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AGENDA
"Superb grounding for analyzing the financial services industry."
G. Roche,
Senior Research Analyst,
PricewaterhouseCoopers
"Enlightening to learn how analysts evaluate our company."
M. Rosen,
Team Leader,
Genworth Financial
"Great exposure to diverse views and current thinking."
S. Agin,
Analyst,
Stifel, Nicolaus & Co.

Note: The next Analyst Training in Banks and Insurance is scheduled for August 2010. The material below is from the most recent (August 2009) session.

To receive information on the August 2010 session as it becomes available, click here.

Monday, August 3

Registration with continental breakfast opens at 8:00 a.m. Program begins at 9:00 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, capital adequancy and reserve coverage ratios

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

· 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 and capital structure 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 4

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

Evaluating Macroeconomic Trends

Mr. Jeff Davis, Senior Research Analyst, FTN Equity Capital Markets

· 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
· Incorporating macroeconomics: How bank management and investors can maximize returns in varied operating environments

Industry Perspective: Financial Reporting and M&A from the CFO's Office

Mr. Dennis A. Starliper, Executive Vice President and Chief Financial Officer, Provident Bankshares

· An "insider" perspective on the questions analysts should be asking of management
· Operating and executing a transaction in extreme market conditions

 

Lunch

Luncheon Address: The Government's Role in Banking Today

Mr. Frank M. (Rusty) Conner III, Managing Partner, DLA Piper LLP

Accessing and Managing Capital

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

· 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

Dr. Yiorgos Allayannis, Associate Professor of Business Administration, Darden School of Business, University of Virginia

· 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

Advanced Topics in Bank Valuation

Mr. Jeffrey E. Adams, Managing Director, The Carson Medlin Company

· 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 5

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

Bank Credit Analysis

Gennie Pilotta-Medici, CFA, Credit Analysis Manager, Enterprise Risk Management, State Street Bank & Trust

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

Bank Valuation: A Case Study

Michael F. Rosinus, Managing Partner, Rosinus Financial Fund

· 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

Bank Program concludes at approximately 12:30 p.m.

 

 

Note: The next Analyst Training in Banks and Insurance is scheduled for August 2010. The material below is from the most recent (August 2009) session.

To receive information on the August 2010 session as it becomes available, click here.

Wednesday, August 5

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

Evaluating Property and Casualty Insurers

Ms. Beth Malone, CFA, Senior Vice President, Wunderlich Securities

· 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, Executive Director, Head of U.S. 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 conditions and how to spot changes in the cycle

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

 

Thursday, August 6

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.

· The 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

James J. Ritchie, Chairman, Old Mutual Financial Network

Lunch

Loss Reserves

Mr. Mark Dwelle, CFA, Senior Vice President and Equity Analyst, RBC Capital Markets

· How insurers estimate loss reserves
· How reserve adjustments impact their financial statements
· Unlocking reserve development triangles

Valuation in the Insurance Sector

Mr. John Butler, Principal, Piper Jaffray & Co.

· The principles of insurance valuation
· The metrics and models that have the greatest predictive power
· Non-traditional valuation approaches specific to the insurance industry

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 7

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

Capital Management and Credit Ratings

Mr. Jeffrey Berg, Senior Vice President and Group Credit Officer, Moody's Investors Service

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

Ms. Susan Fleming Cabrera, Consultant, Lecturer and Former Partner, Capital Z Partners

· 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

Insurance Program concludes at approximately 1:00 p.m. 

 
   
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