Monday, August 9

Registration with continental breakfast opens at 8:00 a.m. Program begins at 9:00 a.m.

Introduction to Bank Analysis

Avi Barak, Managing Director - Equity Research, 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 adequacy 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

Jason B. Polun, Equity Research Analyst, U.S. Large Cap Banks, T. Rowe Price

·	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

Bank Analysis from the Regulatory Perspective

Deborah Prutzman, Chief Executive Officer, The Regulatory Fundamentals Group

William B. Bowden, Jr., Senior Consultant, The Regulatory Fundamentals Group, former General Counsel, Office of the Comptroller of the Currency.

 

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

 

Tuesday, August 10

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

Evaluating Macroeconomic Trends

Jeff K. Davis, CFA, Managing Director, Guggenheim Partners, LLC

·	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

O.R. "Ed" Barham Jr., President & CEO, StellarOne Corporation

Lunch

Luncheon Address

Jennifer J. Burns, Senior Vice President, Supervision, Regulation and Credit, Federal Reserve Bank of Richmond

Accessing and Managing Capital

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

Introduction to Bank Valuation (Part 1)

Jon C. Walls, Principal, Principle Management Consulting

·	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

Introduction to Bank Valuation (Part 2)

Ken Segal, SVP and Senior Vice President, Howe Barnes Hoeffer & Arnett

John Schramm, Managing Director, Howe Barnes Hoeffer & Arnett

·	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
·	Valuing the assets on a bank balance sheet

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 11

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

Bank Credit Analysis

Gennie Pilotta-Medici, CFA, Vice President-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

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

·	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.

 

 

Wednesday, August 11

Registration opens at 12:30 p.m. Program begins at 1:30 p.m.

Evaluating Property and Casualty Insurers

Kevin Oates, Kevin Oates Consulting and Education

·	Understanding the key products and players in the sector
·	Financial statements and key performance metrics
·	Comparative analysis of insurers

Property and Casualty Pricing Cycles

Timothy B. Nee, President and Owner, Dorman Consulting

·	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 12

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

Evaluating Life Insurers

Randy Binner, Senior Analyst, Senior Vice President, Insurance Research, FBR Capital Markets

·	The strategic issues facing life companies
·	Fundamental considerations in analyzing life 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

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

Lunch

Loss Reserves

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

Valuation in the Insurance Sector

Jeffrey S. Boyle, CFA, Co-Founder and Managing Director, Paragon Capital Group

·	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 13

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

Capital Management and Credit Ratings

Jeffrey Berg, Senior Vice President and Regional Credit Officer, Moody's Investor 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

Michael Nannizzi, Executive Director and Senior Analyst- Insurance, Oppenheimer & Co.

·	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.