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Bernard Gizycki

Research Analyst at Deutsche Bank

Bernard von-Gizycki is an Analyst-Equity at Deutsche Bank Securities, specializing in U.S. regional banks and financial institutions, with coverage including names such as First Citizens BancShares, Synovus Financial, Third Coast Bancshares, Comerica, Western Alliance Bancorporation, Zions Bancorporation, and Webster Financial. His track record includes a 40% success rate on TipRanks with an average return per transaction of -25.10%, and his most profitable rating delivered a 26.2% gain on Webster Financial. Von-Gizycki began his analyst career before joining Deutsche Bank Securities, Inc., where he actively engages in sector research and detailed company analysis. He holds credentials typical for senior equity analysts, including coverage recognition among institutional investors, though specific regulatory licenses such as FINRA registration are not publicly disclosed.

Bernard Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership

Bernard Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q3 2025

Question

Bernard Gizycki asked about expectations for ECR-related balances and costs, given they represent over a third of deposits and 30% of total expenses, and CFO Dale Gibbons' new role focusing on deposit initiatives. He also inquired if the Q3 equity income uptick was due to a reversal of Q1 losses and the outlook for this line item.

Answer

CFO Dale Gibbons explained that ECR is driven by mortgage warehouse and HOA deposits. He expects HOA deposits to grow slower than overall footings, reducing their proportion, and costs to decrease with lower rates. President and CEO Ken Vecchione clarified that the Q3 equity income uptick was not due to a Q1 reversal, and while the $8 million figure is higher than usual, a "haircut" is expected going forward, with no dramatic changes indicated.

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