Portfolio Manager, Banks

THE RESPONSIBILITIES: Portfolio Management and Company Coverage Manage coverage of approximately 25 to 35 community banks within 1st & Main’s investment portfolio. Develop and maintain strong relationships with chief executive officers, chief financial officers, directors, and other members of portfolio company management teams. Talk with portfolio company management teams at least quarterly, and more frequently when company-specific or market developments require additional engagement. Monitor each institution’s financial condition, operating performance, strategic direction, management quality, competitive position, and local market. Assess trends in loan growth, deposit composition and costs, net interest margin, asset quality, capital, liquidity, operating efficiency, profitability, and tangible book value. Identify developing risks, changes in management strategy, and deviations from the original investment thesis. Prepare concise and well-supported internal updates and recommendations for the broader investment team. Financial Analysis and Valuation Build, maintain, and update detailed financial models for assigned portfolio companies and prospective investments. Analyze historical results, budgets, forecasts, regulatory filings, earnings releases, investor presentations, and other relevant company information. Develop projections for earnings, capital generation, tangible book value, dividends, and potential investment returns. Evaluate companies using relevant valuation methodologies, including price-to-earnings, price-to-tangible-book-value, discounted value, and comparable-company and transaction analyses. Determine whether an investment remains attractively valued, has become fully valued or overvalued, or warrants an increased or reduced position. Evaluate the impact of interest rates, changes in the yield curve, funding costs, credit cycles, regulation, technology investment, and local economic conditions on portfolio companies. Investment Recommendations and Exit Analysis Develop and present recommendations regarding the purchase, retention, addition, reduction, or sale of portfolio investments. Reassess investment theses as company performance, market conditions, and valuations evolve. Evaluate the likelihood and potential timing of a portfolio company being acquired by a strategic buyer. Identify potential acquirers and assess the strategic value of a portfolio company’s franchise, markets, deposits, management team, and operating platform. Estimate potential acquisition values and expected investment returns under a range of operating and transaction scenarios. Recommend exits when the risk-return profile is no longer attractive, the investment thesis has changed, or the company’s valuation adequately reflects its future prospects. New Investment Sourcing and Due Diligence Identify prospective investments in publicly traded and privately held community banks. Build and maintain relationships with bank executives, directors, industry advisors, investment bankers, attorneys, accountants, and other participants in the community banking ecosystem. Attend banking conferences, company meetings, and industry events to develop relationships and generate investment opportunities. Conduct fundamental due diligence on prospective investments, including analysis of management, strategy, lending, credit quality, deposit funding, interest-rate risk, capital, governance, market demographics, competitive position, and acquisition potential. Prepare investment memoranda and present new opportunities to the investment team. Support investment execution and closing activities as appropriate. Portfolio Company Engagement and Value Creation Provide constructive, well-informed perspectives to portfolio company management teams on matters that may include business strategy, profitability, capital management, balance-sheet structure, asset-liability management, credit, operations, governance, technology, acquisitions, and exit planning. Help management teams evaluate opportunities to improve operating efficiency, strengthen franchise value, deploy capital, and enhance long-term shareholder returns. Work collaboratively with other members of the 1st & Main team to identify relevant resources, relationships, and technology solutions for portfolio companies. Maintain a long-term, alignment-oriented approach to portfolio company relationships.

QUALIFICATIONS: Bachelor’s degree in finance, accounting, economics, business, or a related field. An M.B.A., CFA designation, CPA license, or other relevant advanced qualification is preferred. Significant professional experience in community banking, bank equity research, investment management, commercial banking, bank regulation, transaction advisory, or a related financial services discipline. Strong understanding of bank financial statements, regulatory filings, accounting, credit, capital, liquidity, asset-liability management, and bank valuation. Demonstrated ability to build and maintain detailed financial models and translate financial analysis into clear investment conclusions. Experience evaluating management teams, competitive positioning, strategic alternatives, and potential M&A outcomes. Strong written and verbal communication skills, including the ability to engage credibly with senior bank executives and present recommendations to an experienced investment team. Sound judgment, intellectual curiosity, attention to detail, and the ability to form independent investment views. Willingness to travel regularly for management meetings, portfolio company visits, conferences, and prospective investment meetings. Ability to manage multiple company relationships and analytical workstreams with a high degree of personal accountability. PREFERRED BACKGROUNDThe strongest candidates are likely to have experience in one of the following areas: Buy-side or sell-side equity research covering community or regional banks Community bank investing or portfolio management Bank regulatory examination or supervision Commercial lending, credit analysis, or bank finance Financial institutions investment banking or M&ASenior financial, strategic, or operating roles within a community bankPERKSCompetitive salary Full insurance benefits Retirement plan Paid vacation Hybrid work policyWHY JOIN 1ST & MAINThis position offers the opportunity to take meaningful ownership of a concentrated group of company relationships while participating in the full investment lifecycle, from sourcing and underwriting through active portfolio management and exit. Unlike a traditional public-markets research role, the Portfolio Manager will engage directly with management teams and contribute perspectives on strategy, operations, capital, technology, governance, and M&A. The role sits within an experienced and specialized bank investment platform whose portfolio managers are expected both to protect invested capital and to help build long-term franchise value.