Pathward Financial Q1 2025 Earnings Report

Pathward Financial EPS Results

• Actual EPS: $1.29
• Consensus EPS: $1.24
• Beat/Miss: Beat by +$0.05
• One Year Ago EPS: $1.06

Pathward Financial Revenue Results

• Actual Revenue: $173.51 million
• Expected Revenue: $173.27 million
• Beat/Miss: Beat by +$236.50 thousand
• YoY Revenue Growth: +6.60%

Pathward Financial Announcement Details

• Quarter: Q1 2025
• Date: 1/21/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, January 21, 2025
• Conference Call Time: 5:00PM ET

Pathward Financial (NASDAQ:CASH) operates as the bank holding company for Pathward, National Association that provides various banking products and services in the United States. The company operates through three segments: Consumer, Commercial, and Corporate Services/Other. It offers demand deposit accounts, savings accounts, and money market savings accounts. The company also provides commercial finance product comprising term lending, asset-based lending, factoring, lease financing, insurance premium finance, government guaranteed lending, and other commercial finance products; consumer credit products; other consumer financing services; tax services, which includes short-term refund advance loans and short-term electronic return originator advance loans; and warehouse financing services. In addition, it issues prepaid cards; and offers payment solutions, such as acceptance, processing, and settlement of credit card and debit card payments. The company was formerly known as Meta Financial Group, Inc. and changed its name to Pathward Financial, Inc. in July 2022. Pathward Financial, Inc. was founded in 1954 and is based in Sioux Falls, South Dakota.

Pathward Financial Q1 2025 Earnings Call Transcript

Presentation

[Operator]

Ladies and gentlemen, thank you for standing by, and welcome to Pathwork Financial's First Quarter Fiscal Year 2025 Investor Conference Call. During the presentation, all participants will be in a listen only mode. Following the prepared remarks, we will conduct a question and answer session. As a reminder, this conference call is being recorded. I would now like to turn the conference call over to Darby Schoenfeld, Senior Vice President, Chief of Staff and Investor Relations.

[Operator]

Please go ahead.

[Darby Schoenfeld, SVP & Chief - Staff and Investor Relations at Pathward Financial]

Thank you, operator, and welcome. With me today are Pathway Financial's CEO, Brett Farr and CFO, Greg Siegrist, who will discuss our operating and financial results for the Q1 of fiscal year 2025, after which we will take your questions. Additional information, including the earnings release, the presentation that accompanies our prepared remarks and supplemental slides may be found on our website at pathwardfinancial.com. As a reminder, our comments may include forward looking statements, including with respect to anticipated results for future periods. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ.

[Darby Schoenfeld, SVP & Chief - Staff and Investor Relations at Pathward Financial]

The company undertakes no obligation to update any forward looking statements. Please refer to the cautionary language in the earnings release, investor presentation and in the company's filings with the Securities and Exchange Commission, including our most recent filings for additional information covering factors that could cause actual and anticipated results to differ materially from the forward looking statements. Additionally, today, we will be discussing certain non GAAP financial measures on this call. References to non GAAP measures are provided to assist you in understanding the company's results and performance trends, particularly in competitive analysis. Reconciliation for such non GAAP measures are included in the earnings release and the appendix of the investor presentation.

[Darby Schoenfeld, SVP & Chief - Staff and Investor Relations at Pathward Financial]

Included in the non GAAP measures, this quarter we will begin reporting an adjusted net interest margin, including contractual rate related card processing expenses associated with deposits that are on the company's balance sheet. All mentions of adjusted net interest margin on this call will refer to the updated metric. This will replace our previously reported adjusted net margin, which included contractual rate related card processing expenses associated with all deposits, including custodial deposits. You will find this adjusted net interest margin measure included in our non GAAP reconciliations in the earnings release and the supplemental slides that were filed today in conjunction with the earnings release. Finally, all time periods referenced are fiscal quarters and fiscal years and all comparisons are to the prior year period unless otherwise noted.

[Darby Schoenfeld, SVP & Chief - Staff and Investor Relations at Pathward Financial]

Now let me turn the call over to Brett Farr, our CEO.

