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    Catherine Mealor

    Research Analyst at Keefe, Bruyette & Woods

    Catherine Mealor is Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods, specializing in small- and mid-cap bank coverage across the southeastern United States. She maintains research coverage for over 30 regional banks, including Pinnacle Financial Partners, Synovus, Hancock Whitney, Capital Bancorp, and Cadence Bank, and has a track record of adjusting price targets and ratings that reflect major merger events and sector shifts. Mealor began her career at KBW in 2003, initially spending three years in investment banking before transitioning to Atlanta-based research in 2006, and holds a BS in Commerce from Washington and Lee University. She is recognized for her expertise in SMID-cap financials, serves on nonprofit boards, and brings over 15 years of industry experience, though specific FINRA license details and quantitative performance metrics such as TipRanks rankings are not publicly disclosed.

    Catherine Mealor's questions to CULLEN/FROST BANKERS (CFR) leadership

    Catherine Mealor's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Catherine Mealor of KBW sought clarification on the service charge outlook and asked about the cost of new deposits. She also questioned how a 'higher for longer' interest rate environment might affect deposit costs.

    Answer

    CFO Dan Geddes affirmed that service charge growth is volume-based and should continue. He described new deposit inflows as broad-based and returning to seasonal norms. In a 'higher for longer' scenario, he does not anticipate a material increase in deposit costs, explaining that any rise would likely stem from a deposit mix shift toward products like CDs, rather than from raising rates to match competitors. CEO Phillip Green concurred that it would be a mix effect.

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    Catherine Mealor's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Catherine Mealor of KBW followed up on service charge income trends, asking if they should continue to grow. She also inquired about the cost of new deposits and the potential impact of a 'higher for longer' rate environment on deposit costs.

    Answer

    CFO Dan Geddes affirmed that service charge income growth is expected to continue, driven by customer volume rather than fee increases. He noted new deposits are coming in across a broad base, including DDA and CDs. In a 'higher for longer' scenario, CEO Phillip Green and CFO Dan Geddes clarified that any increase in deposit costs would likely be driven by a mix shift towards higher-cost products, not by a need to raise rates to catch up with the market.

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    Catherine Mealor's questions to CULLEN/FROST BANKERS (CFR) leadership • Q1 2025

    Question

    Catherine Mealor from KBW asked for details on the investment portfolio, including its size, reinvestment plans amid rate cuts, and the pricing of new loan production.

    Answer

    CFO Dan Geddes detailed that about $2 billion in securities are maturing for the remainder of the year, with plans to reinvest a portion of that into higher-yielding assets, which is a key driver of the increased NII guidance. He noted Q1 purchases included MBS yielding 5.82% and municipals at a 5.55% taxable equivalent yield. The response on loan pricing highlighted that growth is being driven by strong performance in consumer and C&I lending.

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    Catherine Mealor's questions to CULLEN/FROST BANKERS (CFR) leadership • Q3 2024

    Question

    Catherine Mealor of KBW asked for clarification on the typical fourth-quarter expense increase, details on securities maturities for the upcoming year, and the drivers behind the strong fee income performance.

    Answer

    Outgoing CFO Jerry Salinas advised looking at the prior year's Q3 to Q4 trend for insight into seasonal expense patterns. Incoming CFO Dan Geddes confirmed that approximately $2.1 billion in securities with a yield of around 3.2% are expected to mature in 2025. Geddes also stated that the strong fee income is primarily a function of volume driven by organic customer growth, though he cautioned that potential interchange regulation could be a headwind next year.

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    Catherine Mealor's questions to WESBANCO (WSBC) leadership

    Catherine Mealor's questions to WESBANCO (WSBC) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked for clarification on remaining CD amortization, the timing of cost savings realization, and the core margin's outlook in a potential rate-cut environment.

    Answer

    Senior EVP & CFO Daniel Weiss clarified that a small amount of CD purchase accounting amortization remains in Q3 and will decline thereafter. He explained that while most cost savings were achieved by the end of Q2, they are being offset by mid-year merit increases and growth investments, keeping the expense run-rate stable. He affirmed the outlook for 3-5 basis points of core margin improvement per quarter, inclusive of modeled rate cuts, driven by strong loan and securities repricing.

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    Catherine Mealor's questions to WESBANCO (WSBC) leadership • Q1 2025

    Question

    Catherine Mealor inquired about several components of the net interest margin, including the bond portfolio's yield at quarter-end, the trajectory of deposit costs post-merger, and plans for FHLB borrowings. She also sought to confirm the magnitude of the purchase accounting accretion benefit.

    Answer

    Daniel Weiss, Senior Executive Vice President and CFO, disclosed that the spot securities yield was approximately 3.07% at the end of March. He anticipates a potential 10 basis point reduction in overall funding costs from Q1 levels as Premier's deposit pricing is aligned. Weiss confirmed that the guided 15 to 20 basis points of accretion is an increase from the first quarter's level, suggesting the 3.50% NIM target for Q2 is a conservative floor.

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    Catherine Mealor's questions to WESBANCO (WSBC) leadership • Q4 2024

    Question

    Catherine Mealor asked about the impact of recent interest rate movements on the pro forma capital ratios for the Premier acquisition and inquired about the timing and potential upside for the deal's cost savings.

    Answer

    CFO Daniel Weiss explained that a year-end revaluation of the interest rate mark resulted in lower expected tangible book value dilution and improved pro forma capital ratios by about 50 basis points. CEO Jeffrey Jackson added this is net neutral to slightly positive for the overall margin. Weiss stated cost savings of 26% are expected to be realized after the mid-May core conversion.

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    Catherine Mealor's questions to WESBANCO (WSBC) leadership • Q3 2024

    Question

    Catherine Mealor questioned the driver behind the decline in other income, sought confirmation on the pro forma margin with Premier Financial, and explored the potential for further margin expansion post-close. She also asked how recent rate cut expectations could alter the deal's tangible book value dilution and accretion.

    Answer

    CFO Daniel Weiss attributed the other income decline to a negative valuation adjustment on swap fees. He confirmed the pro forma margin guidance of 3.45%-3.50% is driven by loan accretion. He also noted that a more aggressive down-rate environment would likely result in less tangible book value dilution and accretion for the Premier deal, with an offset from higher core yields.

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    Catherine Mealor's questions to SouthState Bank (SSB) leadership

    Catherine Mealor's questions to SouthState Bank (SSB) leadership • Q2 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about the future trajectory of South State's Net Interest Margin (NIM) following a strong quarter, and asked for an updated outlook on loan growth given the significant increase in origination volumes.

    Answer

    Chief Strategy Officer Stephen Young explained that while Q2 NIM was strong, the full-year guidance remains between 3.8% and 3.9%, attributing the quarterly beat to both core performance and higher-than-expected loan accretion. CEO John Corbett added that while the official loan growth forecast is mid-single digits, he is becoming more bullish due to a 31% sequential increase in loan pipelines, suggesting a potential move to mid-to-upper single-digit growth next year.

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    Catherine Mealor's questions to SouthState Bank (SSB) leadership • Q1 2025

    Question

    Catherine Mealor questioned the lower-than-expected expenses, asking about the timing of cost savings and the pro forma expense base. She also sought to confirm the final loan mark on the IBTX transaction and the expected run-rate for accretion income.

    Answer

    Executive William Matthews explained that Q1 expenses were lower due to typical first-quarter delays in hiring and projects, as well as realizing some merger cost savings ahead of schedule. He guided for expenses of $350-$360 million for Q2/Q3, dropping to $345-$350 million in Q4. Executive Stephen Young confirmed the total accretable mark was approximately $482 million, with about 80% being a rate mark. He advised focusing on the total loan yield rather than just the accretion component, as coupon income will replace accretion over time.

