Sign in

    Manan Gosalia • Morgan Stanley

    Manan Gosalia's questions to Cullen/Frost Bankers Inc (CFR) leadership

    Manan Gosalia's questions to Cullen/Frost Bankers Inc (CFR) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley asked if the increased lending competition was also pressuring the deposit side of the business and inquired about the company's interest in pursuing bank M&A.

    Answer

    CEO Phillip Green stated that they have not seen similar competitive pressure on deposits, noting they often retain the deposit relationship even when a loan is lost on structure. Regarding M&A, he was definitive, stating Cullen/Frost is not interested in inorganic growth. He emphasized the superiority of their organic strategy, which is more cost-effective and avoids integration risks, and noted that M&A activity in their markets often creates opportunities for them to gain customers and talent.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Cullen/Frost Bankers Inc (CFR) leadership • Q1 2025

    Question

    Manan Gosalia of Morgan Stanley inquired about the sensitivity of the consumer client base to inflation and the impact of fewer-than-expected rate cuts on the NII outlook.

    Answer

    CEO Phillip Green responded that the consumer base has not shown unusual sensitivity, with spending and borrowing remaining stable, largely due to strong employment in their markets. CFO Dan Geddes quantified that each 25 basis point rate cut that does not occur would positively impact NII by approximately $1.7 to $1.8 million per month, noting the bank's asset sensitivity is greater on the short end of the yield curve.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Cullen/Frost Bankers Inc (CFR) leadership • Q4 2024

    Question

    Manan Gosalia questioned the mid- to high single-digit loan growth guidance for 2025, asking if the implied slowdown was due to conservatism or a higher base, and inquired about the role of potential CRE paydowns.

    Answer

    Chairman and CEO Phillip Green explained that while consumer and C&I loan growth are expected to remain strong, a slowdown in Commercial Real Estate (CRE) funding velocity is anticipated. Executive A. Mendez clarified that this is primarily driven by expected paydowns as construction projects stabilize and seek permanent financing or sale, rather than a decrease in demand.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Cullen/Frost Bankers Inc (CFR) leadership • Q3 2024

    Question

    Manan Gosalia of Morgan Stanley asked for specifics on the fixed-rate loan repricing opportunity for next year, whether the bank is seeing increased CRE paydowns as capital markets open up, and if loan velocity has increased.

    Answer

    Incoming CFO Dan Geddes specified that about $1 billion in fixed-rate loans are expected to reprice in 2025, moving from a back-book yield of around 5% to new rates of approximately 7.25%. CEO Phillip Green confirmed that for stabilized CRE projects, capital is available, leading to paydowns. However, lease-up challenges remain for non-stabilized projects. Dan Geddes added that a key driver of growth is new relationships, with 54% of the year-to-date loan increase coming from customers acquired in the last 12 months.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Valley National Bancorp (VLY) leadership

    Manan Gosalia's questions to Valley National Bancorp (VLY) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley questioned the drivers behind the strong C&I loan growth, asking if it was due to an improving environment or specific company actions. He also requested more color on the increase in past-due loans and the bank's confidence in its credit outlook.

    Answer

    Chairman & CEO Ira Robbins attributed the growth to both positive client sentiment and strategic investments in treasury solutions and specialty segments, noting the C&I pipeline is up 30%. SEVP & CFO Travis Lan specified that fund finance and healthcare verticals drove 60% of the quarter's C&I growth. EVP & Chief Credit Officer Mark Saeger explained that the past-due increase was driven by three loans, two of which are already resolved, and expressed confidence due to stabilized criticized and non-accrual levels.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Valley National Bancorp (VLY) leadership • Q1 2025

    Question

    Manan Gosalia asked for more detail on why Valley's CRE portfolio is considered insulated from tariff disruptions and which sectors might face more stress. He also sought to identify the source of lending spread compression, asking if it was from banks or private credit.

    Answer

    CEO Ira Robbins explained that Valley's commercial clients are generally more sensitive to interest rates and labor costs than to tariffs on materials like steel, making the CRE portfolio relatively insulated. Executive Travis Lan added that the increased competition driving spread compression on high-quality C&I deals comes primarily from other banks, whereas private credit is a more active competitor in the CRE space.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Valley National Bancorp (VLY) leadership • Q3 2024

    Question

    Manan Gosalia of Morgan Stanley requested more detail on the deposit cost assumptions within the Q4 Net Interest Income (NII) guidance and asked whether noninterest-bearing (NIB) deposits have reached a trough.

