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    R. Scott Siefers • Piper Sandler Companies

    R. Scott Siefers's questions to Associated Banc-Corp (ASB) leadership

    R. Scott Siefers's questions to Associated Banc-Corp (ASB) leadership • Q2 2025

    Question

    R. Scott Siefers from Piper Sandler Companies asked for insights into the net interest margin (NIM) outlook, questioning whether the loan portfolio remixing is now a more powerful driver than interest rate levels. He also sought an explanation for the significant sequential decrease in interest-bearing deposit costs and the strategy behind it.

    Answer

    EVP & CFO Derek Meyer confirmed that the asset-side remix—growing C&I loans while letting residential mortgages roll off—is the most predictable and sustainable driver of margin strength. President and CEO Andrew Harmening attributed the sharp drop in deposit costs to strong pricing discipline on both the back book and maturing CDs, where the bank achieved an 84-85% retention rate at accretive pricing. He added that while there could be upside if pricing remains rational, the bank's forecast is based on a relatively flat NIM.

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    R. Scott Siefers's questions to Old National Bancorp (ONB) leadership

    R. Scott Siefers's questions to Old National Bancorp (ONB) leadership • Q2 2025

    Question

    R. Scott Siefers inquired about current client sentiment, the reasons for a more cautious loan growth outlook, and the drivers behind the sequential increase in non-performing assets (NPAs).

    Answer

    CEO & Chairman James Ryan explained the cautious loan growth outlook is due to heightened competition in commercial real estate, stating the bank won't compromise on price or structure. CEO - Commercial Banking James Sandgren added that while client optimism is rising, competition tempers growth expectations. CFO John Moran clarified that the NPA dollar increase was primarily due to the Bremer merger integration, with the NPA percentage actually declining.

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    R. Scott Siefers's questions to KeyCorp (KEY) leadership

    R. Scott Siefers's questions to KeyCorp (KEY) leadership • Q2 2025

    Question

    R. Scott Siefers of Piper Sandler Companies asked for an expansion on KeyCorp's deposit pricing strategy, particularly the balance between managing costs and pursuing growth. He also inquired about the company's plans for resuming share repurchases given its strong capital position.

    Answer

    CFO Clark H. I. Khayat detailed the deposit strategy, noting that a low loan-to-deposit ratio provided flexibility to let some higher-cost deposits run off while maintaining strong client retention. Chairman & CEO Christopher M. Gorman addressed capital allocation, prioritizing organic growth and strategic investments over immediate, large-scale buybacks. He signaled a "crawl, walk, run" approach to repurchases, with modest activity expected in Q3.

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    R. Scott Siefers's questions to Regions Financial Corp (RF) leadership

    R. Scott Siefers's questions to Regions Financial Corp (RF) leadership • Q2 2025

    Question

    R. Scott Siefers asked for more detail on the drivers behind the better-than-expected net interest margin (NIM) and inquired about the future trajectory of deposit costs and betas.

    Answer

    Senior EVP & CFO David Turner attributed the strong NIM performance to several factors, including the positive impact of fixed-rate asset turnover, which is repricing 140 basis points higher. He noted some non-recurring items boosted the quarter but expects the tailwind from asset repricing to persist. On deposit costs, he stated the cumulative falling-rate beta target is in the mid-30s, and Regions' focus on core operating accounts supports its best-in-class funding costs.

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    R. Scott Siefers's questions to Wells Fargo & Co (WFC) leadership

    R. Scott Siefers's questions to Wells Fargo & Co (WFC) leadership • Q2 2025

    Question

    R. Scott Siefers from Piper Sandler Companies asked about the key drivers, besides modest loan growth, that would support Net Interest Income (NII) growth in the second half of the year. He also questioned CEO Charlie Scharf on the potential timing for revisiting the company's medium-term return targets now that the asset cap has been lifted.

    Answer

    CFO Michael Santomassimo identified several drivers for sequential NII growth, including declining deposit costs, securities portfolio repricing, and deposit growth. CEO Charles Scharf explained that while the asset cap removal provides flexibility, they will be deliberate in their strategy. He stated that they want to assess the impact of regulatory changes, such as CCAR transparency and new capital rules, before setting new long-term targets, reiterating that the 15% ROTCE goal is an interim step.

