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    Casey Haire

    Vice President and senior equity analyst at Jefferies

    Casey Haire is a Vice President and senior equity analyst at Jefferies specializing in U.S. regional banks and financials sector research. He covers leading companies including Customers Bancorp, Cullen/Frost Bankers, Pinnacle Financial Partners, and F.N.B., with his recommendations demonstrating a strong track record—recent performance metrics show a 79.17% success rate and an average return of 19.8%, ranking him within the top 1,500 analysts on platforms like TipRanks. Haire began his tenure at Jefferies before 2018, focusing on top-line trends and profitability in the Northeast banking sector, with prior experience unlisted but a consistent specialization in financial equities. He holds professional securities analysis credentials and actively contributes to industry research publications and investment strategy.

    Casey Haire's questions to CULLEN/FROST BANKERS (CFR) leadership

    Casey Haire's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research questioned why the full-year Net Interest Income (NII) guidance appeared conservative and asked for an update on the size and momentum of the loan pipeline.

    Answer

    CFO Dan Geddes explained that the full-year NII guidance is influenced by the late-in-the-year timing of expected rate cuts and potential loan payoffs. He noted the loan pipeline was down only 1% sequentially, which he viewed as encouraging given the record loan commitments booked in Q2. CEO Phillip Green added that while loan utilization has been soft due to economic uncertainty, he anticipates activity will increase as clarity on trade policy and the economy improves.

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    Casey Haire's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research asked for clarification on the net interest income (NII) guidance, which appeared conservative, and inquired about the current state of the loan pipeline.

    Answer

    CFO Dan Geddes explained that while the net interest margin is expected to improve, the full-year NII guidance is tempered by the timing of rate cuts and potential loan payoffs in the second half of the year. He noted the loan pipeline remains strong, down only 1% despite record new loan commitments in Q2. CEO Phillip Green added that as economic uncertainty diminishes, he expects business line utilization to increase.

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    Casey Haire's questions to FLAGSTAR FINANCIAL (FLG) leadership

    Casey Haire's questions to FLAGSTAR FINANCIAL (FLG) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research asked for an outlook on net charge-offs and inquired about behavioral changes from CRE building owners and which institutions are refinancing the loans that are paying off.

    Answer

    Senior Executive Vice President & CFO Lee Smith stated that net charge-offs are expected to decline in the second half of the year. Executive Chairman, President & CEO Joseph Otting detailed that of the CRE payoffs, approximately 20% go to government agencies and another 20% to JPMorgan, with the remainder spread among other institutions. He noted Flagstar's above-market rollover rates incentivize borrowers to refinance.

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    Casey Haire's questions to Cadence Bank (CADE) leadership

    Casey Haire's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Casey Haire inquired about the net interest margin (NIM) outlook following the Industry Bankshares restructuring and whether further balance sheet repositioning was planned. He also asked for an update on the bank's perspective on the M&A environment.

    Answer

    CEO Dan Rollins confirmed that the planned restructuring related to the Industry acquisition is complete. CFO Valerie Toalson added that the bank is optimistic about NIM expansion through the rest of the year, driven by new loan yields north of 7% and favorable CD repricing. On M&A, Mr. Rollins stated that Cadence is seeing increased activity and is well-positioned to pursue future opportunities in its nine-state footprint.

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    Casey Haire's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research inquired about the net interest margin (NIM) outlook following the Industry Bankshares balance sheet restructuring and asked if further actions were planned. He also sought an update on Cadence's M&A strategy amid increasing industry activity.

    Answer

    Chairman and CEO Dan Rollins confirmed the planned restructuring of the Industry portfolio is complete. Senior EVP & CFO Valerie Toalson expressed optimism for NIM expansion for the rest of the year, driven by new loan yields north of 7% and favorable CD repricing. Rollins added that Cadence is actively looking for M&A opportunities to grow within its existing nine-state footprint.

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    Casey Haire's questions to EAST WEST BANCORP (EWBC) leadership

    Casey Haire's questions to EAST WEST BANCORP (EWBC) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research inquired about the sustainability of East West Bancorp's net interest margin drivers and the rationale behind the C&I reserve build, given favorable credit migration and a reduced charge-off forecast.

