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    Bernard Von Gizycki • Deutsche Bank

    Bernard Von Gizycki's questions to Zions Bancorporation NA (ZION) leadership

    Bernard Von Gizycki's questions to Zions Bancorporation NA (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 NA (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 NA (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 NA (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 Webster Financial Corp (WBS) leadership

    Bernard Von Gizycki's questions to Webster Financial Corp (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 Corp (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 Corp (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 Corp (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 Corp (SNV) leadership

    Bernard Von Gizycki's questions to Synovus Financial Corp (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 Corp (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 Corp (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 First Citizens BancShares Inc (Delaware) (FCNCA) leadership

    Bernard Von Gizycki's questions to First Citizens BancShares Inc (Delaware) (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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