENT FINANCIAL SERVICES (PFS) leadership

    Tim Switzer's questions to PROVIDENT FINANCIAL SERVICES (PFS) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) asked about the company's target capital levels and appetite for share repurchases, the drivers behind the updated NIM guidance, and whether the slight decline in the loan pipeline signaled a potential slowdown.

    Answer

    CFO Thomas M. Lyons stated he is comfortable with a CET1 ratio around 11.25%. He noted the NIM guidance of 3.35% to 3.45% already incorporates two 25-basis-point rate cuts and is driven by significant asset repricing. President and CEO Anthony Labozzetta clarified that the loan pipeline remains robust and the quarterly decrease was a result of very strong loan closings, not a slowdown in demand, and he views the pipeline as a bright spot.

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    Tim Switzer's questions to CIVISTA BANCSHARES (CIVB) leadership

    Tim Switzer's questions to CIVISTA BANCSHARES (CIVB) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) requested guidance on future leasing fee income, excluding the one-time adjustment, and asked about the bank's analysis of its loan book's exposure to potential tariffs.

    Answer

    EVP & Chief Lending Officer Charles Parcher and CFO Ian Whinnem explained that leasing activity was slower in H1 due to a core system conversion and customer hesitation on CapEx. They anticipate a rebound in H2, partly due to accelerated depreciation benefits. Regarding tariffs, Parcher noted that while manufacturers are optimistic about potential reshoring, they are currently delaying major CapEx decisions pending clarity.

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    Tim Switzer's questions to UNIVEST FINANCIAL (UVSP) leadership

    Tim Switzer's questions to UNIVEST FINANCIAL (UVSP) leadership • Q2 2025

    Question

    Tim Switzer asked for clarification on updated guidance for loan growth and expenses, the drivers behind the revised outlook, the strategy for capital deployment, the state of deposit competition, and the forward trajectory for Net Interest Margin (NIM).

    Answer

    CFO Brian Richardson provided updated guidance of 1-3% loan growth and 2-4% expense growth for 2025, attributing the loan growth moderation to significant prepayment activity despite strong originations. CEO Jeffrey Schweitzer stated that Univest will remain active with share buybacks and is open to non-bank M&A. Richardson also confirmed the deposit environment remains competitive and projected a slight pullback in Q3 core NIM due to sub-debt repricing and seasonal public funds, followed by stable to slightly up performance.

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    Tim Switzer's questions to Live Oak Bancshares (LOB) leadership

    Tim Switzer's questions to Live Oak Bancshares (LOB) leadership • Q2 2025

    Question

    Tim Switzer from Keefe, Bruyette & Woods (KBW) asked about the recent pickup in USDA loan sales and the outlook for that market. He also questioned what is driving the strong demand and healthy gain-on-sale margins for SBA loans, and whether recent rule changes and credit issues have caused competitors to pull back, creating opportunities for Live Oak.

    Answer

    CFO Walt Phifer attributed the renewed USDA market activity to investor demand for downward rate protection in the current rate environment, though he noted the market remains choppy. He stated that SBA loan demand remains consistently strong due to attractive spreads and prepayment characteristics. President William C. Losch III confirmed that competitors have pulled back, particularly on smaller dollar loans following SOP changes, which has driven more activity to Live Oak due to its consistent execution and market presence.

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    Tim Switzer's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership

    Tim Switzer's questions to ORRSTOWN FINANCIAL SERVICES (ORRF) leadership • Q2 2025

    Question

    Tim Switzer from Keefe, Bruyette & Woods (KBW) asked about the potential impact of Fed rate cuts on the Net Interest Margin (NIM) outlook and for more details on growth initiatives within the wealth management business.

    Answer

    EVP & CFO Neelesh Kalani explained that as an asset-sensitive bank, rate cuts would negatively impact net interest income, though they would try to offset this by lowering deposit costs. President & CEO Thomas Quinn added that pricing their strong loan pipeline appropriately will be critical. Regarding wealth management, Quinn and Senior EVP & COO Adam Metz highlighted talent acquisition and expansion in key growth markets like Maryland, Lancaster, and Harrisburg as primary drivers for the $3 billion AUM business.

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    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership

    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) requested details on the current profitability of the small ticket leasing business, including its ROA and expense structure. He also asked about the bank's assessment of its portfolio's exposure to potential tariffs, specifically which industries and markets are being monitored most closely.

    Answer

    CFO Katie Bailey acknowledged that the leasing business's profitability has tightened considerably but is on a path to improvement. President & CEO Tyler Wilcox added that the unit's infrastructure is being restructured to align with its smaller portfolio size. Regarding tariffs, Wilcox confirmed a broad portfolio review was conducted, with a deep dive into the auto and manufacturing sectors. He stated that no material impacts on credit or loan growth have been observed to date.

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    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Tim Switzer requested details on the overall profitability of the small ticket leasing business, including its current return on assets (ROA), and asked about the company's review of its loan portfolio for potential exposure to tariffs, including specific industries or markets of concern.

    Answer

    Kathryn Bailey, EVP & CFO, acknowledged that the leasing business's profitability has tightened significantly but is on a path to recovery. Tyler Wilcox, President, CEO & Director, added that its infrastructure is being restructured to align with its smaller portfolio size. Regarding tariffs, Wilcox described a comprehensive review of the commercial portfolio, with a deep dive into auto and manufacturing sectors. He noted a temporary spike and subsequent drop in indirect auto applications but stated no material credit impacts have been observed to date.

