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    Bernard Von Gizycki

    Research Analyst at Deutsche Bank

    Bernard von-Gizycki is an Analyst-Equity at Deutsche Bank Securities, Inc., specializing in coverage of regional U.S. banks and financial institutions such as Synovus Financial, First Citizens BancShares, Flagstar Financial, Webster Financial, Comerica, Third Coast Bancshares, Western Alliance, and Zions Bancorporation. His analyst track record includes a 25% success rate and an average return of -26.25% across eight published ratings, with recent coverage actions on major banks documented in 2023 and 2024. Bernard began his career as a Senior Consultant at Deloitte & Touche LLP (2005–2010), joined Deutsche Bank in January 2014, and holds an undergraduate degree from Baruch College along with an MBA from the University of Chicago Booth School of Business. He is professionally active in the New York market, but no public FINRA or securities license registration could be verified.

    Bernard Von Gizycki's questions to FLAGSTAR FINANCIAL (FLG) leadership

    Bernard Von Gizycki's questions to FLAGSTAR FINANCIAL (FLG) leadership • Q2 2025

    Question

    Bernard Von Gizycki from Deutsche Bank asked if Flagstar is considering portfolio sales to reduce its rent-regulated multifamily exposure and inquired about any new reserve actions in Q2 related to the large borrower that filed for bankruptcy in Q1.

    Answer

    Senior Executive Vice President & CFO Lee Smith responded that for the performing portfolio, the bank is satisfied with the current strategy of securing par payoffs, but loan sales remain an option for non-accrual loans. He also confirmed that for the specific bankrupt borrower, an additional $18.8 million in charge-offs were taken in Q2 as new appraisals were received, with no new NIM reversal.

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    Bernard Von Gizycki's questions to Third Coast Bancshares (TCBX) leadership

    Bernard Von Gizycki's questions to Third Coast Bancshares (TCBX) leadership • Q2 2025

    Question

    Bernard Von Gizycki from Deutsche Bank asked for the core Net Interest Margin (NIM) for Q2 excluding the securitization impact and sought to understand the drivers behind the 50 basis point sequential increase in loan yields.

    Answer

    CFO R. John McWhorter clarified that the core NIM, excluding the one-time securitization benefit, would have been in the 3.90% to 3.95% range. He explained the loan yield increase was driven by the $2 million non-recurring fee from the securitizations and a higher level of recurring capitalized loan fees, which are expected to continue contributing to the margin.

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    Bernard Von Gizycki's questions to Third Coast Bancshares (TCBX) leadership • Q1 2025

    Question

    Bernard Von Gizycki from Deutsche Bank asked for details on the significant increase in fee income, particularly service charges, and whether this represents a recurring trend. He also requested guidance on expense expectations for Q2 and the remainder of the year.

    Answer

    Executive John McWhorter attributed the strong fee income to the treasury management division's growth and its quarterly and annual billing cycles, which are heaviest after year-end, rather than any pricing changes. Regarding expenses, McWhorter projected that Q2 noninterest expenses would remain relatively flat compared to Q1, at approximately $28 million, as the roll-off of seasonal payroll taxes would be offset by costs from the securitization and new hires.

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    Bernard Von Gizycki's questions to Third Coast Bancshares (TCBX) leadership • Q4 2024

    Question

    Bernard Von Gizycki asked for the expense growth outlook for 2025 after the company surpassed its efficiency ratio target, and also inquired about near-term expectations for fee income growth.

    Answer

    Executive John McWhorter projected 2025 expense growth to be around 4% year-over-year, similar to 2024, with the Q4 run rate of approximately $27 million being a good baseline for the next few quarters due to recent hires. Executive Bart Caraway noted that a core system conversion would lead to cost savings in the second half of the year. For fee income, McWhorter expressed optimism, citing strong growth in treasury services and wealth management, and projected noninterest income to be in the $3 million range for the next several quarters.

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    Bernard Von Gizycki's questions to Third Coast Bancshares (TCBX) leadership • Q3 2024

    Question

    Bernard Von Gizycki asked about future expansion plans in the Texas market, specifically regarding branch growth into 2025, and requested an outlook on fee income following a strong quarter for service charges.

    Answer

    Executive Bart Caraway stated that the bank's branch network is now largely complete and that de novo branch expansion will slow significantly over the next 12-24 months. Executive John McWhorter attributed the strong fee income to rapid growth in the treasury group and a large, albeit lumpy, loan fee. He indicated comfort with a quarterly fee income run-rate of $2.5 million or more.

