MONDAY, AUGUST 3

Registration with continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m.

Introduction to Bank Analysis

Mr. Scott Siefers, Managing Director, Sandler, O'Neill & Partners

·	Overview of the bank business model
·	Identifying sources of revenue and risk
·	Interpreting and calculating key performance and financial strength metrics, including efficiency ratios, net interest margin, asset quality and reserve coverage ratios

Keynote Address

Presenter to be announced

Assessing Interest Rate Risk

Dr. William McGuire, President and CEO, McGuire Performance Solutions

·	The fundamental concepts of balance sheet behavior and asset-liability management
·	Floating vs. fixed rate exposures
·	Interest rate risk patterns
·	Common methods financial institutions use to measure and manage interest rate sensitivity
·	Analyzing bank and thrift interest rate risk data to predict changes in income and equity

Lunch

Advanced Topics in Interest Rate Risk

Dr. William McGuire, President and CEO, McGuire Performance Solutions

·	Significant interest rate risk influences, including embedded options and core deposits
·	Strategies for hedging balance sheet risk
·	Using interest rate risk disclosures to assess an institution's earnings outlook quality

Advanced Bank and Thrift Analysis: Earnings Quality and Risk

Mr. Bradley J. Ness, CEO and Portfolio Manager, Choral Capital Management, LLC

·	Sources of data critical to analyzing a bank's reported earnings and underlying economic health; deciphering quarterly and annual results
·	Assessing earnings quality and capacity: recurring and core earnings
·	Techniques for normalizing earnings among companies
·	Understanding capital structure and its impact on earnings and return metrics
·	Case study: Comparing banks

Program ends for the day at approximately 5:00 p.m. Cocktail reception follows.

 

TUESDAY, AUGUST 12

Continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m.

Evaluating Macroeconomic Trends

Presenter to be announced

·	How key macroeconomic conditions influence bank performance and stock valuation
·	Understanding previous cycles and their application to current conditions
·	Understanding leading and lagging macroeconomic indicators
·	Understanding capital structure and its impact on earnings and return metrics
·	How bank management and investors can maximize profit under various operating conditions

Keynote Address: M&A from the CFO Perspective

Mr. Dennis A. Starliper, Chief Financial Officer, Provident Bank

Lunch

Accessing and Managing Capital

Mr. James C. Mabry, Managing Director, Keefe, Bruyette & Woods, Inc.

·	Types of capital available to banks
·	Advantages and drawbacks of various capital-raising techniques
·	Effects of capital-raising techniques on the balance sheet and income statement

Fundamentals of Bank Valuation

Instructor to be announced

·	Fundamental techniques used in valuing banks and thrifts: peer comparables, deal comparables, discounted dividend and discounted cash flow analyses
·	Capital Asset Pricing Model and cost of capital
·	Key drivers of valuation
·	The relative merits of various valuation techniques

OR

Advanced Topics in Bank Valuation

Instructor to be announced

·	Techniques for evaluating a potential bank merger or acquisition
·	The potential impact of synergies
·	Identifying and valuing intangibles
·	Economic and accounting accretion/dilution
·	Current valuation trends

Program ends for the day at approximately 5:30 p.m.

Evening activities include your choice of a tour of Thomas Jefferson's home Monticello or a vineyard tour and tasting.

 

WEDNESDAY, AUGUST 13

Continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m.

Credit Analysis

Instructor to be announced

·	The key metrics used to assess a bank's credit quality
·	Earnings power, embedded risk, funding and liquidity, and capital adequacy
·	Assessing risks: credit, interest rates, market, operational
·	Differing views: management, regularors, creditors, and shareholders
·	The fixed income investor perspective

Bank Valuation: A Case Study

Instructor to be announced

·	A hands-on analysis and valuation of a publicly-traded bank as a potential investment or acquisition
·	Employs the metrics and methods presented in preceding sessions.

Program concludes at approximately 12:30 p.m.

 

WEDNESDAY, AUGUST 13

Registration opens at 11:30 a.m. Program begins at 1:30 p.m.

Evaluating Property and Casualty Insurers

Ms. Beth Malone, Managing Director and Senior Research Analyst, KeyBanc Capital Markets

- Understanding the key products and players in the sector

- Financial statements and key performance metrics

- Comparative analysis of insurers

Property and Casualty Pricing Cycles

Mr. Michael Dion, CFA, Co-Director of Corporate Research, UBS Financial Services

- Drivers and stages of P&C cyclicality: the why and how of hard and
   soft markets

- How pricing cycles factor into the analysis of a company's strategy and
   prospects

- Current market condition and how to spot changes in the cycle

Program ends for the day at approximately 5:30 p.m. Cocktail reception follows.

 

THURSDAY, AUGUST 14

Continental breakfast opens at 7:30 a.m. Program begins at 8:30

Evaluating Life and Health Insurers

Mr. E. Stewart Johnson, Portfolio Manager, Philo Smith & Co.

- Strategic issues facing life and health companies

- Fundamental considerations in analyzing life and health insurers and their financial statements

- Revenue and expense sources and drivers

- Key ratio analysis: valuation multiples, capital ratios

- Deciphering GAAP versus Statutory accounting

Advanced Topics in Earnings Quality and Analysis

Mr. E. Stewart Johnson, Portfolio Manager, Philo Smith & Co.

- Macroeconomic and external factors impacting the industry and company values

- Quality of earnings and forward earnings capacity: investment and portfolio income, deferred acquisition costs, reserves, operating and financial leverage

- Product performance and risk: protection versus savings products

Keynote Address

Speaker to be announced

Lunch

Loss Reserves
Mr. Mark Dwelle, CFA, Director of Equity Research, RBC Capital Markets

- How insurers estimate loss reserves

- How reserve adjustments impact their financial statements

- Unlocking reserve development triangles

Fundamentals of Insurance Valuation

Instructor to be announced

- The principles of insurance valuation

- The metrics and models that have the greatest predictive power

- Non-traditional valuation approaches specific to the insurance industry

OR

Advanced Topics in Insurance Valuation

Instructor to be announced

- The impact of merger activity and trends on valuation and deal prices

- The subtleties of insurance company valuation, including modeling underwriting and investment income and loss reserve payout patterns

Program ends for the day at approximately 5:00 p.m.

Evening activities include your choice of a tour of Thomas Jefferson's home Monticello or a vineyard tour and tasting.

 

FRIDAY, AUGUST 15

Continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m.

Capital Management and Credit Ratings

Instructor to be announced

- Methods and models used by ratings agency analysts to assess an insurer's financial strength

- Relationship between credit ratings and an insurer's strategic financing options

- Relative merits of various balance sheet management strategies

- The role of risk-based capital in capital management

Evaluating An Insurer:  A Case Study

Instructor to be announced

- A hands-on analysis and valuation of a publicly-traded insurance company as a potential investment or acquisition

- Employs the metrics and methods presented in preceding sessions

Program concludes at approximately 1:00 p.m.