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    Jared Shaw

    Senior Equity Research Analyst at Barclays

    Jared Shaw is a Senior Equity Research Analyst at Barclays specializing in the financial sector with a particular focus on U.S. banks and financial institutions such as Synovus and Signature Bank. He has covered 43 companies, issuing over 590 ratings, with a reported success rate ranging from 47% to 52.47% and an average return per rating of -2.4%, positioning him in the lower third of Wall Street analyst rankings by performance. Shaw has been issuing analyst ratings since at least 2014 and has built his career at Barclays, without publicly listed prior employers, while gaining recognition for his consistent coverage of regional and national financial firms. He holds standard professional credentials required for equity research analysts, which typically include FINRA registration and securities licenses, reflecting his compliance with industry regulatory standards.

    Jared Shaw's questions to CULLEN/FROST BANKERS (CFR) leadership

    Jared Shaw's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital inquired about the dynamics of loan growth, specifically the competition on pricing versus structure, and also asked about the bank's capital management strategy given the high CET1 ratio.

    Answer

    CEO Phillip Green explained that while price competition is increasing, the bank is more concerned with competitors loosening structural standards, a practice Frost avoids. He noted Frost's low funding cost allows it to compete effectively on price. Regarding capital, CFO Dan Geddes and CEO Phillip Green stated their priority is protecting the dividend and building capital for future organic growth, with no immediate plans for share repurchases at the current stock price. They confirmed a focus on growing the Tangible Common Equity (TCE) ratio.

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    Jared Shaw's questions to CULLEN/FROST BANKERS (CFR) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital inquired about the competitive landscape for loan growth, specifically the dynamics between pricing and structure, and also asked about the company's capital utilization strategy given its high CET1 ratio.

    Answer

    Chairman and CEO Phillip Green explained that Cullen/Frost is willing to compete aggressively on price but not on credit structure, which he sees as a sign of market aggression. CFO Dan Geddes stated that the primary focus for capital is protecting and growing the dividend and building the capital base, with no immediate plans for share repurchases at the current stock price. Phillip Green added that the focus is on growing Tangible Common Equity (TCE).

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    Jared Shaw's questions to UMB FINANCIAL (UMBF) leadership

    Jared Shaw's questions to UMB FINANCIAL (UMBF) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital asked about the potential impact of legislative changes to Health Savings Accounts (HSAs) on UMB's long-term deposit and fee growth. He also inquired about the expected long-term expense growth rate for the combined company in 2026 after all merger-related cost savings are realized.

    Answer

    President Jim Rine characterized the HSA changes as a 'marginal' opportunity rather than a 'huge windfall,' noting the newly eligible population is smaller than first anticipated and will require significant education. On expenses, CFO Ram Shankar and CEO Mariner Kemper confirmed they are on track for targeted cost saves but declined to give a specific growth rate, emphasizing their focus on achieving positive operating leverage and funding only investments with clear ROI.

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    Jared Shaw's questions to UMB FINANCIAL (UMBF) leadership • Q1 2025

    Question

    Jared Shaw inquired about deposit pricing actions related to the Heartland deal, drivers of DDA growth, the timing of future cost saves, and potential impacts from tariffs on the agriculture portfolio.

    Answer

    CEO J. Kemper and CFO Ram Shankar confirmed no major deposit repricing occurred, attributing DDA growth to typical institutional client volatility. They stated the next significant cost saves will materialize after the Q4 systems conversion. On tariffs, Kemper noted it's too early for a definitive impact, but clients are currently able to pass on costs and UMB's commercial focus provides insulation.

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    Jared Shaw's questions to UMB FINANCIAL (UMBF) leadership • Q4 2024

    Question

    Jared David Shaw asked about the impact of Heartland's (HTLF) Q4 performance on UMB's initial credit marks for the acquisition, the status of the planned $2 billion securities sale from HTLF's portfolio, clarification on UMB's standalone expense run rate, and the drivers behind its targeted CRE growth.

    Answer

    Chairman and CEO J. Kemper confirmed that the core strategic and financial assumptions of the HTLF deal, including capital levels and deposit stability, remain intact despite some puts and takes. He noted that HTLF's customer deposits have actually grown. CFO Ram Shankar clarified that $250 million is a normalized quarterly expense run rate for standalone UMB, with a typical seasonal increase expected in Q1. J. Kemper added that UMB's interest in high-quality CRE remains consistent, not necessarily heightened.

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    Jared Shaw's questions to UMB FINANCIAL (UMBF) leadership • Q3 2024

    Question

    Jared David Shaw inquired about the source of funds for paying down wholesale borrowings, the expected trend for DDA balances, the potential for double-digit organic loan growth in 2025, and any updates on accretion estimates for the Heartland acquisition.