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    Bernard Von Gizycki's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership

    Bernard Von Gizycki's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q2 2025

    Question

    Bernard Von Gizycki of Deutsche Bank asked for more detail on the drivers of the strong loan growth in the quarter and its expected continuation. He also inquired about potential benefits from deregulation and whether this could change the bank's M&A strategy.

    Answer

    EVP & Chief Credit Officer Derek Stewart explained that loan growth was led by C&I, driven by increased utilization and new originations. Chairman & CEO Harris Simmons stated that the most encouraging potential regulatory change is the tiering of long-term debt requirements. Regarding M&A, he reaffirmed a disciplined strategy focused on organic growth and strategic tuck-in deals, not large-scale acquisitions.

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    Bernard Von Gizycki's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q1 2025

    Question

    Bernard Von Gizycki inquired about the potential to reduce expenses to maintain positive operating leverage in a weaker revenue environment and asked for a breakdown of customer-related fee income drivers.

    Answer

    Chairman and CEO Harris Simmons confirmed they would manage expenses, noting headcount is already down, but will not cut investments crucial for long-term growth. President and COO Scott McLean detailed the fee income components, highlighting Treasury Management as the largest contributor, with expected growth from mortgage and wealth management services.

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    Bernard Von Gizycki's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q4 2024

    Question

    Bernard Von Gizycki asked for more detail on the assumptions behind the updated net interest income sensitivity model, specifically the increase in deposit beta, and inquired about the timing for the net interest margin (NIM) to return to the mid-3% range.

    Answer

    CFO Ryan Richards explained that the deposit beta assumption is in line with recent performance. He noted that the bank has tightened its assumption about noninterest-bearing deposit migration, leading to a more constructive NII outlook. Regarding the NIM, Richards stated they don't manage to a specific NIM target but believe a mid-3% level is not out of reach with a more normal yield curve, though the timing is uncertain.

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    Bernard Von Gizycki's questions to ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) leadership • Q3 2024

    Question

    Bernard Von Gizycki from Deutsche Bank inquired about the company's appetite for further M&A, such as branch acquisitions or whole bank mergers, following the recent First Bank deal. He also asked for an outlook on the capital markets business after its record quarter.

    Answer

    Chairman and CEO Harris Simmons described the company's M&A approach as "opportunistic" but not a primary focus for growth. Regarding capital markets, an executive highlighted the business's 10% compound annual growth rate over 3-4 years and expressed optimism for continued growth, attributing the success to sustained investment. President and COO Scott McLean added that the growth is "totally intentional" and the infrastructure is in place to support higher revenue. Simmons cautioned that the business is inherently more variable quarter-to-quarter.

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

    Bernard Von Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q2 2025

    Question

    Bernard Von Gizycki inquired about the status of passing on insurance costs to depositors and the nature of the equity investment gains during the quarter.

    Answer

    CFO Dale Gibbons confirmed the process of passing on insurance costs is 'largely behind us,' with the decline also helped by paying down higher-cost brokered deposits. Regarding equity investments, Gibbons explained the Q2 gain was not a recovery of a prior charge and that he sees no reason for the historical pace of gains to slow, given favorable market valuations.

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    Bernard Von Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q1 2025

    Question

    Bernard Von Gizycki from Deutsche Bank questioned the source of the increase in deposit service charges and asked for the drivers behind the updated guidance for ECR-related deposit costs.

    Answer

    President and CEO Kenneth Vecchione attributed the higher service charges to a concerted effort over the past 18-24 months to enhance treasury management services and client outreach. Chief Financial Officer Dale Gibbons explained the revised ECR cost outlook is due to an expected higher average balance of ECR-related deposits in Q2.

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    Bernard Von Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q4 2024

    Question

    Bernard Von Gizycki asked about the $37 million in deposit insurance expenses, questioning if these costs could be passed on to depositors. He also sought color on the credit outlook for the C&I loan portfolio following a pickup in charge-offs.

    Answer

    Interim CEO and CFO Dale Gibbons explained that the bank has successfully passed these costs to clients by implementing a 40 basis point charge for those who opt into a fully insured deposit network. Chief Banking Officer Timothy Bruckner added that outside of CRE office, the C&I portfolio's credit quality has been stable and predictable, with no signs of negative migration trends.

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    Bernard Von Gizycki's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q3 2024

    Question

    Bernard Von Gizycki questioned the dynamics in the mortgage business, noting strong Q3 loan production but declining gain-on-sale margins. He asked what mortgage rate level would be necessary to meaningfully increase production volumes and revenues.