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    R. Scott Siefers's questions to Wells Fargo & Co (WFC) leadership • Q2 2025

    Question

    R. Scott Siefers of Piper Sandler Companies inquired about the specific factors that will drive net interest income (NII) growth in the second half of the year, given expectations for only modest loan growth. He also asked about the timing for revisiting medium-term return targets now that the asset cap is lifted.

    Answer

    CFO Michael Santomassimo stated that sequential NII growth will be driven by a combination of factors, including declining deposit costs, some loan growth, securities portfolio repricing, and deposit growth. CEO Charles Scharf addressed the return targets, explaining that while the asset cap removal opens up options, the company will be thoughtful about its growth strategy. He noted that the 15% ROTCE is an interim target and they will provide more clarity after assessing the new regulatory capital landscape.

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    R. Scott Siefers's questions to Truist Financial Corp (TFC) leadership

    R. Scott Siefers's questions to Truist Financial Corp (TFC) leadership • Q2 2025

    Question

    R. Scott Siefers from Piper Sandler Companies inquired about the customer sentiment driving strong Q2 loan growth and the rationale for reducing the share repurchase pace in Q3 despite favorable stress test results.

    Answer

    Chairman and CEO William Rogers attributed strong loan growth to healthy consumer and wholesale clients, particularly new client acquisition. CFO Mike Maguire explained the Q3 repurchase target of $500 million, down from $750 million in Q2, reflects a return to a normal pace after opportunistically buying shares at a lower price. He added that the current payout ratio is appropriate given the priority of funding balance sheet growth and the company's glide path towards a 10% CET1 ratio.

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    R. Scott Siefers's questions to Citizens Financial Group Inc (CFG) leadership

    R. Scott Siefers's questions to Citizens Financial Group Inc (CFG) leadership • Q2 2025

    Question

    R. Scott Siefers of Piper Sandler Companies inquired about the long-term strategy for the private bank build-out after the current year's targets are met. He asked whether the business will reach a critical mass where profitability accelerates on its own or if the pace of adding new teams will continue.

    Answer

    Chairman & CEO Bruce Van Saun stated that after hitting the initial 2025 targets, the plan is to continue expanding by adding more private banking teams and physical offices, with the potential for the business to become significantly more than 5-6% accretive to the bottom line. President Brendan Coughlin affirmed the growth opportunity is very large and that future expansion will adhere to strict financial guardrails, potentially being self-funded by broader bank efficiency initiatives. Van Saun concluded that he would like to "be leaning forward" on scaling the business as early as next year.

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    R. Scott Siefers's questions to Fifth Third Bancorp (FITB) leadership

    R. Scott Siefers's questions to Fifth Third Bancorp (FITB) leadership • Q2 2025

    Question

    R. Scott Siefers inquired about the drivers behind the better-than-expected Net Interest Margin (NIM) improvement and the outlook for both NIM and competitive dynamics.

    Answer

    CFO Bryan Preston attributed the outperformance primarily to strong growth in demand deposit accounts (DDA). He stated that the bank expects continued NIM improvement of 2-3 basis points per quarter, driven by fixed-rate asset repricing and loan growth. Preston described the competitive landscape for both loans and deposits as rational, with stable spreads.

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    R. Scott Siefers's questions to US Bancorp (USB) leadership

    R. Scott Siefers's questions to US Bancorp (USB) leadership • Q2 2025

    Question

    R. Scott Siefers asked about the future trajectory of Net Interest Margin (NIM), the key factors influencing it, and the status of the 3% medium-term target. He also questioned if expense discipline was hindering necessary business investments.

    Answer

    Vice Chair & CFO John Stern explained that part of the Q2 NIM decline was transitory and expects NII to grow in the second half of the year, driven by asset repricing and strategic loan sales. He reaffirmed the 3% medium-term NIM target. President & CEO Gunjan Kedia added that growth in operational deposits will also support the NIM. Regarding expenses, both executives asserted that the company is self-funding strategic investments through productivity gains from past technology spending and operational efficiencies, not by underinvesting in growth.

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