[Brett Farr, CEO at Pathward Financial]

Thanks, Darby, and welcome everyone to our earnings conference call. Fiscal 2025 has started out well. During the quarter, we made good progress against the strategy we laid out last year. The biggest step we took was closing the sale of our insurance premium finance business in October along with the subsequent sale of securities. This move started the process of optimizing close to $800,000,000 on our balance sheet by putting us in a position to reallocate those funds into higher yielding assets for those with optionality.

[Brett Farr, CEO at Pathward Financial]

Keeping our focus has helped us deliver strong results. We reported earnings of $1.29 per share for the Q1, which represents year over year growth of 22% and net income of $31,400,000 Our results were driven in part by an increase in net interest income of 6% when compared to the same quarter last year. We also expanded our quarterly net interest margin and adjusted net interest margin, which includes contractual regulated processing expense associated with deposits on the company's balance sheet to 6.84% and 5.41%, respectively. Performance metrics were strong for the quarter with return on average assets for the quarter of 1.69% and return on average tangible equity of 25.65 percent. We are also reiterating our fiscal 2025 guidance of $7.25 to $7.75 earnings per diluted share.

[Brett Farr, CEO at Pathward Financial]

Our focus on the loan side of the balance sheet has not changed. Given our competitive position in the payment space, we are limited to an asset size of $10,000,000,000 in order to remain under the Durbin amendment threshold, which leads us to focus on optimizing the assets that we keep on balance sheet. This focus means our assets either have high risk adjusted returns or optionality for balance sheet velocity. As a part of this focus, we executed the sale of our insurance premium finance business as I mentioned before. We also announced a strategic partnership to support renewable energy loan growth.

[Brett Farr, CEO at Pathward Financial]

Renewable energy continues to be a focus for Pathwork where we are underwriting conventional construction loans and USDA guaranteed loans with proper risk adjusted returns and providing us optionality on the balance sheet. Our partner brings strong industry experience to the table and we expect that co innovation in this partnership will accelerate efficient, scalable and predictable growth within Pathway's Renewable Energy Initiative. Our fiscal first quarter originations were strong, particularly in renewable energy, equipment finance and working capital, and we believe that this origination momentum will continue. Another aspect of the lending side that we're focused on is credit sponsorships, where we act as a lender of record. We continue to expand our reach through growth with our existing partners and nurturing a strong pipeline of prospective partners who are mission aligned and share our risk and compliance posture.

[Brett Farr, CEO at Pathward Financial]

During the Q1, we originated more of these loans than any other Q1 in the company's history. These loans are protected by certain layers of credit support and offer us additional balance sheet flexibility. In the Q1 of fiscal year 2025, our partner solutions team extended contracts with 2 of our top issuing partners, one for an additional 2 years and one for an additional 5 years. After the quarter ended, we also signed a contract with a new partner. We remain dedicated to growing and nurturing our partnerships while addressing new opportunities in our pipeline.

[Brett Farr, CEO at Pathward Financial]

The pipeline remains strong and we continue to work tirelessly with potential new clients to show them the breadth of products we offer, our ability to scale and expand with them and an expertise that comes with being in the industry for 20 years. Tax season has begun. We're off to a good start with 12% more enrolled tax offices than last year. We look forward to updating you more on the next call. For a couple of quarters now, we have talked about our strategy to be the trusted platform that enables our partners to thrive.

[Brett Farr, CEO at Pathward Financial]

We believe this strategy will help us deliver our goal to drive growth in revenue and net income in the next few years. This growth will come in 2 forms. In the short term, our focus on optimizing the balance sheet should drive an expanded net interest margin with additional net interest income. This is due to rotating assets out to higher yielding assets. In addition to the changes we have already made, we also have a portion of loans on the balance sheet that were underwritten prior to the increase in interest rates.