    Answer

    CFO Ram Shankar confirmed that excess cash was used to pay down borrowings and that cash balances would subsequently trend down. He advised focusing on average DDA balances, which were at a seasonal low in Q3 near $9.5 billion, and expects a build in Q4 from organic growth and public fund inflows. Chairman and CEO J. Kemper stated that while the Q4 loan pipeline looks strong, the bank doesn't see any impediments to its historical market-share-driven growth in 2025. On accretion, Kemper noted there were no updates and the next analysis would be at the deal's close, but that lower rates since the announcement are a positive.

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    Jared Shaw's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership

    Jared Shaw's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital sought to confirm the all-in decline for year-end 2025 loan levels after accounting for all strategic actions. He also asked for clarification on whether the valuation allowance on loans moved to held for sale was driven by rate or credit factors.

    Answer

    EVP & CFO David Della Camera confirmed that after including the impact of the indirect portfolio runoff and the held-for-sale loans from the branch transaction, the total loan decline would be in the 10-12% range for the year. He explicitly stated that the valuation allowance taken on the held-for-sale loans was a rate mark and purely reflective of interest rate changes, not credit deterioration.

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    Jared Shaw's questions to FIRST INTERSTATE BANCSYSTEM (FIBK) leadership • Q3 2024

    Question

    Jared Shaw of Barclays PLC questioned the net interest margin trajectory for Q4 and into 2025, the impact of any interest accrual reversals, the status of BTFP borrowings, and sought more color on the unique issues with the two charged-off metro office loans.

    Answer

    CFO Marcy Mutch projected continued margin expansion from the Q3 level of 2.97%, noting the September core margin was 3.03% and included any accrual reversals. She also stated no BTFP borrowings have been paid down, preserving flexibility. CEO Kevin Riley explained the office loan charge-offs were a proactive measure to write them down to realizable value and remove future earnings volatility from the portfolio.

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    Jared Shaw's questions to BANK OF HAWAII (BOH) leadership

    Jared Shaw's questions to BANK OF HAWAII (BOH) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital asked about the underlying trends in C&I lending, commercial customer sentiment, and the stability of DDA as a percentage of total deposits, which is holding around 26%.

    Answer

    CEO Peter Ho acknowledged a disappointing quarter for commercial loan growth, which was flat on a linked-quarter basis. President & Chief Banking Officer James Polk attributed this to market uncertainty and unusually high prepayments but noted that pipelines are building for a return to modest growth. Regarding deposits, Ho stated that while growing DDAs is a key focus, it remains highly competitive. He was encouraged by a 1% linked-quarter increase in average non-interest-bearing deposits.

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    Jared Shaw's questions to BANK OF HAWAII (BOH) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital asked about the underlying trends in Commercial & Industrial (C&I) loans, seeking insight into commercial customer sentiment and the loan pipeline. He also questioned the outlook for noninterest-bearing deposits (DDAs) as a percentage of total deposits.

    Answer

    Chairman & CEO Peter Ho acknowledged a disappointing quarter for commercial loan growth, attributing it to market uncertainty. President & Chief Banking Officer James Polk added that while unusually high prepayments impacted C&I balances, pipelines are building for a return to modest growth. Regarding deposits, Ho stated that while DDA growth is a key focus, the environment is competitive, but he was encouraged by a 1% linked-quarter increase in average noninterest-bearing deposits.

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    Jared Shaw's questions to BANK OF HAWAII (BOH) leadership • Q1 2025

    Question

    Jared David Shaw inquired about the feasibility of reaching the 2.50% net interest margin (NIM) target by year-end and the key drivers, including the potential for lower deposit costs. He also asked for the end-of-period deposit cost and if any qualitative assumptions for the ACL were changed.

    Answer

    Chairman and CEO Peter Ho confirmed the 2.50% NIM target is attainable, contingent on stable low-cost deposits and continued fixed-asset turnover, noting that potential rate cuts would be accretive. CFO Dean Shigemura provided the average March deposit cost at 1.6%, with the exit rate slightly higher. Chief Risk Officer Bradley Shairson stated that no significant qualitative factors for the allowance for credit losses (ACL) were changed during the quarter.

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    Jared Shaw's questions to BANK OF HAWAII (BOH) leadership • Q3 2024

    Question

    Jared Shaw from Barclays asked about the significant difference between end-of-period and average deposit balances, whether current DDA levels represent a stable base for future growth, and the total dollar exposure of the lodging portfolio subset that is most dependent on international visitors.

    Answer

    President and Chief Banking Officer James Polk attributed the end-of-period deposit growth to unexpected large public and commercial deposits, which he expects to moderate in Q4. Chairman and CEO Peter Ho stated that while the decline in noninterest-bearing deposits has slowed, the bank is not ready to declare an end to the negative trend. Regarding lodging, CFO Dean Shigemura and CEO Peter Ho explained it's difficult to isolate the exact exposure but it's a fraction of the total $700 million lodging portfolio, which is well-supported by strong sponsors and low LTVs.