    Answer

    Executive Travis Lan explained that the bank outperformed its deposit beta models with the recent Fed cut and sees further opportunities. He expressed optimism about NIB deposits, noting a slight uptick for the first time since mid-2022 and suggesting that the current level of 22% of total deposits is likely the bottom.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Prosperity Bancshares Inc (PB) leadership

    Manan Gosalia's questions to Prosperity Bancshares Inc (PB) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley focused on the American Bank acquisition, asking about the expected net interest income (NII) accretion, potential revenue synergies, deposit cost benefits, and any planned loan runoff. He also inquired about capital deployment priorities post-acquisition, specifically M&A versus share buybacks.

    Answer

    CFO Asylbek Osmanov detailed the financial benefits, noting American Bank's attractive deposit base and higher loan yields would be accretive, projecting $85-90 million in annual NII plus an additional $15-16 million from fair value marks. Senior Chairman & CEO David Zalman emphasized the cultural similarity and low expected runoff. Regarding capital, David Zalman indicated that with significant M&A activity occurring, capital would likely be deployed for future deals rather than buybacks.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Prosperity Bancshares Inc (PB) leadership • Q1 2025

    Question

    Manan Gosalia of Morgan Stanley inquired about the drivers behind flat loan growth, the updated outlook for 2025, and whether the balance sheet would continue to shrink to pay down high-cost borrowings.

    Answer

    President and COO Kevin Hanigan reaffirmed the low single-digit loan growth guidance for the year, noting that the $549 million in runoff from recent acquisitions is nearly complete. Senior Chairman and CEO David Zalman and Chairman H.E. Tim Timanus Jr. added that while activity is currently sluggish, their bankers and customers remain optimistic. Regarding the balance sheet, Zalman stated that borrowings have been reduced from $3.9 billion to $2.7 billion and are unlikely to decrease much further, as the bank historically operates with a couple of billion in leverage. CFO Asylbek Osmonov mentioned they might opportunistically pay down more or begin buying securities depending on market conditions.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Prosperity Bancshares Inc (PB) leadership • Q4 2024

    Question

    Manan Gosalia asked about Prosperity's Net Interest Margin (NIM) trajectory for 2025, the drivers behind expected loan growth, and how much growth is required to achieve the bank's NIM targets.

    Answer

    Senior Chairman and CEO David Zalman and CFO Asylbek Osmonov reiterated a 2025 NIM target of 3.25% to 3.35%, noting this forecast is based on a static balance sheet. President and COO Kevin Hanigan explained that loan growth was previously muted by the workout of loans from the FirstCapital acquisition but now anticipates low to mid-single-digit growth. Osmonov added that NIM expansion is supported by the repricing of loans and securities cash flows, which can be used to pay down higher-cost borrowings, making the target achievable even without significant loan growth.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Prosperity Bancshares Inc (PB) leadership • Q3 2024

    Question

    Manan Gosalia of Morgan Stanley inquired about Prosperity Bancshares' confidence in its Net Interest Margin (NIM) guidance, the optimal interest rate scenario to achieve medium-term targets, and the sensitivity of NIM expansion to minor rate fluctuations.

    Answer

    Senior Chairman and CEO David Zalman reaffirmed the company's NIM projections, targeting a 3% exit rate for 2024, a 3.27% average for 2025, and 3.65% for 2026, based on specific prime rate assumptions. Zalman clarified that the NIM outlook is relatively stable with rate changes up to 200 basis points, but larger, more rapid cuts could present a challenge. He confirmed that current models continue to support the projected NIM expansion.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to East West Bancorp Inc (EWBC) leadership

    Manan Gosalia's questions to East West Bancorp Inc (EWBC) leadership • Q2 2025

    Question

    Manan Gosalia from Morgan Stanley asked about the impact of recent legislative changes on the bank's renewable energy tax credit business and potential strategies to offset an anticipated rise in the tax rate for the following year.

    Answer

    EVP & CFO Christopher Del Moral-Niles explained that existing investments and loan commitments are currently unaffected due to grace periods and exemptions. He expressed confidence that the bank is exploring various strategies, with the help of consultants, to potentially offset future tax rate changes in the long run.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to East West Bancorp Inc (EWBC) leadership • Q1 2025

    Question

    Manan Gosalia inquired if the current environment presents a near-term or long-term growth opportunity for the bank and asked what economic conditions would prompt a pullback in loan growth.