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    Catherine Mealor's questions to SouthState Bank (SSB) leadership • Q4 2024

    Question

    Catherine Mealor of Piper Sandler & Co. asked for an updated outlook on Net Interest Margin (NIM) following the Independent Financial (IBTX) deal closure, considering revised rate cut expectations and merger marks.

    Answer

    Executive Vice President and Chief Financial Officer Stephen Young provided detailed 2025 NIM guidance, projecting a Q1 range of 3.60%-3.70%, exiting the year between 3.75%-3.85% after a potential securities restructure. He noted this forecast assumes no rate cuts. CEO John Corbett and President William Matthews added that a stronger starting core margin helps offset the impact of fewer expected rate cuts. They also confirmed that each 25 bps rate cut would likely add 4-5 bps to the combined company's NIM.

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    Catherine Mealor's questions to SouthState Bank (SSB) leadership • Q3 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about SouthState's updated outlook for its Net Interest Margin (NIM) for Q4 and 2025, particularly in a rate-cutting environment, and asked if the prior guidance of a 3-5 basis point improvement per cut still holds. She also asked about the near-term trajectory of deposit costs.

    Answer

    Executive Stephen Young confirmed the guidance of a 3-5 basis point NIM improvement for each Fed rate cut remains intact, with the full effect realized within 3-6 months. He reiterated the Q4 2025 exit NIM target of 3.75% to 3.85% post-merger with IBTX. Young explained that Q3's NIM was impacted by a shift from NII to noninterest income due to a drop in the 10-year Treasury, but the total revenue was in line with guidance. He also noted that deposit rates were cut on October 1, which should lead to lower deposit costs in Q4.

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    Catherine Mealor's questions to Cadence Bank (CADE) leadership

    Catherine Mealor's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Catherine Mealor inquired about the drivers of the strong loan growth, specifically the balance between new originations and paydown activity, and its outlook for the second half of the year. She also asked if selling more bonds from the Industry portfolio than initially planned would alter accretion expectations.

    Answer

    Chief Banking Officer Edward Braddock explained that loan paydowns, particularly in commercial real estate and midstream energy, slowed from Q1 while originations remained robust across C&I and private banking. CFO Valerie Toalson stated that while accretion from the Industry deal would be slightly less, the upfront tangible book value impact is also smaller, resulting in a non-material net change. CEO Dan Rollins added that strong organic loan growth helps offset this.

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    Catherine Mealor's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked about the dynamics of loan growth, specifically the balance between new originations and paydown activity. She also inquired if selling more bonds from the Industry acquisition than planned would alter accretion expectations.

    Answer

    Chief Banking Officer Edward Braddock noted that paydown activity, particularly in CRE and midstream energy, slowed from Q1 while origination pipelines remain robust. President & Chief Credit Officer Chris Bagley added that growth was broad-based. Regarding accretion, CFO Valerie Toalson stated that while it would be slightly less, the upfront impact on tangible book value would also be less, making the net effect not material.

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    Catherine Mealor's questions to Cadence Bank (CADE) leadership • Q1 2025

    Question

    Catherine Mealor followed up on the revenue outlook, asking how the bank plans to achieve its guidance with a stable margin, implying a need for balance sheet growth. She also questioned the stability of the variable-rate loan portfolio's yield and its potential to move higher.

    Answer

    CFO Valerie Toalson explained that the bank added nearly $800 million in FHLB borrowings to purchase short-term agency securities at a favorable spread, which will support net interest income. She confirmed the bank expects to meet its guidance with some balance sheet growth. Regarding variable-rate loans, she noted that yields are expected to be fairly stable in the near term, with more potential for improvement in the 1-to-3-year timeframe.

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    Catherine Mealor's questions to Cadence Bank (CADE) leadership • Q4 2024

    Question

    Catherine Mealor from Keefe, Bruyette & Woods asked about the key drivers that would result in performance at the low end versus the high end of the revenue growth guidance. She also inquired about the outlook for share buybacks now that the bank is back in acquisition mode.

    Answer

    CFO Valerie Toalson explained that the primary risk to the low end of the revenue range would be negative surprises to net interest income, such as unexpected rate cuts or slower loan growth. CEO James Rollins stated that while buybacks are not off the table, the current preference is to deploy capital for growth and acquisitions, making repurchases a more opportunistic tool.

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    Catherine Mealor's questions to Cadence Bank (CADE) leadership • Q3 2024

    Question

    Catherine Mealor of KBW requested more clarity on the term 'normalized' expense growth for 2025. She sought to understand if it was fair to assume that revenue growth would likely outpace expense growth next year.

    Answer

    Chairman and CEO James Rollins explained that 'normalized' growth would be influenced by inflation and ongoing investments in people, technology, and the franchise. EVP and CFO Valerie Toalson added that the significant expense declines of 2024 are not expected to repeat. Both executives agreed with the assessment that revenue growth should exceed expense growth in 2025.

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    Catherine Mealor's questions to EAGLE BANCORP (EGBN) leadership

    Catherine Mealor's questions to EAGLE BANCORP (EGBN) leadership • Q2 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods (KBW) asked if non-performing asset inflows have peaked, questioned the outlook for deposit costs, and explored whether the bank would consider a bulk loan sale to accelerate the resolution of problem credits.

    Answer

    EVP Kevin Geoghegan stated that the bank believes future non-performing asset inflows will not be to the same degree as in Q2. Senior EVP & CFO Eric Newell added that based on current information, they believe criticized and classified loans are near their peak. On deposits, Newell noted new digital deposits are being raised around 4.4%, but higher-cost funds are rolling off, which should benefit costs. Regarding a bulk sale, Geoghegan explained that loan exits are evaluated on a case-by-case basis to maximize shareholder value. Newell elaborated that strategic patience can sometimes reduce losses and that the bank is targeting a normalized provision level in 2026, which requires resolving challenged loans in the coming quarters.

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    Catherine Mealor's questions to EAGLE BANCORP (EGBN) leadership • Q1 2025

    Question

    Catherine Mealor asked for details on the office portfolio's exposure to government agency leases and whether recent appraisal changes were due to specific DOJ-related news or broader market stress. She also inquired about client sentiment in the D.C. market, potential employment shifts between the public and private sectors, the mechanics of the new BOLI transaction's impact on fee income, and the potential for further deposit cost reductions in a flat-rate environment.

    Answer

    Chief Lending Officer for Commercial Real Estate, Ryan Riel, stated that less than 5% of the office portfolio's leased space is exposed to government agencies and that appraisal trends reflect ongoing market conditions. CFO Eric Newell detailed that the new $200M BOLI transaction is expected to add $3-4 million in quarterly fee income and that strategic initiatives offer significant opportunity to lower deposit costs. CEO Susan Riel added that treasury management fees are also showing strong growth.

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    Catherine Mealor's questions to EAGLE BANCORP (EGBN) leadership • Q4 2024

    Question

    Catherine Mealor asked about the outlook for the loan loss reserve, questioning if further builds are expected in 2025 or if the allowance has peaked. She also inquired about the balance sheet outlook, specifically why average earning assets are guided to be flat despite significant deposit growth and liquidity. Finally, she asked for commentary on new C&I hires and the expected loan growth mix.

    Answer

    CFO Eric Newell stated that the bank does not anticipate further reserve builds in its budget, except for potential specific reserves on individually evaluated loans, and reiterated the expected credit cost range of 25 to 50 basis points for 2025. He explained that the flat average earning asset guidance is due to a strategy of reinvesting cash flows from the lower-yielding investment portfolio into higher-yielding loans, with a goal of reducing the bond portfolio's size relative to total assets. CEO Susan Riel added that recent C&I hires are already showing positive results. Newell also noted that payoffs in the multifamily CRE portfolio will provide capacity for C&I growth, helping to reduce the bank's overall CRE concentration.