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    Jared Shaw's questions to FIRST HAWAIIAN (FHB) leadership

    Jared Shaw's questions to FIRST HAWAIIAN (FHB) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital asked about the current spreads on new C&I loans, the reinvestment strategy for the securities portfolio, and the underlying reasons for the growth in residential mortgage non-performers.

    Answer

    CFO James Moses stated that C&I spreads are stable, with new loans coming on in the mid-to-upper 6% range. He also detailed the securities strategy, which involves reinvesting cash flows from 2% yielding assets into similar-duration mortgage securities yielding around 4-4.25%. CEO Robert Harrison and CRO Lea Nakamura explained that the rise in residential non-performers stems from stress on lower-end consumers but emphasized the loans have low LTVs and minimal expected loss content.

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    Jared Shaw's questions to FIRST HAWAIIAN (FHB) leadership • Q4 2024

    Question

    Jared David Shaw from Barclays questioned the outlook for interest-bearing deposit betas with potential rate cuts, the securities portfolio yield after the recent restructuring, and the sustainability of the strong DDA growth.

    Answer

    CEO Bob Harrison suggested that deposit betas would likely decline with subsequent rate cuts due to the already low deposit costs. CFO Jamie Moses clarified the restructured securities had a yield around 5% versus 2% for those sold, with the total portfolio yield at 2.10%. Harrison attributed the DDA growth primarily to strong execution by their teams rather than a significant shift in the competitive landscape.

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    Jared Shaw's questions to SouthState Bank (SSB) leadership

    Jared Shaw's questions to SouthState Bank (SSB) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital asked about the company's perspective on its position within the '$60B to $80B regulatory sweet spot' and how management sees this evolving, especially with potential regulatory changes for banks over $100 billion.

    Answer

    CEO John Corbett responded that at $66 billion in assets, the company is a long way from the $100 billion threshold and has significant time to continue building its infrastructure. He expressed confidence in the bank's risk management team and their ability to manage evolving regulatory expectations.

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    Jared Shaw's questions to SouthState Bank (SSB) leadership • Q1 2025

    Question

    Jared Shaw sought further clarity on the quarterly dollar amount of accretion to use for modeling purposes and asked about the allowance for credit losses, including sensitivity to economic forecasts and future provisioning.

    Answer

    Executive Stephen Young reiterated that focusing on the total loan yield, modeled in the $6.15 to $6.25 range, is the best approach, but agreed that a baseline quarterly accretion figure around $50 million, excluding accelerated payoffs, was a reasonable starting point. Executive William Matthews explained that the CECL model's scenario weightings are held constant but a qualitative factor for tariff uncertainty was added. He noted that absent this factor, the provision would have been negative, and future provisions will depend on changes in the economic outlook.

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    Jared Shaw's questions to FLAGSTAR FINANCIAL (FLG) leadership

    Jared Shaw's questions to FLAGSTAR FINANCIAL (FLG) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital inquired about the specifics of the Q2 securities purchase and whether the June exit net interest margin (NIM) of 1.88% already reflects the benefit from the recent FHLB payoff.

    Answer

    Senior Executive Vice President & CFO Lee Smith clarified that Flagstar accelerated $2 billion in agency CMO purchases with a weighted average coupon of 5.25% to optimize NIM. He confirmed that while the June exit NIM does not include the FHLB payoff benefit, it is factored into the company's forward-looking guidance for the remainder of the year.

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    Jared Shaw's questions to Cadence Bank (CADE) leadership

    Jared Shaw's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Jared Shaw asked about the sustainability of the strong core deposit growth, particularly in non-interest-bearing accounts, and whether there was more room for CD costs to decline. He also requested color on the drivers behind the migration in criticized and classified loans.

    Answer

    CEO Dan Rollins noted that while the DDA growth was positive, one quarter does not establish a trend. CFO Valerie Toalson confirmed there is an opportunity for CD costs to decline as maturing CDs at around 4% are replaced by new originations below 3.6%. President & Chief Credit Officer Chris Bagley attributed the increase in criticized loans to a few specific credits and the First Chatham merger, stating the levels remain within normal historical ranges.

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    Jared Shaw's questions to Cadence Bank (CADE) leadership • Q2 2025

    Question

    Jared Shaw of Barclays inquired about the sustainability of the strong core deposit and DDA growth seen in the quarter. He also asked if there was more room for CD costs to decline and sought color on the migration in criticized and classified loans.

    Answer

    Chairman and CEO Dan Rollins was cautious about calling one quarter's DDA growth a new trend. CFO Valerie Toalson confirmed there is an opportunity for CD costs to compress further, as maturing CDs have a higher rate than new originations. President & Chief Credit Officer Chris Bagley explained the increase in criticized loans was partly due to the First Chatham merger and a few select credits, remaining within normal ranges.