    Answer

    CEO Dominic Ng characterized the situation as a long-term opportunity, stressing the importance of maintaining a strong balance sheet with high capital and liquidity to navigate uncertainty. He explained that a significant economic downturn would cause the bank to pull back on lending, but the current environment is defined by uncertainty rather than substantially heightened risk.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to East West Bancorp Inc (EWBC) leadership • Q4 2024

    Question

    Manan Gosalia asked about the future trajectory of deposit costs and betas, the volume of CDs repricing in upcoming quarters, and the drivers behind the C&I loan growth outlook, including the potential impact of tariffs.

    Answer

    CFO Christopher Del Moral-Niles confirmed the 50% deposit beta guidance, noting positive momentum as CDs reprice. He specified that $10 billion in CDs will reprice in Q1 and another $7-8 billion in Q2. On C&I growth, he cited a 5% YoY increase in commitments. Both he and CEO Dominic Ng stated that tariffs have not materially impacted growth over the last eight years, with Mr. Ng highlighting the bank's consistent 10% annual organic growth in loans and deposits despite them.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to East West Bancorp Inc (EWBC) leadership • Q3 2024

    Question

    Manan Gosalia of Morgan Stanley inquired about the strategy behind deposit growth exceeding loan growth and its implications for liquidity and future funding flexibility. He also asked for the outlook on Net Interest Income (NII) and Net Interest Margin (NIM) trends, considering maturing swaps in Q1.

    Answer

    Chairman and CEO Dominic Ng explained that the strong, organic deposit inflows, achieved even while lowering pricing, provide greater flexibility to optimize the liability profile. On the NII guide, Ng stated they are within the range and that maturing swaps will have a positive effect in Q1, previously quantified as over a $10 million runway.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to KeyCorp (KEY) leadership

    Manan Gosalia's questions to KeyCorp (KEY) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley asked about the competitive landscape for loan and deposit pricing and how KeyCorp expects loan spreads to trend. He also questioned how the loan loss reserve ratio might evolve with the ongoing mix shift towards C&I loans.

    Answer

    Chairman & CEO Christopher M. Gorman stated that loan pricing has remained flat year-over-year despite competition, crediting KeyCorp's relationship-based model. CFO Clark H. I. Khayat described deposit pricing as rational but noted they are watching competitors. Regarding reserves, Khayat explained that future levels will depend on loan growth, credit quality trends, and the macroeconomic outlook, not just the mix shift.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to KeyCorp (KEY) leadership • Q1 2025

    Question

    Manan Gosalia of Morgan Stanley inquired about the drivers of C&I loan growth and the recent uptick in utilization rates. He also asked about the interplay between capital markets activity and balance sheet lending, and sought to understand the key sensitivities and potential offsets within the 20% NII growth guidance for 2025.

    Answer

    Chairman and CEO Christopher Gorman attributed the broad-based C&I growth to new team traction and project-based deals, noting a slight uptick in utilization. He explained that market dislocations lead Key to opportunistically hold more capital on its balance sheet. CFO Clark Khayat detailed that the 20% NII guide is bolstered by 2024 restructuring actions and strong deposit performance. He stated that a significant pullback in C&I loans or a rapidly flattening yield curve would be needed to miss the target.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to KeyCorp (KEY) leadership • Q4 2024

    Question

    Manan Gosalia from Morgan Stanley questioned the willingness to conduct more securities portfolio repositioning given the strong capital levels. He also asked for the CET1 ratio target including AOCI and details on the remaining long-dated, low-yield securities.

    Answer

    CEO Christopher Gorman stated that while they constantly evaluate options, no further large-scale securities repositionings are planned. He also noted that new capital targets will not be set until regulatory rules are finalized. An executive confirmed that a portion of the low-yield securities still has a longer duration to work through.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to KeyCorp (KEY) leadership • Q4 2024

    Question

    Manan Gosalia of Morgan Stanley asked about KeyCorp's willingness to conduct further securities portfolio repositioning given its strong CET1 ratio, and inquired about the remaining portion of long-dated, low-yielding securities.

    Answer

    CEO Christopher M. Gorman responded that while the company constantly evaluates its options, it does not plan to execute another major securities repositioning on the scale of the Q3 or Q4 transactions. CFO Clark H. I. Khayat confirmed that a portion of the remaining low-yield securities still has a long duration.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Zions Bancorporation NA (ZION) leadership

    Manan Gosalia's questions to Zions Bancorporation NA (ZION) leadership • Q2 2025

    Question

    Manan Gosalia from Morgan Stanley inquired about the drivers behind the more positive outlook on the small and middle-market business, and the competitive landscape for deposits. He also asked if total funding costs could continue to decline without Fed rate cuts.