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    Catherine Mealor's questions to EAGLE BANCORP (EGBN) leadership • Q3 2024

    Question

    Catherine Mealor from KBW inquired about the risk associated with two large, criticized loans maturing in December: an office property and a data center. She also asked about recent deposit cost trends, the expected deposit beta in a falling rate environment, and the rationale behind the recent dividend reduction and the bank's target for its CRE-to-capital ratio.

    Answer

    Retiring CCO Jan Williams expressed confidence in the maturing office loan due to strong occupancy and reserves but noted concern over the data center loan due to unpredictable negotiations with Amazon. CFO Eric Newell stated that nonmaturity deposit rates were cut by 65 basis points and expects a high beta on customer deposits going forward. He explained the dividend recalibration supports capital growth to lower the CRE concentration ratio over the next 24-36 months, aiming to get closer to FDIC guidelines.

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    Catherine Mealor's questions to Atlantic Union Bankshares (AUB) leadership

    Catherine Mealor's questions to Atlantic Union Bankshares (AUB) leadership • Q2 2025

    Question

    Catherine Mealor of KBW inquired about C&I growth opportunities in the Maryland market, potential CRE growth from the serviced loan portfolio sold to Blackstone, and the outlook for the net interest margin to trend toward the higher end of its guidance range.

    Answer

    CEO John C. Asbury and EVP David Ring confirmed the Maryland commercial team is fully staffed and that servicing the sold CRE loans reloads growth opportunities with those clients. CFO Robert Gorman expects the core margin to grind higher, supported by the deployment of excess cash from the loan sale, which should help the full-year margin trend higher in the second half.

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    Catherine Mealor's questions to Atlantic Union Bankshares (AUB) leadership • Q1 2025

    Question

    Catherine Mealor inquired about the acquisition accounting for the Sandy Spring deal, specifically the updated interest rate and credit marks on the loan portfolio, the methodology for accretion, and the potential risk of a steeper discount on the planned $2 billion commercial real estate loan sale given market volatility.

    Answer

    EVP and CFO Rob Gorman detailed that the interest rate mark increased to about 7% (~$800 million) due to higher rates since the announcement, while the credit mark improved to 1.3%. He confirmed they use a sum-of-the-years-digits method for accretion, which accounts for accelerated paydowns. Regarding the CRE loan sale, which is primarily retail and multifamily, Gorman stated that while they are monitoring market turmoil, they don't currently see a major negative deviation from their projected discount. An unnamed executive added that the portfolio's short duration (3-4 years) makes it less sensitive to 10-year treasury rate changes.

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    Catherine Mealor's questions to Atlantic Union Bankshares (AUB) leadership • Q4 2024

    Question

    Catherine Mealor of KBW inquired about the impact of interest rate movements on the Sandy Spring acquisition's core margin versus accretable yield, and questioned the drivers behind the quarter's credit reserve build.

    Answer

    EVP and CFO Rob Gorman stated that higher rates since the deal's announcement would likely increase the loan mark and accretion, pushing the combined NIM towards 4%. President and CEO John Asbury added that AUB and Sandy Spring are a natural hedge to each other regarding rate sensitivity. Both executives confirmed the credit reserve build was primarily driven by a single, specific $13.1 million reserve on a C&I loan, with the broader credit outlook remaining stable.

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    Catherine Mealor's questions to Atlantic Union Bankshares (AUB) leadership • Q3 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods asked about the logistics and assumed discount for the planned $2 billion commercial real estate (CRE) loan sale, its impact on book value, and the outlook for Atlantic Union's standalone net interest margin (NIM) for 2025.

    Answer

    CEO John Asbury explained that the CRE sale portfolio was identified and priced with Morgan Stanley during due diligence to ensure the deal's feasibility and to de-risk the pro forma balance sheet. CFO Rob Gorman added that the sale assumes a price in the "low 90s," with proceeds used to pay down high-cost funding. Gorman also stated that while Q4 NIM will be impacted by lower accretion and rate cuts, he expects margin expansion in 2025 due to aggressive deposit repricing.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership

    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods followed up on the margin discussion, asking about expectations for the overall size of the balance sheet, particularly the bond book and cash levels. She also sought to confirm if further upward momentum in loan yields is anticipated, driven by mix shifts and new production.

    Answer

    David Zalman, Senior Chairman & CEO, stated that deposit levels have likely stabilized after seasonal outflows and that the bank remains disciplined on pricing, expecting growth to resume in the fourth quarter. Kevin Hanigan, President and COO, confirmed that loan yields are expected to see upward momentum. He attributed this to a positive mix shift from bonds into higher-yielding commercial loans and noted that the prior quarter's reported yield was slightly inflated by non-accrual income timing, making the current quarter's underlying performance stronger than it appears.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Catherine Mealor followed up on the margin discussion, asking about the expected size of the balance sheet, particularly the bond book and cash levels, in the coming quarters. She also sought confirmation on whether there is continued upward momentum in loan yields, given the mix shift within the portfolio.

    Answer

    Senior Chairman & CEO David Zalman explained that deposit levels, which drive balance sheet size, have likely stabilized after seasonal declines and that the bank remains disciplined on deposit pricing. CFO Asylbek Osmanov added that the fundamental model for NIM and NII expansion remains intact. President and COO Kevin Hanigan confirmed there is upward momentum in loan yields, driven by a mix shift from mortgage to commercial loans and from bonds into loans, noting that a one-time non-accrual income item slightly skewed the current quarter's reported yield.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked for an outlook on the balance sheet size, particularly the bond book and cash levels, and questioned if there was potential for more upward momentum in loan yields.

    Answer

    Senior Chairman & CEO David Zalman stated that deposit levels have likely stabilized after seasonal outflows and the bank remains disciplined on pricing. President and COO Kevin Hanigan added that loan yields are expected to rise, driven by a mix shift to commercial loans and bond portfolio repricing. He clarified that a reported 1 basis point dip in loan yields was an aberration due to lower non-accrual income pickup.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) followed up on the margin discussion, asking about the expected size of the balance sheet, particularly the bond book and cash levels, in the coming quarters. She also sought to understand the potential for further upward momentum in loan yields.

    Answer

    Senior Chairman and CEO David Zalman stated that deposit levels, which saw seasonal declines, are expected to stabilize and grow going forward, though the bank remains disciplined on pricing. President and COO Kevin Hanigan confirmed that loan yields should see upward momentum driven by a mix shift toward commercial loans and away from mortgages, as well as the redeployment of cash flows from the bond portfolio into higher-yielding loans.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q1 2025

    Question

    Catherine Mealor from KBW asked about the company's appetite for share buybacks given the recent stock price and sought an update on the M&A environment, including any preference for deal size.

    Answer

    Senior Chairman and CEO David Zalman confirmed they would have been actively buying back shares at recent lower prices but were restricted by the earnings blackout period. He noted that while they will consider buybacks during future downturns, capital is primarily being preserved for M&A opportunities. On M&A, Zalman stated that after a brief pause, conversations are resuming, and he expects deals to materialize this year, potentially driven by a desire to act before a possible administration change. Chairman H.E. Tim Timanus Jr. added that they are watching the stock daily.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q4 2024

    Question

    Catherine Mealor asked about the outlook for the loan loss provision, questioning if a zero provision is feasible for another year, and requested the spot rate for deposit costs at the end of the quarter.