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    Jared Shaw's questions to Cadence Bank (CADE) leadership • Q4 2024

    Question

    Jared Shaw from Barclays questioned if the low-to-mid-single-digit loan growth guidance was overly conservative and whether it included the First Chatham acquisition. He also asked if this smaller M&A deal signals a new strategic preference and if it would preclude larger transactions.

    Answer

    CEO James Rollins clarified the guidance is for organic growth only and excludes the deal. An executive added that potential paydowns in construction lending are a wildcard. Rollins emphasized that the First Chatham deal was a strategic opportunity in a key market and does not represent a shift in M&A preference, nor does a transaction of its size slow them down from pursuing other, potentially larger, opportunities.

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    Jared Shaw's questions to POPULAR (BPOP) leadership

    Jared Shaw's questions to POPULAR (BPOP) leadership • Q2 2025

    Question

    Jared Shaw inquired if the large infrastructure deal signals accelerating deployment of federal funds and what to expect for similar large deals. He also asked for clarity on the fee income guide and the company's comfort with the current pace of share buybacks.

    Answer

    President and CEO Javier Ferrer stated that while federal fund deployment is increasing, a pipeline of similar large-scale public-private partnership financings should not be expected in the immediate future. CFO Jorge García added that fee income has seasonal strength in Q2 and Q4 and reiterated confidence in the updated guidance. He also confirmed that the current pace of share repurchases is considered reasonable, given the stock's attractive valuation.

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    Jared Shaw's questions to POPULAR (BPOP) leadership • Q2 2025

    Question

    Jared Shaw of Barclays asked if the recent large infrastructure loan indicates growing momentum from federal fund deployment, inquired about the outlook for fee income, and questioned the sustainability of the current share buyback pace.

    Answer

    President and CEO Javier Ferrer confirmed that federal funds are being deployed and more projects are expected, though he cautioned against expecting a near-term pipeline of similar large P3 financings. Executive VP & CFO Jorge García added that the updated fee income guidance reflects strong transactional activity, which is typically higher in Q2 and Q4. He also affirmed that the current share repurchase pace is "reasonable" and that the stock remains attractive.

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    Jared Shaw's questions to POPULAR (BPOP) leadership • Q4 2024

    Question

    On behalf of Jared Shaw, an analyst asked if recent infrastructure investments led to improved power outage response times. The analyst also questioned the loan growth trajectory for 2025, asking if there was a pull-forward of loans into Q4, and inquired about the yield of securities that are maturing and rolling off the books.

    Answer

    CEO Ignacio Alvarez stated that while there may be some improvement, the electrical grid requires significant further investment before radical changes are seen, calling it a 7-10 year project. He and CFO Jorge Garcia confirmed the strong Q4 likely pulled some loan closings forward but that this benefits the full-year outlook. Alvarez also noted that maturing securities are rolling off at yields under 2%, around 1.5%.

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    Jared Shaw's questions to POPULAR (BPOP) leadership • Q3 2024

    Question

    Jared Shaw asked about the capital level assumptions supporting the new ROTCE target and whether current credit charge-off levels represent a new normal or are expected to rise.

    Answer

    CFO Jorge Garcia stated that NII growth, not a specific capital target, remains the primary driver for ROTCE, though buybacks will be a contributing lever. On credit, CRO Lidio Soriano indicated that he does not expect charge-offs to return to higher historical levels in the short to medium term, citing the strong performance of the commercial and mortgage portfolios.

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    Jared Shaw's questions to BankUnited (BKU) leadership

    Jared Shaw's questions to BankUnited (BKU) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital inquired about the process for office loans moving to non-performer status, including appraisal timing and charge-down methodology. He also asked about the drivers and seasonality of the strong DDA growth and the strategy behind the new $100 million stock buyback program.

    Answer

    CFO Leslie Lunak explained that properties are reappraised when they move to substandard, and LTVs and DSCRs are updated based on current NOI and market data. She detailed the specific reserves and charge-offs related to office loans. Regarding deposits, she noted seasonality would be a headwind later in the year. CEO Rajinder Singh added that year-over-year growth is a better metric and stated the board felt the $100 million buyback was a good start, with no specific CET1 target disclosed.

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    Jared Shaw's questions to BankUnited (BKU) leadership • Q4 2024

    Question

    Speaking on behalf of Jared Shaw, an analyst asked for the dollar amount of the noncore commercial portfolio and inquired about capital management priorities, including the potential for share buybacks given the current CET1 level.

    Answer

    CFO Leslie Lunak directed the analyst to the press release, which details the noncore portfolios. CEO Raj Singh explained that while the 12% CET1 ratio is solid, it's in line with peers, and a significant buyback is unlikely in the near term due to market uncertainties. He noted a dividend increase would be considered, consistent with past cadence.