    Answer

    CEO Ken Vecchione suggested that mortgage rates falling into the low 6% range stimulates volume. He described breaking the "6% barrier" as a key milestone and identified the "sweet spot" for significant volume as the 5.50% to 5.75% range. CFO Dale Gibbons added that a more gradual rate decline might be more beneficial for sustainable activity.

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    Bernard Von Gizycki's questions to WEBSTER FINANCIAL (WBS) leadership

    Bernard Von Gizycki's questions to WEBSTER FINANCIAL (WBS) leadership • Q2 2025

    Question

    Bernard Von Gizycki from Deutsche Bank asked for the outlook on non-interest-bearing deposits and for clarification on which of the new HSA provisions is the main driver of the incremental deposit opportunity.

    Answer

    Senior EVP & CFO Neal Holland stated the bank believes it has reached the bottom for DDA declines and expects mild growth. COO & President Luis Massiani and CFO Neal Holland confirmed that new eligibility for Bronze ACA plan participants is the primary driver of the estimated $1B to $2.5B HSA deposit opportunity.

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    Bernard Von Gizycki's questions to WEBSTER FINANCIAL (WBS) leadership • Q1 2025

    Question

    Bernard Von Gizycki from Deutsche Bank asked about flexibility in the expense base, questioning if projects could be delayed to protect profitability if the revenue environment weakens. He also inquired about the expected contribution from the sponsor finance business to loan growth for the rest of the year.

    Answer

    CFO William Holland confirmed that the bank has significant expense flexibility, highlighting that investments in Category IV readiness could be slowed if necessary. He also noted a continuous focus on efficiency. CEO John Ciulla stated that sponsor finance growth has recently been driven by lender finance and fund banking, not M&A-related activity. He expressed hope that the traditional sponsor business will rebound in the second half of the year but clarified that the overall loan growth forecast relies on broad-based contributions, not just one category.

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    Bernard Von Gizycki's questions to WEBSTER FINANCIAL (WBS) leadership • Q4 2024

    Question

    Bernard Von Gizycki from Deutsche Bank asked for more detail on the drivers of 2025 expense growth beyond regulatory costs and inquired about growth expectations for deposits from 1031 exchange and digital channels.

    Answer

    CFO William Holland cited investments supporting business lines like Ametros, technology infrastructure, and routine items like merit increases as key drivers of expense growth. CEO John Ciulla noted that 1031 exchange deposit growth is tied to CRE transaction activity and that the bank expects strong, competitive growth from its digital and healthcare deposit verticals in 2025.

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    Bernard Von Gizycki's questions to WEBSTER FINANCIAL (WBS) leadership • Q3 2024

    Question

    Bernard Von Gizycki from Deutsche Bank requested more detail on the actions taken to optimize risk-weighted assets (RWA) and the resulting capital impact. He also asked for color on the sequential increase in technology and related expenses during the quarter.

    Answer

    CFO William Holland explained that RWA optimization actions contributed 44 basis points to the CET1 ratio, driven by deep dives into the risk weighting of multifamily, lender finance, and public sector portfolios, plus a securitization. CEO John Ciulla clarified that the tech spend is part of a long-term strategic road map, not a new, isolated initiative, and that future expense guidance will be all-inclusive without outsized tech spending.

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    Bernard Von Gizycki's questions to SYNOVUS FINANCIAL (SNV) leadership

    Bernard Von Gizycki's questions to SYNOVUS FINANCIAL (SNV) leadership • Q2 2025

    Question

    Bernard Von Gizycki of Deutsche Bank asked about normalized cash balance levels, the net interest margin (NIM) glide path with fewer expected rate cuts, and the drivers of core banking fee growth.

    Answer

    EVP & CFO Jamie Gregory stated cash balances should remain stable and that in a flat rate environment, NIM would accrete to the low 3.40s by year-end. CEO Kevin Blair attributed strong treasury fee growth to a repricing initiative and increased sales of cash management solutions, noting no unusual items in service charges.

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    Bernard Von Gizycki's questions to SYNOVUS FINANCIAL (SNV) leadership • Q1 2025

    Question

    Bernard Von Gizycki asked for an update on the expected benefit from fixed asset repricing and for an explanation of the weaker-than-expected capital markets revenue and its outlook.

    Answer

    CFO Andrew Gregory stated that the benefit from fixed asset repricing remains similar to past guidance for this year and next. CEO Kevin Blair explained the capital markets weakness was due to lower derivative swap fees and syndication fees, driven by loan mix and client reluctance to lock in fixed rates. He expects this to improve as loan production grows and the rate environment stabilizes.