    Answer

    Senior Chairman and CEO David Zalman indicated the bank is well-reserved for the foreseeable future, with a $389 million allowance against $81 million in nonperforming assets, making further zero-provision quarters possible absent a major economic shift. CFO Asylbek Osmonov reported that the spot rate for deposit costs at quarter-end was 1.40%, which was 4 basis points below the quarterly average of 1.44%.

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    Catherine Mealor's questions to PROSPERITY BANCSHARES (PB) leadership • Q3 2024

    Question

    Catherine Mealor of KBW asked for an update on deposit cost trends, questioning whether overall costs are expected to decline or if Net Interest Margin (NIM) improvement will primarily come from asset repricing. She also requested an outlook for the mortgage warehouse business.

    Answer

    CEO David Zalman and CFO Asylbek Osmonov indicated that deposit costs are expected to decrease, supported by the repricing of their short-duration CD portfolio, with 75% maturing within six months. An unnamed executive addressed the warehouse lending business, noting strong current balances but forecasting a seasonal decline to a quarterly average of $1.05 billion to $1.1 billion for Q4, while also highlighting the addition of a new customer.

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    Catherine Mealor's questions to RENASANT (RNST) leadership

    Catherine Mealor's questions to RENASANT (RNST) leadership • Q2 2025

    Question

    Catherine Mealor of KBW inquired about the amortization duration for time deposit accretion, the reasons for elevated charge-offs in the quarter, and the company's priorities for capital deployment, including potential share buybacks.

    Answer

    Executive VP & CFO James Mabry specified a five-month duration for the time deposit accretion amortization. Senior EVP & Chief Credit Officer David Meredith explained that the quarter's charge-offs were tied to two specific, non-systemic C&I credits and guided for a go-forward rate of 10-15 basis points. Mabry outlined capital priorities as organic growth, bolt-on acquisitions, and talent, placing buybacks lower on the list.

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    Catherine Mealor's questions to RENASANT (RNST) leadership • Q1 2025

    Question

    Catherine Mealor of KBW requested an updated outlook on the pro forma net interest margin (NIM) post-merger and inquired about the progress of repositioning the acquired bond portfolio from First Bancshares amid rate volatility.

    Answer

    Executive James Mabry projected that in Q2, the core NIM could expand by 10-15 basis points, with the all-in NIM benefiting by an additional 10-15 basis points. He also confirmed that the company has nearly completed the repositioning of the acquired bond portfolio, having sold a little over 50% of it and reinvested the proceeds. Mabry noted the execution went well despite market volatility.

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    Catherine Mealor's questions to RENASANT (RNST) leadership • Q3 2024

    Question

    Catherine Mealor inquired about the outlook for Renasant's net interest margin (NIM), both on a standalone basis and with the pending acquisition of The First (FBMS), particularly in a falling rate environment. She also asked for an update on deposit cost trends following recent rate cuts.

    Answer

    EVP and Chief Financial Officer James Mabry explained that near-term rate cuts are expected to have a 'modestly negative' impact on NIM. He noted that The First is less asset-sensitive, which should help moderate this negative impact post-merger in 2025. Regarding deposits, Mabry expressed satisfaction with their performance, highlighting that noninterest-bearing deposits have remained stable and the bank has successfully reduced rates on special deposit products since June.

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    Catherine Mealor's questions to UNITED COMMUNITY BANKS (UCB) leadership

    Catherine Mealor's questions to UNITED COMMUNITY BANKS (UCB) leadership • Q2 2025

    Question

    Catherine Mealor inquired about United Community Banks' appetite for share buybacks, given the recent improvement in the stock price. She also asked for the outlook on Navitas's growth and the strategy for balancing holding these loans on the balance sheet versus selling them into the secondary market.

    Answer

    Executive VP & CFO Jefferson Harralson explained that at current stock prices, the earn-back period for buybacks is longer than their target, so they are not currently active but remain opportunistic at lower prices. Regarding Navitas, President & Chief Banking Officer Richard Bradshaw noted strong performance is expected to continue in Q3. Mr. Harralson added that with Navitas loans approaching the bank's 10% of total loans limit, they will continue to sell these loans at the current or a higher level for the rest of the year.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership

    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor of KBW inquired about the primary drivers for the upgraded loan growth guidance and the future outlook for Trustmark's profitability metrics, such as ROA and ROTCE.

    Answer

    EVP and Chief Credit & Operations Officer Robert Harvey attributed the stronger loan growth to a combination of robust production in non-CRE categories and significant delays in CRE loan payoffs. EVP & CFO Thomas Owens projected further profitability upside from operating leverage and potential NIM expansion, noting that ROTCE will be influenced by capital management strategies like the ongoing share repurchase program. President & CEO Duane Dewey also highlighted the positive impact of past expense control initiatives.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about the drivers for the upgraded loan growth guidance and the outlook for future profitability, questioning if metrics like ROA and ROTCE could continue to improve.

    Answer

    Executive VP and Chief Credit & Operations Officer, Robert Harvey, attributed the stronger loan growth to robust production in non-CRE categories and significant delays in CRE payoffs. EVP & CFO, Thomas Owens, confirmed there is further upside to profitability, driven by operating leverage and potential margin expansion, while noting that ROTCE performance will be a function of capital management. President & CEO, Duane Dewey, added that disciplined expense control from the 'Fit to Grow' initiative has also been a significant contributor to improved profitability.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods (KBW) inquired about the drivers for the upgraded loan growth guidance and the outlook for future profitability, specifically asking if there is potential for further margin expansion.

    Answer

    Robert Harvey, EVP and Chief Credit & Operations Officer, attributed the loan growth to strong production in non-CRE categories and delayed payoffs in the CRE portfolio. EVP & CFO Thomas Owens confirmed there is upside to profitability from operating leverage and potential NIM expansion, while noting ROTCE will be a function of capital management. President & CEO Duane Dewey added that disciplined expense control from the 'Fit to Grow' initiatives has also been a significant contributor.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods inquired about the drivers for the upgraded loan growth guidance to mid-single digits and sought insights on the future trajectory of profitability metrics like ROA and ROTCE, questioning if further margin expansion is anticipated.

    Answer

    Robert Harvey, EVP and Chief Credit & Operations Officer, attributed the loan growth to strong production in non-CRE categories and delayed payoffs in the CRE portfolio. Thomas Owens, EVP & CFO, confirmed potential for further profitability upside through operating leverage and potential NIM expansion, noting that ROTCE will be a function of capital management. President & CEO Duane Dewey added that disciplined expense control from the 'Fit to Grow' initiatives has also been a significant contributor.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor of KBW inquired about the drivers behind the upgraded loan growth guidance and sought a bigger-picture perspective on the sustainability of Trustmark's rising profitability metrics.

    Answer

    Robert Harvey, EVP and Chief Credit & Operations Officer, attributed the stronger loan growth to a mix of robust production in non-CRE categories and delayed CRE payoffs. Thomas Owens, EVP & CFO, stated that profitability has further upside from operating leverage and potential NIM expansion, while noting ROTCE will be influenced by capital management strategies like share repurchases. President & CEO Duane Dewey added that disciplined expense control from the 'Fit to Grow' initiative has also been a significant contributor.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor of KBW inquired about the drivers for the upgraded loan growth guidance and the outlook for future profitability, particularly ROA and ROTCE.

    Answer

    Robert Harvey, EVP and Chief Credit & Operations Officer, attributed the loan growth to strong production in non-CRE categories and delayed CRE payoffs. EVP & CFO Thomas Owens added that profitability has upside from operating leverage and potential NIM expansion, with ROTCE being a function of capital management. President & CEO Duane Dewey also highlighted the positive impact of past expense control initiatives.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q2 2025

    Question

    Catherine Mealor inquired about the drivers for the upgraded loan growth guidance to mid-single digits and sought insights on the future trajectory of profitability metrics like ROA and ROTCE, questioning if further margin expansion is anticipated.