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    Jared Shaw's questions to EAST WEST BANCORP (EWBC) leadership

    Jared Shaw's questions to EAST WEST BANCORP (EWBC) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital sought clarification on deposit cost trends, noting a discrepancy between average and end-of-period costs, and asked about the drivers for the implied increase in core expenses for the second half of the year.

    Answer

    EVP & CFO Christopher Del Moral-Niles clarified that deposit costs were indeed trending down, pointing to end-of-period data. He explained that the expected expense growth is due to programmatic investments in personnel and systems to enhance capabilities in areas like cyber, fraud, and regulatory compliance as the bank continues to scale.

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    Jared Shaw's questions to EAST WEST BANCORP (EWBC) leadership • Q1 2025

    Question

    Jared Shaw inquired about the strategy for growing the wealth management business, including M&A potential, and asked for an update on the bank's hedging strategy and the rates on its existing swap book.

    Answer

    CFO Christopher Del Moral-Niles said the bank will continue its organic growth in wealth management while selectively exploring expansion opportunities. Regarding hedges, he highlighted that $1 billion of forward-starting swaps with a receive-fixed rate of around 4% will become active in the second half of 2025, positioning the bank for potential rate cuts.

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    Jared Shaw's questions to BOK FINANCIAL (BOKF) leadership

    Jared Shaw's questions to BOK FINANCIAL (BOKF) leadership • Q2 2025

    Question

    Jared Shaw inquired about the expected trajectory for net interest margin (NIM), the outlook for the securities portfolio size, and the trend for FHLB borrowings.

    Answer

    EVP & CFO Martin Grunst responded, stating that margin expansion is expected to continue, driven by fixed asset repricing and deposit pricing optimization. He advised viewing the securities portfolio as steady for the rest of the year and explained that the recent increase in FHLB borrowings was a temporary result of higher average balances in the trading account.

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    Jared Shaw's questions to BOK FINANCIAL (BOKF) leadership • Q1 2025

    Question

    Jared David Shaw inquired about the dynamics of trading revenue, specifically the decline in total trading income and normalized levels. He also asked about balance pressures in the energy and healthcare loan portfolios and the outlook for the provision and allowance for credit losses (ACL) ratio.

    Answer

    CFO Martin Grunst and EVP of Wealth Management Scott Grauer explained that the decline in trading revenue was entirely volume-driven due to market uncertainty in February and March, but they expect a rebound. CEO Stacy Kymes stated that headwinds from energy and healthcare loan payoffs are expected to moderate. Regarding credit, Martin Grunst noted that the ACL coverage ratio is not expected to grow, as the Q1 calculation already included a judgmental overlay despite suggesting a potential reserve release.

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    Jared Shaw's questions to WINTRUST FINANCIAL (WTFC) leadership

    Jared Shaw's questions to WINTRUST FINANCIAL (WTFC) leadership • Q2 2025

    Question

    Jared Shaw of Barclays Capital asked about Wintrust's capital targets for the rest of the year, specifically for the CET1 ratio, and whether the company would be comfortable with it dipping below 10% for an acquisition.

    Answer

    EVP & CFO David Stoehr stated that the CET1 ratio is expected to grow by about 10 basis points per quarter. He affirmed that the company views the 10% CET1 level as a floor and would prefer to grow it from there, even when considering M&A.

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    Jared Shaw's questions to WINTRUST FINANCIAL (WTFC) leadership • Q1 2025

    Question

    Jared Shaw of Barclays sought further detail on the credit reserve's qualitative overlay, trends in wealth management client acquisition, and the company's current M&A appetite.

    Answer

    CFO David Dykstra clarified the reserve's qualitative overlay was a response to specific market factor deterioration at quarter-end, not a change in the baseline forecast. Executive Timothy Crane attributed Q1 softness in wealth management to a platform upgrade, which is expected to drive future momentum. Crane also affirmed Wintrust's continued interest and financial capacity for disciplined M&A, citing the recent Macatawa deal as a positive example.

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    Jared Shaw's questions to WINTRUST FINANCIAL (WTFC) leadership • Q4 2024

    Question

    Jared Shaw asked about the outlook for DDA growth as a percentage of funding, trends in commercial line utilization, and requested the specific purchase accounting accretion figures from the Macatawa acquisition.

    Answer

    Executive Timothy Crane stated that while DDA balances can be episodic, they have been steady around 21% of deposits and the absolute dollar amount is expected to continue growing. Executive Richard Murphy noted that commercial line utilization rates dipped in Q4 but remain historically low, representing a potential tailwind. CFO David Dykstra directed the question on accretion to the prior quarter's materials, stating they remain a good guide.

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    Jared Shaw's questions to WINTRUST FINANCIAL (WTFC) leadership • Q3 2024

    Question

    Jared Shaw of Barclays asked about the expected future impact of Wintrust's interest rate hedges on its net interest margin, following the 17 basis point impact in the current quarter.