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    Bernard Von Gizycki's questions to SYNOVUS FINANCIAL (SNV) leadership • Q4 2024

    Question

    Bernard Von Gizycki sought details on the 1-2% in efficiencies planned to offset expense growth and asked about the progress in refining delivery models for the payments, consumer banking, and wealth management businesses.

    Answer

    CFO Jamie Gregory identified personnel optimization via back-office automation and real estate footprint management as key efficiency drivers. CEO Kevin Blair detailed the delivery model refinements: expanding the third-party payments sponsorship business, deepening commercial client wallet share through a 'business under wealth' strategy, and shifting branch focus more toward small business clients while leveraging digital channels for consumers.

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    Bernard Von Gizycki's questions to COMERICA (CMA) leadership

    Bernard Von Gizycki's questions to COMERICA (CMA) leadership • Q1 2025

    Question

    Bernard Von Gizycki questioned the outlook for share repurchases in the second quarter and asked for the specific NII benefit recognized in Q1 from the fourth-quarter securities repositioning.

    Answer

    CFO James Herzog indicated the potential for up to $100 million in Q2 repurchases but emphasized that the final amount will be opportunistic and dependent on market conditions, credit, and loan demand. He quantified the securities repositioning benefit as 'a little over half' of the $9 million quarter-over-quarter increase in securities income.

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    Bernard Von Gizycki's questions to COMERICA (CMA) leadership • Q4 2024

    Question

    Bernard Von Gizycki asked for details on expansion efforts, including hiring targets in the Southeast and Mountain West, and also inquired about the company's current thinking on M&A, such as whole bank or portfolio acquisitions.

    Answer

    Chief Banking Officer Peter Sefzik described hiring as opportunistic in the Southeast and more aggressive in the Mountain West (Denver, Phoenix), while also noting opportunities in core markets. Chairman and CEO Curtis Farmer reiterated that the M&A strategy remains focused on organic growth, stating the bank is a 'patient acquirer' but may consider smaller team lift-outs or product capability additions.

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    Bernard Von Gizycki's questions to COMERICA (CMA) leadership • Q3 2024

    Question

    Bernard Von Gizycki asked for a rule of thumb on the relationship between risk management hedge income and NII during rate cuts, and questioned the impact of recent forward curve changes on the AOCI unrealized loss projection.

    Answer

    CFO Jim Herzog did not provide a specific rule of thumb but pointed to the Q3 results, where a $10 million decline in risk management hedging income contributed approximately $8 million to NII, as a useful indicator. Regarding AOCI, Herzog acknowledged the forward curve has shifted since quarter-end but did not provide a revised projection, instead directing analysts to the general sensitivities on the capital slide.

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    Bernard Von Gizycki's questions to FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) leadership

    Bernard Von Gizycki's questions to FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) leadership • Q4 2024

    Question

    Bernard Von Gizycki inquired about the assumptions underpinning the high and low ends of the 2025 net interest income guidance of $6.6 billion to $7.0 billion. He also asked if any further cost or revenue synergies from the SVB acquisition were factored into the 2025 forecast.

    Answer

    CFO Craig Nix clarified that the net interest income range accounts for a spectrum of zero to four potential interest rate cuts, with the baseline forecast anchored to two cuts. He detailed the expected NII trajectory for Q1 and the full year under the baseline scenario. Nix also confirmed that all material cost synergies from the SVB acquisition have been realized and are not a factor in the 2025 guidance.

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    Bernard Von Gizycki's questions to NYCB leadership

    Bernard Von Gizycki's questions to NYCB leadership • Q3 2024

    Question

    Asked about the progress in building the C&I platform, revamping risk management, potential for further headcount reduction, and the target level for wholesale borrowings.

    Answer

    On the C&I buildout, they are 'rounding first base' with plans to grow from 30 to 130 hires. The risk infrastructure has seen significant progress with key hires and building out the three lines of defense. The executive management team is now fully deployed. For borrowings, they will use excess liquidity to reduce broker deposits in 2025 and repay home loan bank borrowings as customer deposits grow, but don't expect material reductions in '24 or '25.

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    Bernard Von Gizycki's questions to NYCB leadership • Q2 2024

    Question

    Questioned the nature of the additional $2-5 billion in potential non-strategic asset sales and asked for insights from the recently received borrower financial statements, which showed higher-than-expected Net Operating Income (NOI).

    Answer

    The bank stated that the potential $2-5 billion in future sales are not in the current forecast and would target non-relationship loans. The updated borrower financials confirmed that while many borrowers are managing, some are under stress, validating the bank's credit review process. About two-thirds of NOIs were up year-over-year, while one-third were down, with the latter being a key area of focus.

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