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    Tim Switzer • Keefe, Bruyette & Woods (KBW)

    Tim Switzer's questions to LendingClub Corp (LC) leadership

    Tim Switzer's questions to LendingClub Corp (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 Inc (CASH) leadership

    Tim Switzer's questions to Pathward Financial Inc (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 OceanFirst Financial Corp (OCFC) leadership

    Tim Switzer's questions to OceanFirst Financial Corp (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 Inc (TBBK) leadership

    Tim Switzer's questions to Bancorp Inc (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 Civista Bancshares Inc (CIVB) leadership

    Tim Switzer's questions to Civista Bancshares Inc (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 Provident Financial Services Inc (PFS) leadership

    Tim Switzer's questions to Provident Financial Services Inc (PFS) leadership • Q2 2025

    Question

    Tim Switzer of KBW inquired about the company's target capital levels and appetite for share repurchases, the drivers for the updated Net Interest Margin (NIM) guidance, and whether the slight dip in the loan pipeline signals a potential slowdown.

    Answer

    Senior EVP and 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 projects a NIM around 3.40% in Q3. President and CEO Anthony Labozzetta addressed the loan pipeline, explaining the decrease was a result of very strong Q2 closings and that the pipeline remains robust with no signs of slowing replenishment.

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

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

    Tim Switzer's questions to Orrstown Financial Services Inc (ORRF) leadership • Q2 2025

    Question

    In a follow-up question, Tim Switzer of Keefe, Bruyette & Woods (KBW) asked for details on the loan review process Orrstown conducted to assess the potential risk from tariffs on its portfolio.

    Answer

    An executive explained that the bank assessed tariff risk by stress testing its entire C&I loan portfolio. In a scenario where Net Operating Income (NOI) was stressed by 20%, the bank's classified loans to total risk-based capital ratio remained below its internal 25% threshold, demonstrating the portfolio's resiliency.

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    Tim Switzer's questions to Peoples Bancorp Inc (PEBO) leadership

    Tim Switzer's questions to Peoples Bancorp Inc (PEBO) leadership • Q2 2025

    Question

    Tim Switzer from Keefe, Bruyette & Woods (KBW) questioned the current profitability of the small ticket leasing business and asked about the company's review of its loan portfolio for potential impacts from tariffs.

    Answer

    CFO Katie Bailey acknowledged that the leasing business's profitability has been significantly reduced but is on a trajectory to improve. President & CEO Tyler Wilcox added that the business's infrastructure is being restructured to match its smaller portfolio size. Regarding tariffs, Wilcox stated that a broad review of the portfolio, particularly auto and manufacturing, has not revealed material impacts, though they continue to monitor the situation closely.

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

    Tim Switzer's questions to Triumph Financial Inc (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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