    Answer

    David Stoehr, CFO, provided a rule of thumb, stating that for every 25 basis point reduction in SOFR, the company's net interest margin should benefit by approximately 2.5 basis points from its hedges, though timing differences can cause slight variations.

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    Jared Shaw's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership

    Jared Shaw's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership • Q2 2025

    Question

    Jared Shaw inquired about the drivers for the increased fee income guidance and which business lines were showing particular strength.

    Answer

    CFO John Moran attributed the strong fee income performance to solid results in mortgage and wealth management. He also highlighted that the capital markets business, while small, performed well during the quarter, contributing to the positive outlook.

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    Jared Shaw's questions to OLD NATIONAL BANCORP /IN/ (ONB) leadership • Q4 2024

    Question

    Jared Shaw from Barclays followed up on capital, asking about the target CET1 ratio for the bank's model. He also inquired about the expected trajectory of deposit betas, the NII sensitivity to the long end of the curve, and the purchase accretion outlook for 2025.

    Answer

    Executive James Ryan stated that while there isn't a definitive target for the CET1 ratio yet, capital levels are running ahead of expectations, which provides flexibility. Executive John Moran suggested modeling the deposit beta progression as linear throughout the year is a reasonable estimate. He clarified that NII sensitivity is primarily to the belly of the curve (3-5 year), not the long end, and projected purchase accounting accretion would be about $10.5 million in Q1 and Q2.

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    Jared Shaw's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership

    Jared Shaw's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q2 2025

    Question

    Jared Shaw asked about the assumptions behind the higher fee income guidance, particularly the sources of growth, and questioned the drivers of the increased expense forecast and the potential impact of regulatory relief.

    Answer

    CEO Ken Vecchione clarified that fee income growth will be driven by commercial banking activities, as the mortgage business is expected to remain flat year-over-year. CFO Dale Gibbons suggested postponed mortgage demand might surface later in 2025. On expenses, Vecchione noted the guide includes a back-end loaded $35 million spend in 2025 for LFI readiness. He explained that while the bank favors raising the LFI threshold, it must continue this spending to be prepared for crossing $100 billion in early 2027.

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    Jared Shaw's questions to WESTERN ALLIANCE BANCORPORATION (WAL) leadership • Q3 2024

    Question

    Jared Shaw inquired about the primary sources of the recent C&I loan growth and the outlook for its sustainability into 2025. He also asked about capital management strategy, particularly whether the bank intends to grow its CET1 ratio further from the current 11.2%.

    Answer

    CEO Ken Vecchione detailed that Q3 loan growth was driven by regional banking, mortgage warehouse, and leveraged finance. He expressed confidence in achieving $1 billion in quarterly loan growth in 2025, citing strong pipelines in non-financing MSR lending and warehouse lending. Regarding capital, Vecchione stated the plan is to maintain the CET1 ratio at or modestly above 11% to retain "dry powder" for potential loan growth opportunities beyond the current forecast.

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    Jared Shaw's questions to WEBSTER FINANCIAL (WBS) leadership

    Jared Shaw's questions to WEBSTER FINANCIAL (WBS) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital inquired about the potential need for new investments to capture the expanding HSA market and sought clarity on the outlook for the credit loss allowance and provision.

    Answer

    COO & President Luis Massiani explained that no material change to HSA's expense trajectory is anticipated, as a direct-to-consumer channel already exists. Chairman & CEO John Ciulla stated that the CECL provision will be driven by loan growth and credit performance, expressing comfort with the current conservative coverage ratio.

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    Jared Shaw's questions to WEBSTER FINANCIAL (WBS) leadership • Q1 2025

    Question

    Jared David Shaw from Barclays questioned the provisioning methodology, asking why the growth in non-performers and classified loans did not drive a specific provision beyond the increase attributed to macro-economic model changes. He also asked about the strategy for resolving these troubled assets.

    Answer

    CEO John Ciulla and CFO William Holland explained that the CECL process is complex and includes individual loss assessments and qualitative factors that offset the impact of higher non-performers. Holland clarified that without the change in economic scenario weighting, the reserve build would have been approximately $20 million lower. Ciulla added that resolving non-performers will involve a combination of natural resolutions, charge-offs, and opportunistic sales, with a full-year charge-off target in the 25 to 35 basis point range.

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    Jared Shaw's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Jared Shaw's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital inquired about the loan growth appetite among existing customers, separate from new hire activity, and asked for an update on the bank's strategy and concentration targets for Commercial Real Estate (CRE) lending.

    Answer

    CFO Harold Carpenter explained that a recent survey of over 1,100 clients showed they are currently cautious and not taking on significant additional risk due to macro uncertainty. President & CEO Terry Turner added that while there is underlying optimism, clients are waiting for more clarity. On CRE, Carpenter noted they have resumed lending in the space, focusing on multifamily and industrial, while aiming to maintain targets of ~70% of capital for construction and under 225% for total CRE.