    Answer

    EVP & CFO Christopher Del Moral-Niles stated that the bank continues to see opportunities for deposit cost optimization and positive repricing on fixed-rate assets, supporting the margin. EVP & Chief Risk Officer Irene Oh clarified that the reserve build was not driven by specific C&I portfolio issues but rather by changes in the macroeconomic outlook within the CECL model.

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    Casey Haire's questions to WINTRUST FINANCIAL (WTFC) leadership

    Casey Haire's questions to WINTRUST FINANCIAL (WTFC) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research asked about the current stage of the hard insurance market cycle for premium finance and inquired about potential M&A targets and the drivers of increased market activity.

    Answer

    Vice Chairman & Chief Lending Officer Richard Murphy described the insurance market as 'firm,' with some moderation but still seeing upward momentum. President, CEO & Director Timothy Crane attributed the pickup in M&A talk to succession issues and the increasing difficulty of running smaller banks, stating Wintrust could execute on a wide range of opportunities.

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    Casey Haire's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership

    Casey Haire's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q2 2025

    Question

    Casey Haire questioned the confidence in the credit outlook, asked why the office loan portfolio isn't shrinking, and inquired about the outlook for second-half loan growth and yields.

    Answer

    CFO Dale Gibbons stated this is the first time the bank has definitively called a peak in criticized assets, citing stabilizing market conditions. An unnamed executive clarified the portfolio consists of bridge assets that the bank is proactively repositioning. CEO Ken Vecchione reiterated the $5 billion annual loan growth guide and projected that loan yields would decline slightly in the second half, following the forecast for two rate cuts.

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    Casey Haire's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q1 2025

    Question

    Casey Haire from Jefferies questioned Western Alliance's low Allowance for Credit Losses (ACL) and asked about the drivers behind the strong fee income guidance for 2025.

    Answer

    Chief Financial Officer Dale Gibbons defended the ACL methodology as rigorous and adequate, stating the bank does not see a need for a large qualitative build-up. President and CEO Kenneth Vecchione explained that the fee income guidance is supported by an expected second-half seasonal increase in mortgage income, which is projected to be flat year-over-year.

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    Casey Haire's questions to FNB CORP/PA/ (FNB) leadership

    Casey Haire's questions to FNB CORP/PA/ (FNB) leadership • Q2 2025

    Question

    Casey Haire from Autonomous Research asked if the net interest income guidance was intentionally conservative, questioned the sustainability of loan and bond yield momentum, and probed FNB's M&A strategy and appetite for large, dilutive deals.

    Answer

    Chairman, President & CEO Vincent J. Delie defended the guidance as appropriate given economic uncertainty and geopolitical risks, though CFO Vincent J. Calabrese noted they are guiding to the upper half of the range. On M&A, Delie emphasized a strong focus on organic growth, driven by technology investments like the eStore common app, market share gains, and de novo expansion. He stated the company is well-positioned to grow without capital-dilutive acquisitions and that any potential deal would have to be a high-quality, opportunistic fit.

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    Casey Haire's questions to FNB CORP/PA/ (FNB) leadership • Q1 2025

    Question

    Jackson Singleton, on behalf of Casey Haire from Autonomous Research, questioned the drivers of the sequential decline in the Q2 expense guide while full-year guidance remained unchanged, and asked about the sustainability of residential mortgage growth.

    Answer

    CFO Vincent J. Calabrese clarified that the lower Q2 expense guide is due to approximately $16 million in seasonal first-quarter expenses (e.g., long-term compensation, payroll taxes) that do not recur in Q2. He also noted that incentive compensation provides some flex if revenues are lower. Calabrese stated that residential mortgage growth is expected to follow seasonal trends, picking up in Q2 and Q3, and should account for about 40% of the year's net loan growth.

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    Casey Haire's questions to WEBSTER FINANCIAL (WBS) leadership

    Casey Haire's questions to WEBSTER FINANCIAL (WBS) leadership • Q2 2025

    Question

    Casey Haire from Autonomous Research inquired about the current level of cash balances and the expected impact on the Net Interest Margin (NIM) from an upcoming long-term debt issuance.

    Answer

    Senior EVP & CFO Neal Holland stated that cash balances are nearing their target levels, with an additional one basis point impact to NIM expected over the rest of the year. He also confirmed a new debt issuance in the second half of the year would have a one basis point impact on NIM.

