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    Casey Haire • Autonomous Research

    Casey Haire's questions to Cullen/Frost Bankers Inc (CFR) leadership

    Casey Haire's questions to Cullen/Frost Bankers Inc (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 East West Bancorp Inc (EWBC) leadership

    Casey Haire's questions to East West Bancorp Inc (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 Corp (WTFC) leadership

    Casey Haire's questions to Wintrust Financial Corp (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 Webster Financial Corp (WBS) leadership

    Casey Haire's questions to Webster Financial Corp (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 Corp (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 Corp (HWC) leadership

    Casey Haire's questions to Hancock Whitney Corp (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 Corp (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 Corp (SNV) leadership

    Casey Haire's questions to Synovus Financial Corp (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 Corp (FHN) leadership

    Casey Haire's questions to First Horizon Corp (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 Inc (PNFP) leadership

    Casey Haire's questions to Pinnacle Financial Partners Inc (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 (Delaware) (FCNCA) leadership

    Casey Haire's questions to First Citizens BancShares Inc (Delaware) (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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