[Brett Farr, CEO at Pathward Financial]

Longer term, having the right people, process and systems will allow us to continue to grow partner solutions. This team produces primarily non interest income diversifying our revenue stream. With the increased desire for embedded finance, combined with the innovation from FinTechs and other payments focused companies, the opportunity for growth in this aspect of our business is significant. We offer an array of products, issuing, acquiring, digital payments, including direct to debit and ACH, financial institution solutions, credit solutions and professional tax solutions, allowing Pathwork to provide an array of products to partners. We can provide multiple solutions while offering expertise, operational excellence, true partnership and a mature risk and compliance infrastructure that is led by our consultative governance approach.

[Brett Farr, CEO at Pathward Financial]

Now I'd like to turn it over to Greg, who will take you through the financials and guidance in more detail.

[Greg Sigrist, CFO at Pathward Financial]

Thank you, Brett. The Q1 results included growth in net interest income and non interest income. Net interest income grew 6% despite the sale of the insurance premium finance business, which closed on October 31. The net interest margin of 6.84% and adjusted net interest margin of 5.41% expanded when compared to the prior year's quarter. This is primarily due to a mix shift to higher yielding assets as well as an increase in yields across our lending businesses.

[Greg Sigrist, CFO at Pathward Financial]

Sequentially, both measures also expanded due to a mix shift to higher yielding assets. Our continued efforts to increase new production yields produced a 9.45 percent average yield on commercial finance loans and leases originated during the quarter compared to the last quarter's yield on the same portfolio of 8.49%. Provision for credit losses was $12,000,000 which includes provisioning for our strong loan production in the quarter. We continue to see the benefit from our strong credit and collateral management. Non interest income increased 9% when compared to the prior year's quarter, primarily due to an increase in gain on loan sales.

[Greg Sigrist, CFO at Pathward Financial]

This was in line with

[Greg Sigrist, CFO at Pathward Financial]

our focus on having optionality on the balance sheet, including the sale of eligible loans. Total non interest expense increased 4% versus the same quarter last year, primarily due to an increase in compensation and benefits, partially offset by decreases in contractual rate related card processing expenses. The increase in compensation and benefits is largely due to hiring additional talent on our technology team. This is a direct reflection of our comments last quarter, where we detailed for you some of the work we've been doing in technology and the investments in people and talent aligned to that work. Finally, we did recognize a gain on the sale of our insurance premium finance business, but during the quarter, we also sold approximately $175,000,000 in par value of securities at a loss that largely offset the gain, thereby largely neutralizing the impact on the income statement.

[Greg Sigrist, CFO at Pathward Financial]

We used some of the proceeds of both of these sales to repay outstanding short term borrowings and the remainder was used to fund loans or shifted to custodial deposits. Deposits held on the company's balance sheet at December 31st totaled $6,500,000,000 a decrease of around $400,000,000 from the prior year. This primarily reflects the repayment of wholesale deposits and our return of inactive EIP deposits to the treasury. Sequentially, deposits grew $644,000,000 following

[Greg Sigrist, CFO at Pathward Financial]

our

[Greg Sigrist, CFO at Pathward Financial]

normal seasonal patterns. Custodial deposits held at partner banks at December 31st totaled $840,000,000 compared to $1,100,000,000 last year. However, average balances for the quarter were $388,000,000 compared to $379,000,000 last year. Total loans and leases at December 31 were $4,600,000,000 slightly above the balance of $4,400,000,000 from a year ago. If you take into account the fact that we completed the sale of our insurance premium finance business, which reduced the balance by approximately $600,000,000 we saw some pretty incredible growth.

[Greg Sigrist, CFO at Pathward Financial]

This was primarily due to higher term lending balances, particularly renewable energy construction loans that convert to USDA as well as asset based lending and warehouse. Origination in these loan verticals has been deliberate as they provide us with either higher risk adjusted returns or optionality on the balance sheet. Our liquidity remains strong with approximately $4,000,000,000 available. This is slightly higher than where we were last year at this time and we are extremely pleased with our position. The securities portfolio will continue to draw down by approximately $250,000,000 over the next 12 months, giving us additional capacity to optimize the balance sheet.