    Answer

    Chairman & CEO Harris Simmons attributed the improved sentiment to abated tariff-related risks and a more flexible administration approach. He acknowledged the deposit market is highly competitive but emphasized the focus on total funding costs, which have declined. He noted that future margin improvement is more likely to come from asset repricing rather than further significant reductions in deposit costs without Fed action.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Zions Bancorporation NA (ZION) leadership • Q1 2025

    Question

    Manan Gosalia inquired about on-the-ground client sentiment regarding economic uncertainty and how potential tariff risks are factored into the bank's net interest income guidance.

    Answer

    Chairman and CEO Harris Simmons described significant uncertainty among business clients due to potential trade wars, noting it's impacting investment and inventory decisions. He stated that while a reasonable amount of risk is priced into the NII outlook, loan growth expectations have tempered as businesses delay long-term decisions.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Zions Bancorporation NA (ZION) leadership • Q4 2024

    Question

    Manan Gosalia inquired about the expected progression of deposit betas, given they are already near 60% on a spot basis, and asked for the CET1 ratio including AOCI, questioning if it's a metric the bank needs to manage actively.

    Answer

    CFO Ryan Richards stated that deposit pricing has been in line with expectations and the bank will maintain an "athletic posture" on rates. He confirmed they are cognizant of the CET1 ratio including AOCI and are comfortable with the glide path for Basel III endgame applicability. Chairman and CEO Harris Simmons added that while AOCI will likely come back into capital, the uncertainty will probably continue to retard buyback activity until there is more clarity.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Citizens Financial Group Inc (CFG) leadership

    Manan Gosalia's questions to Citizens Financial Group Inc (CFG) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley asked for an update on the commercial real estate office portfolio, given the decline in its specific reserve, and how the overall allowance for credit losses (ACL) might be managed going forward. He also inquired if Stablecoin was a focus area within the "Reimagining the Bank" initiative.

    Answer

    CFO John Woods reported positive credit trends, noting this was the first quarter the bank charged off against the general office reserve without needing to replenish it, signaling stabilization. Head of Commercial Banking Don McCree added that the problem loans in office are well-identified and they haven't moved a new property to workout in a year. Regarding Stablecoin, Chairman & CEO Bruce Van Saun clarified that it is not part of the "Reimagining" initiative but is being monitored within the broader payments strategy. He does not foresee a dramatic near-term impact or significant investment.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Citizens Financial Group Inc (CFG) leadership • Q1 2025

    Question

    Manan Gosalia asked about the extent of loan growth from Non-Bank Financial Institution (NBFI) loans and the associated credit risk. He also inquired about the specific benefit to NIM from the first-quarter noncore loan sale.

    Answer

    Head of Commercial Banking Don McCree and CFO John Woods clarified that while they have NBFI exposure, the credit risk is very low due to strong, investment-grade-like structures and a focus on broad client relationships. Head of Consumer Banking Brendan Coughlin added that related private bank lending is well-structured and low-risk. Regarding the noncore sale, Woods explained its impact was already anticipated and included in the existing full-year NIM guidance provided in January.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Citizens Financial Group Inc (CFG) leadership • Q4 2024

    Question

    Manan Gosalia of Morgan Stanley inquired about the impact of the 'belly of the curve' on asset and liability repricing and asked for the catalysts behind the mid-single-digit spot loan growth guidance for 2025, excluding non-core loans.

    Answer

    Executive John Woods explained that since the bank is net asset-sensitive, a higher belly of the curve is a net positive, with asset repricing benefits outweighing funding cost pressures. Executive Bruce Van Saun identified the Private Bank's consistent growth as the primary driver for the loan forecast. He anticipates a commercial lending pickup in the second half of the year. Woods added that a rebound in subscription line utilization from historic lows would also contribute, and noted the option to increase buybacks if loan growth disappoints.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Citizens Financial Group Inc (CFG) leadership • Q3 2024

    Question

    Manan Gosalia followed up on deposit betas, asking about spot deposit rates and the expected beta trajectory deeper into the rate cut cycle. He also inquired about the asset balances subject to the front-book/back-book benefit and the potential for securities portfolio repositioning.