    Answer

    Robert Harvey, EVP and Chief Credit & Operations Officer, attributed the stronger loan growth to robust production in non-CRE categories and significant delays in CRE loan payoffs. EVP & CFO Thomas Owens confirmed potential for further profitability upside through operating leverage and balance sheet growth, noting that ROTCE performance will be influenced by capital management strategies like the ongoing share repurchase program. President & CEO Duane Dewey added that disciplined expense control from the 'Fit to Grow' initiatives has also been a significant contributor to improved profitability.

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    Catherine Mealor's questions to TRUSTMARK (TRMK) leadership • Q4 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods asked for details on the full-year margin guidance, specifically regarding loan pricing, and questioned the drivers behind the low single-digit loan growth forecast.

    Answer

    CFO Thomas Owens explained that the primary driver for the net interest margin is the expected decline in deposit costs from the short-duration time deposit book, supplemented by a 1-2 basis point tailwind from fixed-rate loan repricing. Chief Credit and Operations Officer Robert Harvey added that loan spreads are stable. Regarding loan growth, Harvey noted that while production pipelines are strong, the guidance accounts for potential maturities from the high-production years of 2021-2022, though many customers are exercising extension options. CEO Duane Dewey also highlighted increasing C&I and equipment finance pipelines.

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    Catherine Mealor's questions to SMARTFINANCIAL (SMBK) leadership

    Catherine Mealor's questions to SMARTFINANCIAL (SMBK) leadership • Q2 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods (KBW) asked for details on the net interest margin, including the cost of new deposits and yield on new loans, the rate cut assumptions in the NIM guidance, and the outlook for expense growth.

    Answer

    EVP & CFO Ron Gorczynski provided specifics, noting new loan production yields were 7.11% and new deposit costs are expected in the 3.5-3.6% range. He confirmed the NIM guidance of 2-3 bps expansion per quarter assumes two 25 bps rate cuts in late 2025, which could add 1-2 bps of lift. He also guided for Q3/Q4 non-interest expense to be in the $33.8M-$34.0M range. President & CEO William Carroll affirmed that maintaining positive operating leverage remains a key focus.

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    Catherine Mealor's questions to SMARTFINANCIAL (SMBK) leadership • Q1 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods asked about the sensitivity of the net interest margin (NIM) guidance to potential Fed rate cuts, current pricing trends for new loans, and the cost of new deposits.

    Answer

    CFO Ronald Gorczynski stated the bank is slightly liability-sensitive and would see a slight benefit from Fed cuts, with the current guidance assuming a September cut. He noted new loan originations yielded 7.29% in Q1. President and CEO William Carroll added that new loan production is around 7%, and while competition is increasing, they are holding firm on pricing. Gorczynski mentioned new CD and money market costs are around 3.50-3.60%, with overall new business remaining accretive to the current margin.

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    Catherine Mealor's questions to SMARTFINANCIAL (SMBK) leadership • Q3 2024

    Question

    Catherine Mealor requested a follow-up on the net interest margin, asking for near-term commentary on deposit costs, including spot rates at the end of the quarter. She also sought to understand how quickly the projected 40% downward deposit beta would materialize given the bank's level of indexed deposits.

    Answer

    CFO Ronald Gorczynski explained that roughly 40% of the deposit base is indexed and reprices quickly with rate movements. He noted that new non-brokered deposit production in September was at 3.81%. Gorczynski confirmed that the 40% beta is expected to be realized promptly, without a significant lag.

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    Catherine Mealor's questions to Bank OZK (OZK) leadership

    Catherine Mealor's questions to Bank OZK (OZK) leadership • Q2 2025

    Question

    Catherine Mealor requested commentary on trends in the life science portfolio, given recent appraisal data, and asked for an explanation for the quarterly increase in special mention loans.

    Answer

    President Brannon Hamblen acknowledged that the life science sector is muted but noted some positive leasing activity and continued sponsor support. Chairman & CEO George Gleason added that the increase in special mention loans was part of the 'normal ebb and flow' related to ongoing sponsor negotiations and was not a cause for significant concern, a pattern seen in prior quarters.

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    Catherine Mealor's questions to Bank OZK (OZK) leadership • Q4 2024

    Question

    Catherine Mealor inquired about the potential impact of a sustained higher interest rate environment on credit risk and new origination volumes for both the RESG and CIB divisions. She also asked for an outlook on loan paydown activity and whether extension trends might change.

    Answer

    President of CIB Jake Munn stated that CIB is well-positioned to grow in the current rate environment as it is actively acquiring new clients. President Paschall Hamblen noted that the real estate market is adjusting, with factors like lower land prices supporting new RESG deal flow. Chairman and CEO George Gleason added that while Q4 RESG originations were low, the pipeline of signed term sheets is strong. He confirmed that paydowns are expected to remain elevated as sponsors accept the current rate environment as the new normal.

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    Catherine Mealor's questions to Bank OZK (OZK) leadership • Q3 2024

    Question

    Catherine Mealor questioned the significant shift of loans from construction to non-residential CRE, the associated paydown risk, the evolving risk analysis for these loans, and asked for color on a large special mention credit.

    Answer

    President Brannon Hamblen confirmed the loan shift is a natural result of projects reaching completion. CEO George Gleason agreed these completed loans are more likely to be refinanced but emphasized that risk analysis evolves to focus on leasing and sales, with sponsor support being the critical factor. Gleason declined to discuss specific special mention credits, citing customer privacy, but directed her to portfolio breakdown data in the management comments.

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    Catherine Mealor's questions to HOME BANCSHARES (HOMB) leadership

    Catherine Mealor's questions to HOME BANCSHARES (HOMB) leadership • Q2 2025

    Question

    Catherine Mealor asked for an update on the expected timing of the remaining $30 million in recoveries from prior charge-offs, questioned if M&A activity would pause the stock buyback, and sought clarification on the size and structure of potential acquisitions.

    Answer

    President & Chief Lending Officer Kevin Hester projected recoveries at roughly $1 million per quarter on a recurring basis, with potential for larger, irregular recoveries. Chairman & CEO John Allison stated that buybacks would likely continue unless capital is needed for a deal. He also clarified he is looking at acquisitions in the $4 billion to $6 billion asset range and that while stock is the preferred currency, a 10-20% cash component is possible.

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    Catherine Mealor's questions to HOME BANCSHARES (HOMB) leadership • Q1 2025

    Question

    Catherine Mealor asked about the future expense run rate, questioning if expenses would decline after the non-recurring $2 million in legal fees. She also inquired about new loan production yields amid intense competition and the margin's sensitivity to potential Federal Reserve rate cuts.

    Answer

    Executive John Allison indicated that the current expense level of around $111 million is a good run rate to expect going forward. Executive John Tipton added that new loan coupons were strong at 7.75% in Q1, and while competition is quoting lower, the bank remains disciplined. Regarding rate cuts, he noted that while their ALCO model shows some sensitivity, their internal budget projected margin expansion even with cuts, and they would be pleased to maintain the margin in the current 4.40% range.

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    Catherine Mealor's questions to HOME BANCSHARES (HOMB) leadership • Q4 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about the loan growth outlook for 2025, particularly in a 'higher for longer' interest rate environment, and whether the strong 4.42% exit net interest margin (NIM) is expected to expand or remain stable.

    Answer

    Chairman John Allison stated that a 'higher for longer' rate environment benefits the company and that the current earnings run rate is strong, though loan growth may be slow in Q1 before picking up. CEO Stephen Tipton added that he would be pleased to maintain the NIM in its current range, noting the potential to reprice the CD book downward.