[Greg Sigrist, CFO at Pathward Financial]

Finally, during the quarter, we repurchased approximately 702,000 shares at an average share price of $74.05 With the sale of the insurance premium finance business, we had more flexibility in executing share repurchases this quarter and we made the decision to accelerate them. We are reiterating our fiscal year 2025 GAAP earnings per diluted share guidance range of $7.25 to $7.75 This includes a number of assumptions. No rate cuts for the remainder of the year. We expect net interest margins to exceed those of fiscal 2024 as a result of our strategy to optimize the balance sheet. We still expect an effective tax rate of 18% to 22%.

[Greg Sigrist, CFO at Pathward Financial]

Guidance also includes expected share repurchases. This concludes our prepared remarks. Operator, please open the line for questions.

[Operator]

First question is from the line of Frank Schiraldi with Piper Sandler. Your line is now open.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Hey, good afternoon.

[Brett Farr, CEO at Pathward Financial]

Hey, Frank.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Just wanted to start with the commercial finance business. You saw really strong growth in the quarter. I think Brett you mentioned a new renewable energy partnership.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Just curious your thoughts, you know you expect the momentum to continue. Just wondering your thoughts on expectations of growth rates going forward in this business over the near term?

[Brett Farr, CEO at Pathward Financial]

Yes. I mean, I think we'll continue to emphasize that product set. Part of it is a product set that gives us

[Brett Farr, CEO at Pathward Financial]

a lot of

[Brett Farr, CEO at Pathward Financial]

optionality. And you're seeing that even in our returns this quarter where you can enter in transactions and they ultimately result in a sale of a loan. And so we really like that business model. Part of your question may be around shifts in the political environment. And I think there's some potential of some slowdown, but there still needs to be a lot of investment in energy infrastructure in the country.

[Brett Farr, CEO at Pathward Financial]

And I think about battery storage is an area that no matter what happens, we're going to need, there's going to be a demand for AI power. And so I think it's still going to be good and strong. It may not jump as much in future quarters as it did this time, but I still expect growth there.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Okay. And then correct me if I'm wrong, but I feel like that the higher for longer in terms of the rate outlook is, I think the best scenario for your balance sheet and earnings pickup. And so we definitely seem like we've gotten more a little better clarity maybe into that versus where we were 3 months ago. So just curious, the guide was reiterated full year bottom line EPS guide. But shouldn't you benefit from this higher for longer rate picture, which should otherwise boost expectations a bit?

[Brett Farr, CEO at Pathward Financial]

Yes. I think a few things and then maybe Greg can comment on it. You're right, higher for longer assuming curve yield curve, which we're getting right now, is good for us. And so that's definitely a tailwind. As we kind of think about what's coming though, some of it depends on which assets you have to continue growth at.

[Brett Farr, CEO at Pathward Financial]

So some assets are get a better benefit from that than others. And so we're looking at those pieces. The thing I would tell you is, we always look at our tax season. We want to see what happens in the tax season before we have any conversations. And so that's certainly partly in our mind, we think it's going to be a great year, but you wait see that kind of coming through.

[Brett Farr, CEO at Pathward Financial]

The last thing I would say is, is we are contemplating various kinds of investments over time. We've been doing it for a while. We'll continue to be doing some things in the technology area, risk and compliance to match the volumes that we have added and those kinds of things. So, we'll have more to say about that later, but there's good tailwinds, but more potentially to come.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Okay.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

And then just lastly, just on the partnerships, you mentioned the 2 large partnerships on the partner solution side that you re upped. Just curious, any as you re upped these contracts, is there any broad based read through in terms of any changes to the economics? Are you seeing any pressure on pricing, any improvement on pricing, any change in the economics broadly speaking? That's number 1. And then 2, just wondering if you can give any further detail on the new partner you signed post quarter?

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Thanks.

[Brett Farr, CEO at Pathward Financial]

Yes. On the economics, obviously, not to any specific deal, but because of the rate environment, there is continued pressure and discussion on what do we call it, instead of commission deposits, contractual fee.

[Brian Tremblay, Director - Finance at Pathward Financial]

Contractual rate related processing fees. Yes, right,

[Brett Farr, CEO at Pathward Financial]

processing fees. So I think some of that there's pressure there. We try to offset that with other kinds of transaction fees, etcetera. And that's not necessarily about those 2, but that's generally what we're seeing as we go through this and people are just more attuned to the rate environment. I don't really want to comment on the one that was announced after the fact.