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    Casey Haire's questions to WEBSTER FINANCIAL (WBS) leadership • Q1 2025

    Question

    Casey Haire of Autonomous Research challenged management on their credit process, asking what prevents them from being more proactive and 'ripping off the Band-Aid' to identify problem assets now, given the 23% quarterly jump in NPAs. He also requested an updated outlook for the net interest margin (NIM).

    Answer

    CEO John Ciulla defended the bank's proactive risk-rating process, giving an example of a current loan moved to non-performer status due to a future tenant issue. He reiterated that credit costs are manageable and that the focus is on orderly resolutions. CFO William Holland updated the full-year NIM outlook to be around 3.40%, an improvement from the previous 3.35%-3.40% range, citing better-than-expected deposit performance offsetting pressure on loan yields. He noted the guidance now incorporates three Fed rate cuts.

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    Casey Haire's questions to HANCOCK WHITNEY (HWC) leadership

    Casey Haire's questions to HANCOCK WHITNEY (HWC) leadership • Q2 2025

    Question

    Casey Haire of Autonomous Research questioned the drivers behind the strong commercial real estate (CRE) loan growth and inquired about the current M&A environment and the company's appetite for acquisitions.

    Answer

    President and CEO John Hairston attributed the strong CRE growth to lower payoffs and successful campaigns for owner-occupied real estate and bridge financing. CFO Michael Achary reiterated that M&A is not a current focus, with capital priorities being organic growth and shareholder returns, describing any future M&A as 'opportunistic.'

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    Casey Haire's questions to HANCOCK WHITNEY (HWC) leadership • Q1 2025

    Question

    Casey Haire of Autonomous Research asked about the expected CET1 capital impact from the Sabal transaction and whether another bond portfolio restructuring was being considered. He also inquired where cost savings were being found to maintain the expense guidance while absorbing Sabal's costs.

    Answer

    CFO Michael Achary stated that the impact of the Sabal acquisition on the CET1 ratio will be modest. He noted that while a bond restructuring is regularly evaluated, current market volatility makes such a move impractical at this time. Regarding expenses, Mr. Achary explained that the stable guidance is achievable due to anticipated lower incentive compensation costs and a disciplined, company-wide effort to control spending in the uncertain macroeconomic environment.

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    Casey Haire's questions to ASSOCIATED BANC-CORP (ASB) leadership

    Casey Haire's questions to ASSOCIATED BANC-CORP (ASB) leadership • Q1 2025

    Question

    Casey Haire of Autonomous Research questioned why the full-year loan growth guidance remains at 5% to 6% despite a strong Q1 performance and asked for the current rate spread between new and maturing CDs.

    Answer

    Executive Andrew Harmening explained the 5-6% guidance is maintained because it already factored in a strong start, potential economic uncertainty in the second half, and an expected increase in CRE payoffs. CFO Derek Meyer noted that while CDs maturing in Q1 had high rates (around 5%) and were repriced lower (around 4%), the gap between maturing and new rates is expected to narrow as the year progresses, though the market remains rational.

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    Casey Haire's questions to SYNOVUS FINANCIAL (SNV) leadership

    Casey Haire's questions to SYNOVUS FINANCIAL (SNV) leadership • Q1 2025

    Question

    Casey Haire inquired about the outlook for deposit costs and betas after strong Q1 performance and asked about the flexibility to reduce expenses further if revenue growth disappoints.

    Answer

    CFO Andrew Gregory noted the deposit beta reached 48% in March and is forecasted around 45% going forward, with growth led by non-maturity deposits. He also stated that while the company is committed to its strategic investments, it could pause hiring and other initiatives to achieve flat expense growth for the year if the economic outlook were to deteriorate materially, highlighting the bank's expense flexibility.

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    Casey Haire's questions to FIRST HORIZON (FHN) leadership

    Casey Haire's questions to FIRST HORIZON (FHN) leadership • Q1 2025

    Question

    Casey Haire sought confirmation that management could pull expenses below the guided range to protect PPNR if revenue growth falters. He also asked how the bank would manage its high loan-to-deposit ratio and deposit costs if the Fed does not cut rates.

    Answer

    Chairman, President and CEO Bryan Jordan confirmed it was fair to assume they have flexibility to lower expenses if needed. CFO Hope Dmuchowski addressed the loan-to-deposit ratio by noting the bank runs a smaller securities portfolio than peers, making its liquidity position comparable when viewed as loans plus securities to deposits. She stated the focus remains on growing relationship-based deposits through targeted campaigns rather than chasing 'hot money,' which will help manage deposit costs in any rate environment.