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    Catherine Mealor's questions to HOME BANCSHARES (HOMB) leadership • Q3 2024

    Question

    Catherine Mealor drilled down on the net interest margin, asking about loan and deposit beta assumptions in an easing cycle, the composition of floating-rate loans, and which deposit products have been most responsive to rate cuts.

    Answer

    CEO Stephen Tipton responded that while there are repricing opportunities on roughly $1 billion in loans, the goal is a flattish margin. He detailed that of the $5.5 billion in variable-rate loans, most are tied to SOFR or Wall Street Journal Prime. Rate reductions have been most successful on negotiated money market products, while CD pricing remains competitive.

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    Catherine Mealor's questions to SYNOVUS FINANCIAL (SNV) leadership

    Catherine Mealor's questions to SYNOVUS FINANCIAL (SNV) leadership • Q2 2025

    Question

    Catherine Mealor of KBW asked about the cost and duration of recent borrowings and inquired about the current yields on the bank's fixed-rate and floating-rate loan books.

    Answer

    EVP & CFO Jamie Gregory identified the borrowings as FHLB advances near SOFR rates and expects core deposit growth to fund loan growth in H2. He noted the floating-rate book is 64% of total loans with spreads around 250 bps over SOFR, while the mortgage portfolio yield is in the mid-4s.

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    Catherine Mealor's questions to SYNOVUS FINANCIAL (SNV) leadership • Q1 2025

    Question

    Catherine Mealor inquired about trends in loan paydown activity and its potential risk to growth, and also asked about the competitiveness of loan pricing.

    Answer

    CEO Kevin Blair noted that commercial payoff activity, while still elevated, is abating and is not considered a major headwind to the loan growth guidance. He acknowledged the loan pricing market is competitive, but stated that new production yields, while lower than the prior quarter, still provide a healthy spread over new deposit costs and are in line with the bank's forecasts and return hurdles.

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    Catherine Mealor's questions to SYNOVUS FINANCIAL (SNV) leadership • Q4 2024

    Question

    Catherine Mealor requested details on deposit cost trends throughout the fourth quarter, including the exit rate, and asked for more color on the growth in the commercial real estate (CRE) pipeline and its sensitivity to interest rates.

    Answer

    CFO Jamie Gregory noted that deposit production rates declined significantly in Q4, particularly in money markets. CEO Kevin Blair pointed to presentation slide 32, showing the December average deposit cost was 2.39%, below the quarterly average. Regarding CRE, Blair stated that as market activity picks up, their bankers are re-engaging in lending, resulting in the highest committed production level in two years.

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    Catherine Mealor's questions to SYNOVUS FINANCIAL (SNV) leadership • Q3 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods asked for a quantification of the expected benefit from fixed-rate loan repricing in 2025 and for details on the repricing cadence of the variable-rate loan portfolio.

    Answer

    CFO Jamie Gregory quantified the fixed-rate repricing impact at approximately 15 basis points of margin benefit for both 2025 and 2026. He broke down the variable-rate book, explaining that with 62% of loans being floating rate, the bank anticipates a loan beta in the low 50s and a total asset beta in the low-to-mid 40s during the easing cycle.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Catherine Mealor from KBW asked about the key drivers behind the improved earnings outlook for Bankers Healthcare Group (BHG), the reason for the decline in the BHG equity investment on the balance sheet, and the current cost of incremental deposits.

    Answer

    CFO Harold Carpenter explained that the improved BHG outlook is driven by both strong production and, more significantly, better-than-expected credit performance. The decline in the equity investment was due to a sizable dividend payment from BHG. Regarding funding, Carpenter stated that new interest-bearing deposits are being added at a cost of approximately $3.50 to $3.60, about 50 basis points above the current book value.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked about the primary drivers behind the improved earnings outlook for Bankers Healthcare Group (BHG), the reason for the decline in the BHG equity investment on the balance sheet, and the cost of incremental deposits.

    Answer

    CFO Harold Carpenter explained that the stronger BHG outlook is a result of both better-than-anticipated credit performance and robust production. He clarified that the equity investment declined due to a sizable dividend payment from BHG. Regarding funding, Carpenter noted that new interest-bearing deposits are being added at rates in the $3.50 to $3.60 range, approximately 50 basis points above the current book cost.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Catherine Mealor from KBW asked about the key drivers for the improved earnings outlook at Bankers Healthcare Group (BHG), the reason for the decline in the BHG equity investment on the balance sheet, and the current cost of incremental deposits.

    Answer

    CFO Harold Carpenter attributed the stronger BHG outlook to both better-than-anticipated credit performance and robust production growth. He explained that the equity investment declined due to a sizable dividend payment from BHG. On funding, Carpenter noted that new interest-bearing deposits are being added at a rate approximately 50 basis points above the portfolio's book rate, in the $3.50 to $3.60 range.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q1 2025

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about the expected movement in lines of credit and how that factors into the growth outlook. She also asked for an update on the net interest margin (NIM) sensitivity to the changing rate environment.

    Answer

    Harold Carpenter (Executive) and M. Turner (Executive) explained that line utilization for C&I clients is stable and that growth is driven by adding new clients via their market share strategy, not a change in utilization. On the NIM, Carpenter noted that while there's more risk to the back-half expansion due to uncertainty, the bank is well-positioned to manage through 1-4 rate cuts, with the shape of the yield curve being the most critical factor.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q4 2024

    Question

    Catherine Mealor questioned why the 2025 fee growth guidance of 8-10% is lower than the growth achieved in 2024 and asked if the net interest income (NII) growth target assumes NIM expansion throughout the year.

    Answer

    Harold Carpenter (executive) explained the fee guidance contains conservatism and that 2024 benefited from some lumpy, one-off items, particularly from other equity investments. M. Turner (executive) added that his personal goal is to exceed the targets. Harold Carpenter confirmed that the NII guide does assume NIM expansion during 2025, contingent on an improving yield curve.

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    Catherine Mealor's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q3 2024

    Question

    Catherine Mealor questioned if double-digit NII growth is achievable in 2025 given the strong balance sheet growth potential. She also asked for commentary on the drivers of the strong fee income, particularly service charges, and whether any part of the Q3 fee run rate was elevated.

    Answer

    Executive Harold Carpenter noted a strong historical correlation between loan growth and NII growth, and while not providing a specific 2025 target, he expressed optimism for loan growth to be better than in 2024. On fees, he explained that the growth in service charges was driven by a detailed review of commercial analysis accounts to ensure proper pricing for services. He cautioned that the Q3 fee income included about $4.5 million from non-recurring items (gain on sale of fixed assets and fair value adjustments) that should not be expected to repeat in Q4.

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    Catherine Mealor's questions to HANCOCK WHITNEY (HWC) leadership

    Catherine Mealor's questions to HANCOCK WHITNEY (HWC) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked for more detail on the net interest margin (NIM) outlook, its sensitivity to potential rate cuts, and the expense contribution from the recent Sable Trust acquisition.

    Answer

    CFO Michael Achary explained that the NIM outlook remains positive, with minimal impact from potential rate cuts in 2025. He anticipates modest NIM expansion driven by a stable DDA mix, lower deposit costs, and loan growth. He also specified that the Sable acquisition added approximately $2.5 million to expenses in Q2 for two months of operations.

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    Catherine Mealor's questions to HANCOCK WHITNEY (HWC) leadership • Q1 2025

    Question

    Catherine Mealor from KBW asked for an update on the producer hiring plan and its impact on the loan growth outlook, which appears to be pushed to the second half of the year. She also questioned the company's current stance on M&A versus organic growth and buybacks, considering the stock's valuation.