[Brett Farr, CEO at Pathward Financial]

Just know that pipelines are full, all these things are constantly being looked at and particularly both in the partner's interest and in our interest long before contracts expire looking for extensions of those because nobody wants to go through a switching process.

[Frank Schiraldi, Managing Director at Piper Sandler Companies]

Sure. No, that makes sense. Okay. That's all I had. Thank you.

[Brett Farr, CEO at Pathward Financial]

Thanks, Brian.

[Operator]

Thank you for your question. Next question is from the line of Tim Switzer with KBW. Your line is now open.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Hey, good afternoon. Thank you for taking my questions.

[Greg Sigrist, CFO at Pathward Financial]

Hey, Tim.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

I have a follow-up on, I guess, the partner pipeline here. And it's been about a year plus of some disruption in the banking as a service industry. Has that created a lot of opportunities for you guys more recently? And how do you see this evolving over the course of the new administration? Do you see any relief possibly on the regulatory side?

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Or do you think this will continue to create opportunities for you, given the disruption?

[Brett Farr, CEO at Pathward Financial]

Yes, the headline would be, yes, this is going to continue to give us opportunities. I think you've got to bifurcate the political regulatory environment in 2 groups. It is obviously true that there is going to be a change in tone at the top in general bank regulatory environments, which is going to provide some relief. And you've got things that you already assumed, you've got an FDIC statement that came out today, all of which are very good news for the banking industry in general. However, in those areas where there's potential for customer harm, there's going to be a bipartisan view that you can't do that.

[Brett Farr, CEO at Pathward Financial]

And so I think in our specific narrow space that will continue to be considerable pressure from regulatory environment just to prevent that kind of customer harm.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Yes. Okay. That makes a lot of sense. Switching topics here a little bit, it looks like commercial charge offs ticked up just a little bit. Can you provide some color on what you guys are seeing there and kind of the outlook for the rest of your portfolio excluding the tax business?

[Brett Farr, CEO at Pathward Financial]

We always look at commercial charge offs within a range. And there are one offs every quarter or come and go. Sometimes it's a charge off, then the next quarter it's a recovery. There's nothing happening in that portfolio that's unexpected. And it's very much within the range that we've been over time.

[Brett Farr, CEO at Pathward Financial]

So there there's nothing happening there. It's just normal business that we have that usually has an individual story.

[Brian Tremblay, Director - Finance at Pathward Financial]

Yes. And the only thing I would add, Tim, is when you look at the credit metrics for the quarter, charge off, past dues and the like, everything is either stable or improving just is another couple of more data points you can look at, but I agree with Brett's commentary on that.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Okay. And the last question I have is, do you guys have any other plans for like securities restructuring or redeployment of remixing the balance sheet following the commercial finance business sale beyond just moving into the higher yielding loan categories you guys have talked about previously?

[Brian Tremblay, Director - Finance at Pathward Financial]

Well, never say never on a securities remixing. I think we'd have to be opportunistic on it. We're pretty comfortable with what's there and it's rolling down 250 for over the next 12 months and it's a fairly 5 year duration, which is fairly short. So I'm not sure I see the impetus to go out and just kind of blindly do it, but opportunistically, yes, perhaps. As it relates to broader just remixing though, I mean, we've got some really good verticals on the balance sheet right now with a lot of good momentum behind them.

[Brian Tremblay, Director - Finance at Pathward Financial]

We're always looking to evaluate where are there opportunities, where there might be gaps, either in markets we're in or adjacencies. So you might see some of that come up over the next 12 to 18 months. But right now, we're actually really comfortable with the risk adjusted returns we have on the portfolio we've got. Like to continue to take the bit of duration. I think we're at that point in the rate cycle where more duration is helpful, which we definitely did this past quarter.

[Brian Tremblay, Director - Finance at Pathward Financial]

But I think just remixing what we've got is actually a pretty good strategy. It's been working for us.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Perfect. Okay. Thank you, guys.

