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    Ben Gerlinger

    Vice President and Senior Analyst at Citigroup

    Ben Gerlinger is a Vice President and Senior Analyst at Citigroup specializing in equity research within the financials sector, with a focus on regional and mid-cap banks. He covers companies including Western Alliance, Wintrust Financial, Sierra Bancorp, First Horizon Corp., Popular Inc., Webster Financial, and Hancock Whitney, initiating coverage of 16 banks in his first 60 days at Citi and earning recognition for high-conviction, successful calls such as Western Alliance's rebound during the 2023 regional-banking crisis. Previously, Gerlinger served as Managing Director of Equity Research at Hovde Group and held research positions at Truist and other firms before joining Citi in October 2023. He is known for deep sector expertise, and maintains active FINRA securities licenses for regulatory compliance and professional standing.

    Ben Gerlinger's questions to UMB FINANCIAL (UMBF) leadership

    Ben Gerlinger's questions to UMB FINANCIAL (UMBF) leadership • Q2 2025

    Question

    Ben Gerlinger of Citigroup requested the core net interest margin for the month of June to better understand the run-rate, given the flat guidance for Q3. He also asked about the underlying driver for the accelerated purchase accounting accretion from early loan payoffs.

    Answer

    CFO Ram Shankar declined to provide a specific June margin, noting it wouldn't be material due to various accruals, and reiterated confidence in the flat Q3 NIM guidance. CEO Mariner Kemper attributed the early payoffs and related accretion to the ongoing strategic alignment of the acquired Heartland loan portfolio, as certain credits were moved out sooner than anticipated.

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    Ben Gerlinger's questions to Cadence Bank (CADE) leadership

    Ben Gerlinger's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Ben Gerlinger asked about the bank's hiring strategy and its impact on organic growth, noting it differs from peers who hire large teams. He also sought an update on the tangible book value (TBV) dilution from the Industry deal, initially guided at 8.5%.

    Answer

    CEO Dan Rollins explained that Cadence's strategy is to hire individual producers opportunistically rather than entire teams and that the bank has ample capacity to grow with its current staff. Regarding TBV dilution, both Mr. Rollins and CFO Valerie Toalson stated it was too early to provide a revised figure but expressed confidence in the deal's overall positive financial impact.

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    Ben Gerlinger's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Ben Gerlinger from Citigroup asked about Cadence's hiring strategy and how it contributes to organic growth while integrating two acquisitions. He also asked for an update on the tangible book value (TBV) dilution from the Industry deal, which was initially estimated at 8.5%.

    Answer

    Chairman and CEO Dan Rollins explained that Cadence's practice is to hire good individual bankers opportunistically rather than entire teams, and they have capacity to grow with the current team. Regarding TBV dilution, both Rollins and CFO Valerie Toalson declined to provide a specific updated number, stating it was too early but that the deal remains very positive for the bank.

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    Ben Gerlinger's questions to BankUnited (BKU) leadership

    Ben Gerlinger's questions to BankUnited (BKU) leadership • Q2 2025

    Question

    Ben Gerlinger of Citigroup questioned the expected timeline for the rollover of non-performing assets, particularly in the office portfolio. He also asked about the bank's long-term, normalized net interest margin (NIM) target, considering current pricing discipline and balance sheet improvements.

    Answer

    CFO Leslie Lunak stated that the office credit situation will take time to play out, possibly one to two years, and noted the positive sign of the CMBS market reopening for office properties. Regarding the normalized NIM, Lunak projected a target in the 'mid-threes,' emphasizing that this would be driven by mix shift and pricing discipline. CEO Rajinder Singh reinforced the focus on profitable growth and NII growth as the ultimate goals.

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    Ben Gerlinger's questions to WINTRUST FINANCIAL (WTFC) leadership

    Ben Gerlinger's questions to WINTRUST FINANCIAL (WTFC) leadership • Q2 2025

    Question

    Ben Gerlinger of Citigroup questioned the company's ability to lower deposit rates quickly in response to potential Fed rate cuts, given the significant deposit growth in the quarter.