    Answer

    CEO John Hairston stated that the company hired 4 producers in Q1 and is on track for its annual goal of 20-30, and that market volatility will not deter this offensive strategy. He noted that while Q1 loan growth was impacted by late-quarter payoffs, pipelines look strong for Q2. CFO Michael Achary followed up by confirming that depository M&A is not a current focus due to market conditions and valuation. He emphasized that the immediate capital priorities are dividends and share repurchases, coupled with executing the organic growth plan.

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    Catherine Mealor's questions to HANCOCK WHITNEY (HWC) leadership • Q4 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods asked for color on the increase in criticized commercial loans and sought clarification on the guidance for 'modest' charge-offs and provision in 2025.

    Answer

    Chief Credit Officer Chris Ziluca noted the increase in criticized loans was in line with peers and spread across sectors like consumer discretionary and healthcare, viewing the issues as transitory. CEO John Hairston emphasized there were no significant concentrations. CFO Michael Achary clarified that 'modest' charge-offs imply a range in the upper teens to low 20s basis points of average loans.

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    Catherine Mealor's questions to HANCOCK WHITNEY (HWC) leadership • Q3 2024

    Question

    Catherine Mealor asked about the structural outlook for the net interest margin (NIM) into 2025 and whether M&A would become a more significant part of the growth strategy to supplement organic efforts.

    Answer

    CFO Michael Achary stated that significant repricing opportunities in the bond and CD portfolios provide a tailwind for the NIM into 2025. However, he emphasized that sustained NIM and NII expansion in a down-rate environment will require balance sheet growth. Regarding M&A, Achary confirmed that the bank's primary plan is built on organic growth and they do not plan for acquisitions, though they would evaluate opportunities that arise.

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    Catherine Mealor's questions to FB Financial (FBK) leadership

    Catherine Mealor's questions to FB Financial (FBK) leadership • Q2 2025

    Question

    Catherine Mealor from Keefe, Bruyette & Woods (KBW) asked for clarification on the Q3 net interest margin guidance of $3.70 to $3.80, specifically how to model the balance sheet after the securities portfolio restructurings at both FB Financial and Southern States. She also inquired about the loan growth pipeline, reasons for delayed closings, and confirmation of new loan yields.

    Answer

    CFO Michael Mettee confirmed that Southern States' investment portfolio was largely sold, with proceeds used to pay down brokered deposits, and that new loan yields were coming in north of 7%. CEO Chris Holmes and Chief Banking Officer Travis Edmonson added that the mid-to-high single-digit loan growth outlook remains intact, attributing the slower Q2 growth to timing on a few large deals and some unexpected payoffs, while noting that client activity and pipelines remain strong.

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    Catherine Mealor's questions to FB Financial (FBK) leadership • Q1 2025

    Question

    Catherine Mealor questioned the increase in the expense run rate, noting that the Q2 guide implies a full-year growth rate of around 9%, higher than the 4-5% previously discussed. She also asked about the potential risk from CRE paydowns in the latter half of the year and its sensitivity to interest rates.

    Answer

    CFO Michael Mettee clarified that Q1 expenses were elevated due to seasonal compensation items like payroll taxes and 401(k) match restarts, as well as performance-based awards. He stated that a 9% growth rate is not the target and that full-year growth should be in the 5-6% range as these lumpy items normalize. Regarding CRE, Mettee and Chief Bank Officer Travis Edmondson noted that while payoffs occurred when rates dipped, this is part of the normal business cycle with recurring customers, and they don't expect significant changes to this dynamic.

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    Catherine Mealor's questions to FB Financial (FBK) leadership • Q4 2024

    Question

    Catherine Mealor asked about the current competitive landscape for deposit costs, the outlook for net interest margin in a 'higher for longer' rate environment, and the primary sources of loan growth between C&I and CRE.

    Answer

    Executive Michael Mettee described the deposit market as competitive, with new deposits costing 80-90% of the Fed funds rate, but projected modest NIM expansion of 1-2 basis points per quarter in a stable rate environment. Executive Travis Edmondson added that while growth opportunities exist in both C&I and CRE, the bank has concentrated on C&I to manage CRE exposure, actively passing on some CRE opportunities.

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    Catherine Mealor's questions to FB Financial (FBK) leadership • Q3 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods, Inc. requested the expected end-of-quarter yield for the bond portfolio following the recent restructuring. She also asked about the outlook for loan yields given repricing dynamics and new production, and sought commentary on the credit quality and performance of the bank's manufactured housing loan portfolio.

    Answer

    Executive Michael Mettee projected the bond portfolio yield would be slightly north of 4% by the end of Q4. He noted that while overall loan yields were flat due to construction loan payoffs, new originations were coming on around 7.80%. Regarding the manufactured housing book, Mettee stated that while past dues have normalized to pre-COVID levels, charge-offs remain low at around 30 basis points, and the portfolio is well-reserved. Executive Christopher Holmes added that the bank's charge-off history in this segment is strong and the rise in past dues was an expected normalization post-stimulus.

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    Catherine Mealor's questions to Ameris Bancorp (ABCB) leadership

    Catherine Mealor's questions to Ameris Bancorp (ABCB) leadership • Q1 2025

    Question

    Catherine Mealor inquired about the resilience of Ameris Bank's loan yields, seeking to understand the drivers and future outlook, and asked why the net interest margin outperformed guidance.

    Answer

    EVP & CFO Nicole Stokes attributed the strong loan yields to high-yielding new production, particularly from the core bank at 8%, and the short, 10-month maturity of the premium finance portfolio, which behaves like a variable-rate asset. Stokes clarified that the margin beat was due to stronger-than-expected core deposit growth, which reduced the need for higher-cost wholesale funding to replace seasonal public fund outflows. She anticipates future margin pressure will stem from the deposit side as loan growth accelerates.

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    Catherine Mealor's questions to Ameris Bancorp (ABCB) leadership • Q4 2024

    Question

    Catherine Mealor of Keefe, Bruyette & Woods inquired about Ameris's net interest margin (NIM) outlook for 2025 following the strong Q4 expansion and asked for guidance on the run rate for SBA fee income.

    Answer

    CFO Nicole Stokes explained that approximately 10 basis points of the Q4 NIM expansion to 3.64% were temporary, stemming from a public funds influx and deposit repricing lags. She guided toward a more sustainable NIM in the 3.50% to 3.55% range. For noninterest income, Stokes projected a 5% to 7% growth rate, excluding mortgage, and confirmed the elevated Q4 SBA income level serves as a good starting run rate for 2025.

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    Catherine Mealor's questions to Veritex Holdings (VBTX) leadership

    Catherine Mealor's questions to Veritex Holdings (VBTX) leadership • Q1 2025

    Question

    Catherine Mealor questioned the risk of the strong loan pipeline not funding through due to market volatility and asked for a breakdown of the pipeline's composition between CRE and C&I.

    Answer

    CEO Malcolm Holland expressed high confidence in the pipeline, citing stronger-than-ever underwriting with high equity requirements (40-50%) and top-tier sponsors. CFO Terry Earley estimated the pipeline is approximately two-thirds C&I and one-third CRE. He noted higher confidence in the CRE portion funding through, given Texas's growth, while acknowledging more risk on the C&I side due to factors like lower revolver utilization.

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    Catherine Mealor's questions to Veritex Holdings (VBTX) leadership • Q1 2025

    Question

    Catherine Mealor from KBW followed up on the loan growth outlook, asking about the potential risk of the strong loan pipeline not funding due to market volatility and requesting a breakdown of the pipeline between Commercial Real Estate (CRE) and Commercial & Industrial (C&I) loans.