[Brian Tremblay, Director - Finance at Pathward Financial]

Yes. Thanks, Tim.

[Operator]

Thank you for your question. Next question is from the line of David Easter with Raymond James. Your line is now open.

[David Feaster, Director at Raymond James Financial]

Hi, good afternoon, everybody.

[Brett Farr, CEO at Pathward Financial]

Hey, David.

[Greg Sigrist, CFO at Pathward Financial]

Hey, David.

[David Feaster, Director at Raymond James Financial]

I just wanted to touch on the credit sponsorship side. I mean, you touched on seeing stronger volumes. I know this is a focus for you all. Could you just touch on where you're having the most success, where you're having where you're seeing the most opportunities? What types of credit or industries are you primarily focused in?

[David Feaster, Director at Raymond James Financial]

And when would you expect to see more partners added to this segment and maybe accelerate growth even further?

[Brett Farr, CEO at Pathward Financial]

It's interesting, David, that if there's any place where the story of regulatory pressure has created opportunities for us, it's in this space. Frankly, we have new partners and or existing partners with new volume that have come to us because other partner banks missteps in some of the 3rd party risk compliance elements. And so that's why we're getting that growth. And we suspect that's going to continue for a period of time. And we like this because it's waterfall credit protected as we talked about.

[Brett Farr, CEO at Pathward Financial]

It comes on the balance sheet, it goes off the balance sheet. So it gives us a lot of optionality, make fees in that. So it's a good space to be. And while we talk about sort of the traditional payment side of this giving us opportunities because of the compliance environment, we've actually seen more actual closed opportunities in this space. That's

[David Feaster, Director at Raymond James Financial]

great. That's great.

[David Feaster, Director at Raymond James Financial]

And

[David Feaster, Director at Raymond James Financial]

then within the working capital finance side, you guys have touched on that this is I mean, you've seen really nice growth there. Obviously, ABL has seen really nice growth. You touched on that this that we've talked about this business historically doing well during an economic downturn. I mean, is this any indication of that? Or is this you all gaining share and adding new partners?

[David Feaster, Director at Raymond James Financial]

Or are there other factors that are driving outsized growth there and maybe somewhat of a countercyclical business?

[Brett Farr, CEO at Pathward Financial]

I don't think this growth is a comment at all on the economy. Sometimes this area grows because of a shift in the economy. We've done a little bit more work on focusing on our distribution capabilities here. And I think that's what's happened here. We really like this asset class.

[Brett Farr, CEO at Pathward Financial]

We've got a secret sauce around it. It has excellent risk adjusted returns. We're really good at it. It's core and the heart of the lending business from the very beginning that makes up the old Crestmark. So we really like it, but this growth was largely because of some improvements we made in overall distribution.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Okay.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

That's great.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

I'm glad to hear that.

[David Feaster, Director at Raymond James Financial]

And then just last one for me. You touched on tax season, you've got 12% more enrolled offices. It sounds like things are starting out good. Could you just touch on what you're how to think about the tax business, what you're seeing and what's driving the increase in offices that are enrolling?

[Brett Farr, CEO at Pathward Financial]

We've been doing this a while. We've got a good management team, top professionals at it with many, many decades of experience. They're doing a reasonable job of grabbing market share. And we'll see. We'll report on the rest of that later on once it comes through.

[David Feaster, Director at Raymond James Financial]

All right. Thanks everybody.

[Brett Farr, CEO at Pathward Financial]

Thanks David.

[Operator]

Thank you for your question. And that concludes Pathway Financial's investor conference call. Thank you.

[Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)]

Thank you.

Participants

Executives

• Darby Schoenfeld, SVP & Chief - Staff and Investor Relations
• Brett Farr, CEO
• Greg Sigrist, CFO
• Brian Tremblay, Director - Finance

Analysts

• Frank Schiraldi, Managing Director at Piper Sandler Companies
• Tim Switzer, Vice President of Equity Research at Keefe, Bruyette & Woods (KBW)
• David Feaster, Director at Raymond James Financial