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    Jonathan Rau • Barclays

    Jonathan Rau's questions to First Horizon Corp (FHN) leadership

    Jonathan Rau's questions to First Horizon Corp (FHN) leadership • Q2 2025

    Question

    Jonathan Rau of Barclays, on behalf of Jared Shaw, sought clarification on the Average Daily Revenue (ADR) outlook and requested more detail on the $100 million PPNR opportunity, including its composition.

    Answer

    CFO Hope Dmuchowski clarified that her ADR comment was illustrative of what would be needed to hit the high end of expense guidance, not a forecast. CEO Bryan Jordan emphasized the high volatility of the business. Regarding the PPNR opportunity, Dmuchowski stated it is almost entirely revenue-driven, stemming from deepening client relationships in loans, deposits, and treasury management. Jordan added it's about executing their go-to-market strategy.

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    Jonathan Rau's questions to Prosperity Bancshares Inc (PB) leadership

    Jonathan Rau's questions to Prosperity Bancshares Inc (PB) leadership • Q4 2024

    Question

    Jonathan Rau, on for Jared Shaw, asked which loan categories are seeing increased demand, what characteristics the bank looks for in M&A targets, and what the outlook is for fee income.

    Answer

    President and COO Kevin Hanigan noted that current activity is primarily in C&I and mortgage, with a strategic slowdown in single-family loan additions. Senior Chairman and CEO David Zalman detailed the M&A focus on core banks with strong deposit franchises and compatible management, mainly in Texas. CFO Asylbek Osmonov expects fee income to remain stable, with an ongoing focus on growing the trust and brokerage business.

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    Jonathan Rau's questions to Columbia Banking System Inc (COLB) leadership

    Jonathan Rau's questions to Columbia Banking System Inc (COLB) leadership • Q4 2024

    Question

    Jonathan Rau of Barclays, on for Jared Shaw, asked if the net interest margin could recover to Q4 levels by the end of 2025 and whether the loan growth guidance includes an assumption for higher line utilization.

    Answer

    CEO Clint Stein and CFO Ron Farnsworth explained that while a NIM recovery is possible, it depends more on the strength of seasonal customer deposit growth than on Fed rate cuts. Strong deposit flows would be used to pay down wholesale funding, which would be favorable for the margin. Executive Torran Nixon stated that the loan growth forecast does not assume a significant pickup in line utilization, as it has remained relatively flat at around 37.5% for the past several quarters.

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    Jonathan Rau's questions to Pinnacle Financial Partners Inc (PNFP) leadership

    Jonathan Rau's questions to Pinnacle Financial Partners Inc (PNFP) leadership • Q3 2024

    Question

    Jonathan Rau, on for Jared Shaw, asked why BHG's on-balance sheet loss reserves are decreasing while the liability for off-balance sheet substitutions is rising. He also questioned if the productivity of new relationship managers might see diminishing returns as market presence deepens.

    Answer

    Executive Harold Carpenter explained the divergence in BHG's reserves is due to timing and loan tenure. Off-balance sheet losses from the community bank network have a reporting lag and relate to older loans, while on-balance sheet losses are on newer loans where loss content is seen earlier. He confirmed that on-balance sheet trends are a leading indicator for off-balance sheet credit. Executive M. Turner addressed hiring, stating his belief that the established model for new hires ramping up loan and deposit books over a five-year period remains a valid assumption for future cohorts, with no signs of diminishing returns.

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