    Answer

    EVP & CFO David Stoehr affirmed that Wintrust would be able to pass on a 25 basis point cut to its discretionary accounts, similar to past cycles. He added that while CDs take time to reprice, many current offerings have shorter terms, which would accelerate the benefit.

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    Ben Gerlinger's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership

    Ben Gerlinger's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership • Q2 2025

    Question

    Ben Gerlinger asked for the spot rates on loans and securities and questioned the company's capital deployment strategy, particularly regarding the potential for share buybacks.

    Answer

    CFO John Moran provided spot rate details, noting new loan production yields are in the high 6% range. CEO & Chairman James Ryan addressed capital deployment, stating that while the bank is closer to considering buybacks due to a stronger-than-expected capital position post-merger, the immediate focus is on building capital and completing the Bremer systems conversion.

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    Ben Gerlinger's questions to WEBSTER FINANCIAL (WBS) leadership

    Ben Gerlinger's questions to WEBSTER FINANCIAL (WBS) leadership • Q2 2025

    Question

    Ben Gerlinger of Citigroup asked about the long-term fee income potential from the Marathon joint venture and whether the partnership could extend to banking Marathon's other relationships.

    Answer

    COO & President Luis Massiani described a dual opportunity: near-term fees from capital markets activities on larger deals and a longer-term, recurring asset management fee stream from the JV. Chairman & CEO John Ciulla emphasized the JV's focus is on enhancing offerings for Webster's existing clients and did not comment on future opportunities with Marathon's other relationships.

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    Ben Gerlinger's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Ben Gerlinger's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Ben Gerlinger from Citigroup asked about the scale of the projected $19 billion in organic asset growth from the 2020-2024 cohort of new hires, questioning if this strong organic engine negates any appetite for M&A, and inquired about future geographic expansion.

    Answer

    President & CEO Terry Turner confirmed the growth potential from the recent hires, emphasizing that this reliable, low-risk organic model is preferred over M&A. He clarified that M&A is only considered within the context of long-term succession planning, not for accelerating growth. Regarding expansion, Turner stated the focus is on deepening their presence in existing markets, particularly in Florida, with Texas being a potential long-term consideration.

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    Ben Gerlinger's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Ben Gerlinger from Citigroup inquired about the $19 billion asset growth projection from the 2020-2024 cohort of new hires, questioning the company's appetite for M&A given this strong organic growth engine and asking about future geographic expansion plans.

    Answer

    President & CEO Terry Turner confirmed the growth potential from recent hires, underscoring the firm's preference for its organic growth model. He explained that while M&A is not a primary growth strategy, it is one of five avenues the board considers for succession planning. Regarding expansion, Turner stated the focus is on deepening their presence in existing markets, particularly in Florida, with Texas being a potential long-term target.

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    Ben Gerlinger's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Ben Gerlinger from Citigroup asked about the scale of organic growth from the 2020-2024 cohort of new hires, questioning if this robust pipeline reduces the company's appetite for M&A, and also inquired about future geographic expansion plans.

    Answer

    President and CEO Terry Turner confirmed the significant growth potential from the new hire cohort, stating this successful organic model makes M&A for growth purposes unlikely. He clarified that M&A is one of five succession planning avenues the board considers. Regarding geography, Turner said the focus is on deepening their presence in existing markets, particularly in Florida, with Texas as a potential future expansion area.

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    Ben Gerlinger's questions to HANCOCK WHITNEY (HWC) leadership

    Ben Gerlinger's questions to HANCOCK WHITNEY (HWC) leadership • Q2 2025

    Question

    Ben Gerlinger from Citigroup asked about the outlook for the Shared National Credits (SNC) portfolio and questioned how deposit pricing betas might react to smaller, 25-basis-point rate cuts.

    Answer

    President and CEO John Hairston indicated that the SNC portfolio is stable at around 9.5% of loans and is not expected to see significant runoff. CFO Michael Achary explained that with small rate cuts, he expects deposit betas to move closer to their cycle-end targets, emphasizing the company's proactive stance on reducing funding costs.

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