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    Jared Shaw's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital inquired about the growth appetite among existing customers versus new hires and asked for an update on the bank's strategy and concentration targets for Commercial Real Estate (CRE) lending.

    Answer

    CFO Harold Carpenter revealed that a recent client survey indicated a cautious sentiment, with existing customers not currently seeking to take on significant additional risk. CEO Terry Turner added that business owners are waiting for more clarity on macro issues like tariffs. On CRE, Carpenter stated that they resumed new lending 3-4 months ago, focusing on multifamily and industrial projects, while aiming to manage CRE exposure within their established capital targets.

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    Jared Shaw's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q2 2025

    Question

    Jared Shaw from Barclays Capital asked about the growth appetite among existing customers versus the growth driven by new relationship managers. He also inquired about the bank's strategy for increasing its Commercial Real Estate (CRE) exposure.

    Answer

    CFO Harold Carpenter explained that existing clients are currently cautious due to macroeconomic uncertainties like tariffs and are not taking on significant new risk. President & CEO Terry Turner added that while there is underlying optimism, clients are waiting for more clarity. Regarding CRE, Carpenter stated that the bank began re-engaging in new CRE lending three to four months ago, focusing on multifamily and industrial projects, while aiming to stay within its target capital levels.

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    Jared Shaw's questions to ASSOCIATED BANC-CORP (ASB) leadership

    Jared Shaw's questions to ASSOCIATED BANC-CORP (ASB) leadership • Q1 2025

    Question

    Jared Shaw of Barclays inquired about the drivers behind the growth in investor commercial real estate (CRE) loans and sought details on the geographic sources and competitive dynamics of the commercial & industrial (C&I) loan growth.

    Answer

    Executive Andrew Harmening and Chief Credit Officer Pat Ahern clarified that the investor CRE growth was primarily from construction projects successfully transitioning to income-producing properties, not new origination. CFO Derek Meyer added that the overall CRE portfolio has been relatively flat year-over-year. Harmening stated that C&I growth is broad-based across the footprint, not concentrated in one market, and is driven by new, tenured bankers whose non-solicitations are rolling off. He noted some spread compression in CRE but said the C&I business is bringing in valuable corresponding deposits.

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    Jared Shaw's questions to ASSOCIATED BANC-CORP (ASB) leadership • Q3 2024

    Question

    Jared David Shaw questioned the slower-than-expected auto loan growth, asked about cash flows from the securities portfolio, and inquired about the 2025 expense outlook and the potential for positive operating leverage.

    Answer

    CEO Andrew Harmening explained that auto growth is deliberately managed to maintain high credit quality (796 average FICO) and avoid over-concentration, as the primary focus is on ramping up the commercial business. An executive detailed that the securities portfolio has ~$400M in quarterly runoff with a 25-50 bps positive reinvestment spread. Regarding 2025, Harmening declined to give specific guidance but noted that while expense plans are set, achieving positive operating leverage is highly dependent on the unknown pace of future rate cuts.

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    Jared Shaw's questions to TEXAS CAPITAL BANCSHARES INC/TX (TCBI) leadership

    Jared Shaw's questions to TEXAS CAPITAL BANCSHARES INC/TX (TCBI) leadership • Q1 2025

    Question

    Jared David Shaw from Barclays inquired about the pace of reaching the 11% CET1 level, sought the specific Q1 hedge cost, and asked whether the 1.10% ROA target is calculated before or after preferred dividends.

    Answer

    CFO Matt Scurlock clarified that 11% CET1 should be viewed as a floor, not a target to manage down to, as the firm sees operating with excess capital as a competitive advantage. He confirmed the Q1 hedge cost was around $8 million. Regarding the ROA target, Scurlock stated it is an 'as reported' 1.10% ROAA, and specified that this calculation is before the payment of preferred dividends, consistent with the firm's historical reporting method.

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    Jared Shaw's questions to TEXAS CAPITAL BANCSHARES INC/TX (TCBI) leadership • Q4 2024

    Question

    Jared Shaw asked for an outlook on the net interest margin (NIM) in the context of the firm's ROAA goal, the role of share buybacks in the capital plan, and the sensitivity of the fee income guidance if fewer or zero rate cuts occur.

    Answer

    CFO Matt Scurlock projected that NIM should expand above 3% in Q1, despite some seasonal NII pressure, due to a lag in mortgage finance yield adjustments. Regarding capital, he stated the buyback approach is unchanged, emphasizing the competitive advantage of high tangible common equity, and noted the potential for increased regulatory capital from enhanced mortgage warehouse structures. Both Scurlock and CEO Rob Holmes expressed high confidence in achieving the $270 million fee income target regardless of the rate outlook, driven by strong client onboarding and treasury fee growth.