    Answer

    CFO John Woods explained that the down-cycle deposit beta, currently guided to 40% for Q4, is expected to gradually migrate toward the full-cycle beta of 50-55% as the cutting cycle progresses. CEO Bruce Van Saun added that the decline would likely accelerate later in the cycle. Woods noted that approximately $750 million each in residential mortgages and securities turn over quarterly, which is subject to the front-book/back-book benefit. He also stated that there are no current plans for a large, single securities repositioning.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Synovus Financial Corp (SNV) leadership

    Manan Gosalia's questions to Synovus Financial Corp (SNV) leadership • Q2 2025

    Question

    Manan Gosalia of Morgan Stanley questioned the decision to increase reserves for economic uncertainty despite positive credit trends and asked about the capital allocation strategy regarding buybacks.

    Answer

    EVP & CFO Jamie Gregory explained the reserve increase was driven by changes in Moody's unemployment forecasts, which was more than offset by positive credit performance. He reiterated that the priority for capital is client loan growth and that buybacks were paused in Q2 to observe loan growth trends, with the goal of maintaining stable capital ratios.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Synovus Financial Corp (SNV) leadership • Q4 2024

    Question

    Manan Gosalia followed up on expenses, asking if positive operating leverage is achievable at the higher end of the revenue guide, and also questioned whether a steepening yield curve is beginning to drive more borrowing on commercial revolvers.

    Answer

    CFO Jamie Gregory confirmed that positive operating leverage is more achievable at the high end of the revenue guide but emphasized that executing on strategic priorities like hiring and technology is the primary goal. CEO Kevin Blair agreed with the theory that a steeper curve should boost line utilization from its current low of 43%, which would add $1 billion in balances if it normalized, but noted they have not yet seen this happen in actuality.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Webster Financial Corp (WBS) leadership

    Manan Gosalia's questions to Webster Financial Corp (WBS) leadership • Q1 2025

    Question

    Manan Gosalia of Morgan Stanley noted that Net Interest Income (NII) appears to be tracking ahead of guidance and asked what factors could drive NII above the high end of the range. He also requested color on what management is hearing from clients regarding strategies to mitigate supply chain shocks from tariffs.

    Answer

    CFO William Holland clarified that while Q1 was strong, the full-year NII is expected to be within the guided range, as margin compression is anticipated in subsequent quarters, offsetting earning asset growth. CEO John Ciulla reported that clients seem resilient and prepared for potential tariff impacts, with strategies in place for sourcing and pricing. He added that Webster does not have disproportionate exposure to the most directly impacted industries.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Fifth Third Bancorp (FITB) leadership

    Manan Gosalia's questions to Fifth Third Bancorp (FITB) leadership • Q4 2024

    Question

    Manan Gosalia inquired about Fifth Third's capital management strategy, specifically its target for the CET1 ratio including AOCI and how this influences decisions on share buybacks and loan growth.

    Answer

    CFO Bryan Preston explained the bank aims to keep CET1 including AOCI above 8%, expecting it to accrete higher over time. He affirmed that capital priorities remain organic growth, dividends, and then buybacks, with repurchase levels managed to maintain the ~10.5% reported CET1 target and accommodate loan growth.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Fifth Third Bancorp (FITB) leadership • Q3 2024

    Question

    Manan Gosalia asked about the behavior of index deposits as rates fall and whether they might migrate to other exception-priced products. He also sought more detail on credit normalization, asking what provides confidence that broad credit weakening is not occurring.

    Answer

    CFO Bryan Preston stated that while some deposit rate negotiation always occurs, the bank has a strong track record of managing this and is not concerned about reverse migration from index deposits being a significant headwind. Chief Credit Officer Greg Schroeck addressed credit, highlighting that delinquencies remain at all-time lows and criticized assets declined. He noted the NPA increase was driven by a few isolated names and some expected softness in recent consumer vintages, emphasizing the portfolio's overall stability and diversification.

    Ask Fintool Equity Research AI

    Manan Gosalia's questions to Fifth Third Bancorp (FITB) leadership • Q2 2024

    Question

    Manan Gosalia asked if there was room to deploy excess cash into longer-duration assets given the high LCR. He also followed up on loan spread competition, asking if it has continued and if there is more room to lean into growth.

    Answer

    CFO Bryan Preston explained that deploying cash into duration is unattractive due to the inverted yield curve, as they earn more on the front end. He added that while the bank won't sacrifice returns, improving loan pipelines and confidence in future rate cuts are creating opportunities to pursue growth.

    Ask Fintool Equity Research AI