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    Casey Haire's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Casey Haire's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q1 2025

    Question

    Casey Haire from Autonomous Research questioned if loan yields have bottomed excluding the impact of Fed cuts, whether the expense guide accommodates the rapid hiring pace, and what the floor for the CET1 capital ratio is.

    Answer

    Harold Carpenter (Executive) stated that loan yields are not expected to move much in Q2 but would likely track down with projected rate cuts later in the year. M. Turner (Executive) confirmed the expense guide fully contemplates the firm's hiring plans. Regarding capital, Carpenter expressed a desire for stability in the CET1 ratio but did not provide a specific floor.

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    Casey Haire's questions to FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) leadership

    Casey Haire's questions to FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) leadership • Q2 2024

    Question

    Casey Haire from Jefferies inquired about the rising loan-to-deposit ratio and the strategy to manage it, particularly regarding the performance of SVB depositors. He also asked if there were additional actions the bank could take to mitigate asset sensitivity beyond the recent $5 billion securities portfolio shift.

    Answer

    CFO Craig Nix acknowledged the ratio ticked up to 92% but expressed confidence in reaching the mid-80s target over the next 3.5 years, highlighting the General Bank and the Direct Bank as key levers for deposit growth. Executive Tom Eklund added that the focus for SVB is on the holistic client relationship, not just on-balance sheet deposits. Regarding asset sensitivity, Nix explained they have already reduced the impact of a 200 bps rate cut from ~20% to ~14% and are nearing their 10-12% target. Eklund supplemented this by revealing the bank also added $2.5 billion in cash flow hedges during the quarter.

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    Casey Haire's questions to NYCB leadership

    Casey Haire's questions to NYCB leadership • Q2 2024

    Question

    Asked about the expected level of the Allowance for Credit Losses (ACL) after the portfolio review is complete and for details on the drivers and progression of the forecasted expense reductions.

    Answer

    The bank expects continued but lower levels of charge-offs, which may decrease the ACL percentage as reserves are utilized. They are 75% through the portfolio review and have taken a forward-looking approach. On expenses, a ~$750 million reduction is forecasted, with ~$400 million from the mortgage business sale and a net ~$350 million from a cost-reduction program, the benefits of which are expected to materialize starting in 2025.

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    Casey Haire's questions to FIRST REPUBLIC BANK (FRCB) leadership

    Casey Haire's questions to FIRST REPUBLIC BANK (FRCB) leadership • Q4 2022

    Question

    Casey Haire of Jefferies asked about the outlook for operating leverage in 2024, questioning if deferred expenses from 2023 would create a headwind or if the efficiency ratio could improve. He also inquired about the health of the loan pipeline at year-end versus the prior quarter, the recent uptick in capital call line utilization, and the spot deposit and CD costs at quarter-end.

    Answer

    Executive Michael Ioanilli stated there is a "strong opportunity" for significant efficiency ratio improvement and strong operating leverage in 2024. Chief Banking Officer Mike Selfridge characterized the loan pipeline as "healthy," down from Q3 but up year-over-year, with strength in business banking. He noted the slight uptick in capital call utilization was driven by a small increase in private equity activity. CEO and President Michael Roffler indicated that spot deposit costs at 12/31 were about 30 basis points higher than the Q4 average of 99 bps, resulting in a spot rate of approximately 1.29%.

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    Casey Haire's questions to FIRST REPUBLIC BANK (FRCB) leadership • Q2 2022

    Question

    Casey Haire questioned the drivers behind the low efficiency ratio year-to-date and the potential for pressure in the second half of the year. He also asked for the spot deposit cost at quarter-end and the bank's capacity to increase borrowings without negatively impacting the net interest margin.

    Answer

    CEO Mike Roffler explained that the low efficiency ratio was due to exceptionally strong revenue growth outpacing investments, though it might increase slightly as deposit betas rise. Acting CFO Olga Tsokova noted that fading COVID-related expense benefits could also contribute to a rise. Tsokova provided the spot rate on total deposits as 21 basis points. Roffler confirmed the bank has significant capacity to increase FHLB borrowings from current low levels while remaining within its stable NIM guidance.

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