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    Jared Shaw's questions to SYNOVUS FINANCIAL (SNV) leadership

    Jared Shaw's questions to SYNOVUS FINANCIAL (SNV) leadership • Q4 2024

    Question

    Jared Shaw asked for color on the expected trajectory for capital markets fees throughout the year and whether a potentially more industry-friendly administration alters the company's perspective on M&A.

    Answer

    CEO Kevin Blair stated that while capital markets fees can be lumpy, he anticipates another year of double-digit growth driven by increased product diversification and its correlation with higher loan production. Regarding M&A, he affirmed that the company's view is unchanged, with the primary focus remaining on its organic growth plan, which they believe is the best investment. M&A is not considered a 'front burner' strategy at this time.

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    Jared Shaw's questions to BANC OF CALIFORNIA (BANC) leadership

    Jared Shaw's questions to BANC OF CALIFORNIA (BANC) leadership • Q3 2024

    Question

    Jared Shaw of Barclays PLC questioned the timing of the Q3 balance sheet restructuring to gauge the flow-through benefit to Q4 margin. He also asked about the potential margin impact of two rate cuts versus the one assumed in guidance, and whether the current FDIC expense is a good run rate.

    Answer

    CFO Joe Kauder clarified that restructuring actions occurred throughout Q3, ensuring a full-quarter benefit in Q4. He estimated an additional rate cut could add approximately $0.01 to EPS, though CEO Jared Wolff noted the benefit would largely materialize in Q1. Regarding expenses, Kauder explained that while Q3 included a non-repeatable FDIC benefit, the current level is a 'pretty good run rate' going forward when considering other core improvements.

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    Jared Shaw's questions to BANC OF CALIFORNIA (BANC) leadership • Q2 2024

    Question

    Jared David Shaw of Barclays asked for guidance on year-end 2024 earning asset levels, the strategy for re-growing the lender finance business, the long-term outlook for deposit growth, and the potential for positive operating leverage in 2025.

    Answer

    CFO Joe Kauder projected year-end earning assets to be in the $30.5 billion to $32 billion range. CEO Jared Wolff expressed confidence in restarting the lender finance business, citing a strong existing base and positive market reception. Wolff stated that deposit growth would track loan growth to maintain a stable loan-to-deposit ratio. He also affirmed the bank is positioned for positive operating leverage in 2025 and is focused on setting achievable expectations to build a sustainably profitable company.

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    Jared Shaw's questions to FIRST REPUBLIC BANK (FRCB) leadership

    Jared Shaw's questions to FIRST REPUBLIC BANK (FRCB) leadership • Q4 2022

    Question

    Jared Shaw of Wells Fargo requested a breakdown of the $150 million in deferred expenses across categories like hiring, technology, and marketing. He also asked for an update on securities portfolio reinvestment rates and the target ratio for securities and cash to total assets.

    Answer

    CEO and President Michael Roffler described the expense deferrals as "broad-based," resulting from efficiencies from the new core system, slower hiring in areas like mortgage, natural adjustments to compensation, and a team approach to optimizing spending across all departments while continuing to hire opportunistically in areas like wealth management. Chief Accounting Officer and Deputy CFO Olga Tsokova stated that Q4 reinvestment yields were in the low 5% range for HQLA and low 6% range for municipal bonds, with current yields slightly lower for munis. Roffler added that the bank expects to maintain its cash level as a percentage of total assets.

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    Jared Shaw's questions to FIRST REPUBLIC BANK (FRCB) leadership • Q3 2022

    Question

    Jared Shaw from Wells Fargo inquired about the potential peak for CDs as a percentage of total deposits during this rate cycle. He also asked about the strategy behind offering shorter-duration CD specials and whether the bank could maintain its efficiency ratio within the 62% to 64% range in 2023.

    Answer

    CEO and President Mike Roffler suggested that the previous peak of 15% of deposits in CDs is a "good rule of thumb" for this cycle. Founder and Executive Chairman Jim Herbert explained that the strategy for shorter-duration CDs is to avoid locking in high funding costs, as he believes the steep rate run-up is a temporary issue. Roffler confirmed that the 62% to 64% range for the 2023 efficiency ratio is a reasonable expectation based on current knowledge.

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    Jared Shaw's questions to FIRST REPUBLIC BANK (FRCB) leadership • Q2 2022

    Question

    Jared Shaw requested the average origination yields for the full quarter across various loan categories, clarification on whether the spot deposit rate was for total or interest-bearing deposits, and an update on the bank's asset sensitivity profile.

    Answer

    Chief Banking Officer Mike Selfridge provided average Q2 origination yields: ~3.20% for all loans and slightly over 3% for single-family residential. Acting CFO Olga Tsokova confirmed the 21 basis point spot rate was for total deposits. CEO Mike Roffler stated that the bank's preliminary view is that it remains slightly asset sensitive.

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