    Answer

    Chairman and CEO Malcolm Holland conveyed high confidence in the loan pipeline's quality, citing strong underwriting standards, significant client equity (40-50%), and a focus on top-tier sponsors. CFO Terry Earley estimated the pipeline is approximately two-thirds C&I and one-third CRE. He added that he has greater confidence in the CRE portion funding due to strong in-migration trends in Texas, whereas the C&I side carries a higher risk of lower pull-through rates, as evidenced by recent declines in revolver utilization.

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    Catherine Mealor's questions to Veritex Holdings (VBTX) leadership • Q1 2025

    Question

    Catherine Mealor questioned the potential risk of the loan pipeline not funding due to market volatility and asked for a breakdown of the pipeline's composition between CRE and C&I.

    Answer

    CEO Malcolm Holland conveyed high confidence in the loan pipeline's quality, emphasizing strong underwriting standards, high sponsor equity levels of 40-50%, and relationships with top-tier clients. CFO Terry Earley estimated the pipeline is approximately two-thirds C&I and one-third CRE. He added that he has greater confidence in the CRE portion funding due to strong Texas in-migration, whereas the C&I portion carries a slightly higher risk of lower pull-through, as evidenced by recent declines in revolver utilization.

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    Catherine Mealor's questions to Veritex Holdings (VBTX) leadership • Q3 2024

    Question

    Catherine Mealor of KBW followed up on the net interest margin (NIM) outlook for 2025, asking if strong deposit repricing could offset asset sensitivity to maintain a stable margin. She also requested an outlook for the USDA loan business and how to model its performance.

    Answer

    CFO Terry Earley stated that he does not foresee NIM expanding in 2025, expecting it to stabilize in the 3.20s range as rate cuts occur. He acknowledged strong new loan spreads but emphasized the focus on execution and deploying excess cash. CEO Malcolm Holland described the USDA business as inherently lumpy and difficult to model, explaining the strategy is to shift toward smaller loans and create synergies with the SBA division. Earley added the goal is to return to 2023's total government-guaranteed fee income levels, with a heavier weighting toward SBA.

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    Catherine Mealor's questions to Stellar Bancorp (STEL) leadership

    Catherine Mealor's questions to Stellar Bancorp (STEL) leadership • Q3 2024

    Question

    Catherine Mealor of KBW requested details on loan yield repricing dynamics, the average cost of new deposits added during the quarter, and a confirmation of the core net interest margin outlook amid potential Fed rate cuts.

    Answer

    CFO Paul Egge clarified the loan mix is approximately 55% fixed and 45% variable, with significant upward repricing opportunity. President and Bank CEO Ramon Vitulli added that new loans were originated at a weighted average rate of 7.58% and renewals at 8.47%. Vitulli also noted new deposits came on at a rate 40 basis points lower than the prior quarter. Egge concluded that they have strong confidence in their ability to defend the net interest margin, with potential for upside.

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    Catherine Mealor's questions to FBMS leadership

    Catherine Mealor's questions to FBMS leadership • Q2 2024

    Question

    Asked about the loan yield outlook, fixed-rate repricing opportunities, the expected size of seasonal public fund outflows, and the expense forecast for the remainder of the year.

    Answer

    The Q2 loan yield dip was partly due to lower one-time fees, not just pricing pressure. New loans are still originating near 8%, and with about $250 million in fixed-rate loans repricing from the low 6% range, the overall portfolio yield is expected to continue rising. Public fund outflows are seasonal and could total another $100+ million this year. The expense run rate is expected to remain in line with the full-year guidance of $176-177 million.

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    Catherine Mealor's questions to FBMS leadership • Q1 2024

    Question

    The analyst inquired about the potential activity level for the new share buyback authorization, the net interest margin outlook in a 'higher for longer' rate environment, and the expected trend for loan yields.

    Answer

    The company views the buyback as a price-sensitive tool, more attractive in the low $20s rather than the current $25 price. Regarding the margin, they believe it could still see an increase even without Fed rate cuts, driven by loan repricing and redeploying cash flows from the securities portfolio. They confirmed that the pace of loan yield increases is expected to moderate.

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    Catherine Mealor's questions to FBMS leadership • Q4 2023

    Question

    Inquired about the drivers of Q4 margin compression, the 2024 margin outlook with and without rate cuts, the impact of the bond restructure, the repricing dynamics of the fixed-rate loan portfolio, and the company's M&A outlook.

    Answer

    Executives attributed Q4 margin pressure to higher-than-expected repricing of the existing deposit book. They project about 8 bps of margin expansion in 2024 from a lower base, plus another 8 bps from the bond restructure, and expect to benefit from rate cuts due to their liability-sensitive position. They confirmed about $100 million in fixed-rate loans reprice quarterly with a ~250 bps yield pickup. On M&A, they are internally focused for H1 2024 but may consider deals in H2.

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    Catherine Mealor's questions to IBTX leadership

    Catherine Mealor's questions to IBTX leadership • Q1 2024

    Question

    Sought to quantify the expected pace of loan yield expansion, the potential stabilization point for deposit costs in a static rate environment, and the cost of new incoming deposits.

    Answer

    Executives stated that a 10 basis point quarterly increase in loan yields is a floor and should accelerate. They are confident in their ability to control deposit costs by replacing higher-cost wholesale funds with new core deposits, which are coming in at a blended rate lower than brokered funds (with popular products priced up to ~5%).

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    Catherine Mealor's questions to UNITED BANKSHARES INC/WV (UBSI) leadership

    Catherine Mealor's questions to UNITED BANKSHARES INC/WV (UBSI) leadership • Q2 2017

    Question

    Catherine Mealor of Keefe, Bruyette & Woods, Inc. inquired about the performance of loan yields, competitive pricing pressures, the impact of a flatter yield curve, and the portion of the loan book that would reprice with recent rate hikes.

    Answer

    CFO Bruce Thomas explained that while competitive pressures exist, the bank is being defensive on pricing and expects loan yields to rise with future rate increases. CEO Rex Smith added that the loan portfolio is approximately 50% variable rate, with most loans having reached their interest rate floors, allowing for immediate positive impact from subsequent rate hikes.

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    Catherine Mealor's questions to ESXB leadership

    Catherine Mealor's questions to ESXB leadership • Q4 2016

    Question

    Catherine Mealor from KBW inquired about the company's strategy for deploying excess liquidity from Q4 and its outlook for the net interest margin. She also asked how the recent increase in the company's stock price might influence its M&A strategy and appetite for acquisitions.

    Answer

    President and CEO Rex Smith explained that the company preemptively raised funds with a CD promotion before the December rate hike, temporarily placing the liquidity in short-term treasuries to benefit capital ratios and lower franchise tax. He stated these funds would be rolled into the loan portfolio during 2017. Regarding M&A, Smith confirmed that the stronger stock currency makes acquisitions more attractive and that the company is actively exploring opportunities within its Mid-Atlantic footprint.

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    Catherine Mealor's questions to UNION BANKSHARES (UNB) leadership

    Catherine Mealor's questions to UNION BANKSHARES (UNB) leadership • Q4 2015

    Question

    Catherine Mealor asked about the expected OREO cost run rate for 2016 following recent write-downs, the projected quarterly expense run rate by mid-2016 considering branch consolidation savings, and the outlook for the mortgage business, including TRID impacts and the timeline for returning to profitability.

    Answer

    CFO Rob Gorman projected OREO costs would decline to the $500,000 to $700,000 quarterly range and estimated the overall expense run rate would be around $53 million by mid-2016. EVP Jeff Farrar stated that while the national mortgage market is expected to contract, Union projects growth through new LO hires and operational efficiencies, anticipating a return to profitability in 2016. CEO Bill Beale and CFO Rob Gorman added that the impact from TRID has normalized, though closing times remain elongated at around 45 days.

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