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    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) questioned the current overall profitability of the small ticket leasing business, asking about its expenses and return on assets (ROA). He also asked about the company's review of its loan portfolio for tariff-related risks and which industries or markets are most exposed.

    Answer

    CFO Katie Bailey and CEO Tyler Wilcox acknowledged that the leasing business's profitability has significantly tightened but stated they are restructuring its infrastructure to align with its smaller portfolio size and restore its positive contribution. Regarding tariffs, Mr. Wilcox confirmed a broad portfolio review was conducted, with a deep dive into the auto and manufacturing sectors. He noted that while there was a temporary spike in indirect auto applications, no material impact on credit metrics or loan health has been observed to date.

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    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods (KBW) questioned the current profitability of the small ticket leasing business, asking for an update on its ROA compared to prior years. He also asked about the company's review of its loan portfolio for tariff exposure and which industries or markets were most at risk.

    Answer

    CFO Kathryn Bailey stated that the leasing business's profitability has 'tightened and reduced significantly' but is on a trajectory to improve. President & CEO Tyler Wilcox added that the business's infrastructure is being restructured to match its smaller size. Regarding tariffs, Wilcox confirmed a broad portfolio review was conducted, with deep dives into auto and manufacturing, but no material impacts have been observed on credit metrics or loan health to date.

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    Tim Switzer's questions to PEOPLES BANCORP (PEBO) leadership • Q2 2025

    Question

    Tim Switzer asked about the current profitability and return on assets (ROA) of the small ticket leasing business, given its historical performance. He also requested details on the bank's portfolio review for tariff exposure, specifically asking which industries and geographic markets are most exposed.

    Answer

    CFO Kathryn Bailey acknowledged that the leasing business's profitability has tightened significantly but is on a trajectory to improve. CEO Tyler Wilcox added that the business's infrastructure is being restructured to align with its smaller portfolio size. Regarding tariffs, Wilcox stated that a broad review, with a deep dive into auto and manufacturing, has not revealed any material impact on the portfolio's health, though they continue to monitor it closely.

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    Tim Switzer's questions to Triumph Financial (TFIN) leadership

    Tim Switzer's questions to Triumph Financial (TFIN) leadership • Q2 2025

    Question

    Tim Switzer from Keefe, Bruyette & Woods inquired about the near-term financial run rate for the GreenScreens acquisition, including revenue, expenses, and the timeline to break even. He also asked for clarification on credit trends, specifically normalized net charge-offs and the provision outlook.

    Answer

    W. Brad Voss, CFO, confirmed the quarterly run rate estimates of roughly $2.5M revenue and $4.5M expense. Aaron Graft, Founder, Vice Chairman & CEO, acknowledged the near-term earnings drag but projected the intelligence segment would grow fastest among transportation businesses. Regarding credit, Graft stated normalized net charge-offs were under $1 million, and Todd Ritterbusch, President of Payments & Banking, guided that annual credit loss expense would likely be at the low end of the historical $10-20 million range.

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    Tim Switzer's questions to Triumph Financial (TFIN) leadership • Q2 2025

    Question

    Tim Switzer of Keefe, Bruyette & Woods questioned the near-term financial run rate for the GreenScreens acquisition, including revenue, expenses, and the path to profitability. He also asked for details on normalized credit trends and the outlook for loan loss provisions.

    Answer

    CFO W. Brad Voss confirmed the Intelligence segment's near-term run rate of roughly $2.5M in quarterly revenue and $4.5M in expenses. CEO Aaron Graft added that he expects the segment to grow rapidly and reach profitability. Regarding credit, Graft stated normalized net charge-offs were under $1M for the quarter. President of Payments & Banking Todd Ritterbusch guided that full-year credit loss expense would likely be at the low end of the historical $10M-$20M range.

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    Tim Switzer's questions to First Internet Bancorp (INBK) leadership

    Tim Switzer's questions to First Internet Bancorp (INBK) leadership • Q4 2024

    Question

    Inquired about credit performance within the SBA portfolio, asking if specific industries or borrower types are under pressure. Also asked about the potential impact of a 'higher for longer' interest rate environment and the drivers of growth in fintech deposits.

    Answer

    The executives stated there are no specific industry trends causing SBA pressure, aside from some lingering hurricane and pandemic-related build-out issues. They believe the current rate environment is manageable as loans were underwritten with stress tests, but a rate increase would be problematic. Fintech deposit growth is primarily from existing customers, and while the pipeline is good, new partner onboarding is slow and cautious due to heightened regulatory scrutiny.

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    Tim Switzer's questions to First Internet Bancorp (INBK) leadership • Q3 2024

    Question

    Asked about the drivers for the 2025 SBA origination growth target, secondary market pricing expectations, and the net interest margin (NIM) trajectory into 2025 considering Fed rate cuts and balance sheet dynamics.

    Answer

    The SBA growth target for 2025 is around $600 million, supported by a strong team. The bank has the flexibility to hold loans if secondary market pricing is weak. The NIM is expected to expand significantly in 2025, driven by the repricing of high-cost CDs and deposits outweighing the impact on variable-rate loans, with potential for 10 bps of expansion per quarter. This could drive EPS from a target of $4 to $5.

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