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    Robert Siefers's questions to Regions Financial Corp (RF) leadership

    Robert Siefers's questions to Regions Financial Corp (RF) leadership • Q1 2025

    Question

    Robert Siefers from Piper Sandler asked about the degree of economic stabilization required for customers to resume investments and strategic activities, and questioned the drivers behind the lower expense growth guidance, wanting to know if it was from natural revenue-related slowdowns or active cost-cutting.

    Answer

    Executive John Turner stated that customers are in a "wait-and-see" mode pending clarity on tariffs, immigration, and regulations. Executive David Turner added that lower interest rates are needed to spur capital markets activity. Regarding expenses, David Turner clarified that the lower growth forecast is a result of finding cost savings elsewhere, such as through lower headcount and technology leverage, to fund planned investments, rather than delaying them.

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    Robert Siefers's questions to Regions Financial Corp (RF) leadership • Q3 2024

    Question

    Robert Siefers asked for clarification on the momentum for Net Interest Income (NII), questioning if the previous guidance of the net interest margin reaching 3.60% in 2025 is still achievable and what the expected pacing of NII growth will be in the coming periods.

    Answer

    David Turner, CFO, confirmed that the 3.60% margin target for 2025 remains intact. He anticipates NII will grow in Q4 and continue into 2025, supported by favorable asset repricing, controlled deposit costs, and the positive impact of resetting derivatives which will help offset the effect of lower interest rates.

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    Robert Siefers's questions to US Bancorp (USB) leadership

    Robert Siefers's questions to US Bancorp (USB) leadership • Q1 2025

    Question

    Robert Siefers of Piper Sandler asked about the expected mix of NII and fee income within the full-year revenue guidance and recent consumer spending patterns.

    Answer

    CFO John Stern confirmed the 3-5% revenue growth guidance remains, with mid-single-digit fee growth expected. CEO Gunjan Kedia noted that despite a weather-related pullback early in the year, consumer spending patterns have stabilized and remain steady, particularly among the bank's more affluent customer base.

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    Robert Siefers's questions to US Bancorp (USB) leadership • Q3 2024

    Question

    Robert Siefers inquired about the drivers behind the better-than-expected Q3 Net Interest Income (NII) and sought clarity on the factors expected to reaccelerate fee income in Q4 to meet full-year guidance.

    Answer

    CFO John Stern attributed the strong NII to credit card portfolio remixing, fixed asset repricing, and disciplined deposit pricing following a Fed rate cut. For fees, he pointed to expected Q4 momentum in trust, commercial products, mortgage, and payments, which would offset headwinds from the ATM business exit.

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    Robert Siefers's questions to Wells Fargo & Co (WFC) leadership

    Robert Siefers's questions to Wells Fargo & Co (WFC) leadership • Q1 2025

    Question

    Robert Siefers inquired about current customer sentiment amid economic uncertainty and asked for more detail on the net interest income (NII) outlook, including key variables and risks.

    Answer

    CEO Charlie Scharf noted that while customers remain strong, they are cautious and in a 'wait-and-see' mode regarding the economy. CFO Mike Santomassimo explained that the NII outlook is subject to volatility from interest rates, loan growth, and deposit mix. He reiterated the full-year guidance but noted it would likely be at the low end of the range, emphasizing the significant unknowns in the current environment.

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    Robert Siefers's questions to Wells Fargo & Co (WFC) leadership • Q3 2024

    Question

    Robert Siefers asked for more detail on the key factors influencing the Net Interest Income (NII) trough and its potential upward inflection, as well as the outlook for loan demand.

    Answer

    CFO Michael Santomassimo explained that the NII trough is influenced by deposit mix stabilization, deposit pricing adjustments following Fed cuts, and eventual loan growth. He noted that client loan demand remains weak due to economic uncertainty and high borrowing costs, with a recovery likely dependent on a soft landing, post-election clarity, and more significant rate cuts.

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    Robert Siefers's questions to Associated Banc-Corp (ASB) leadership

    Robert Siefers's questions to Associated Banc-Corp (ASB) leadership • Q4 2024

    Question

    Robert Siefers inquired about the net interest margin (NIM) trajectory following the Q4 balance sheet repositioning and the funding dynamics given the projected gap between loan and deposit growth. He also asked for the drivers behind the increased $1.2 billion C&I loan growth forecast for 2025.

    Answer

    CFO Derek Meyer stated that he expects a stable margin outlook post-restructuring, with potential upside from asset sensitivity. He noted that hedging, securities repositioning, and the auto book will support the margin. Meyer acknowledged the 1% guidance gap between loan and deposit growth, which he expects to close with wholesale funding. CEO Andrew Harmening attributed the higher C&I growth forecast to the full-year impact of newly hired, high-quality Relationship Managers (RMs) and continued momentum in the ABL and leasing businesses, which provides clearer visibility into 2025 production.

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    Robert Siefers's questions to Fifth Third Bancorp (FITB) leadership

    Robert Siefers's questions to Fifth Third Bancorp (FITB) leadership • Q4 2024

    Question

    Robert Siefers inquired about the expected development of loan demand throughout the year, citing the company's encouraging commentary on commercial pipelines, and also asked about Fifth Third's current interest rate sensitivity.

    Answer

    CEO Tim Spence confirmed strong loan demand in Q4, highlighting broad-based growth across consumer and commercial segments, record middle market pipelines, and increased client optimism. CFO Bryan Preston added that the bank's interest rate position is currently neutral, which they view as optimal for providing flexibility in the current environment.

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    Robert Siefers's questions to Fifth Third Bancorp (FITB) leadership • Q3 2024

    Question

    Robert Siefers inquired about the primary factors driving the fourth-quarter Net Interest Income (NII) guidance, the expected trajectory for deposit betas, and the outlook for achieving record NII in 2025, including the level of loan growth required.

    Answer

    CFO Bryan Preston expressed confidence in the NII trajectory, noting that deposit cost trends are performing as expected, with betas in the mid-40s since the recent rate cut. He highlighted the upcoming repricing of $13-14 billion in CDs and the ongoing tailwind from fixed-rate asset repricing as key drivers. Preston stated that while some loan growth would be helpful, "heroic" levels are not necessary to achieve record NII in 2025.

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    Robert Siefers's questions to Fifth Third Bancorp (FITB) leadership • Q2 2024

    Question

    Robert Siefers inquired about the fee income trajectory, seeking clarity on the expected rebound from Q2 softness. He also asked for context on the recent CFPB settlement, including any ongoing costs to comply or remediate.

    Answer

    CFO Bryan Preston detailed the fee outlook, expecting continued strength in wealth management and commercial payments, with seasonal tailwinds in Q3 and Q4. CEO Tim Spence addressed the CFPB matter, clarifying they were old, self-identified issues and the settlement was a one-time expense with no expected ongoing costs, as operational changes were made years ago.

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    Robert Siefers's questions to Citizens Financial Group Inc (CFG) leadership

    Robert Siefers's questions to Citizens Financial Group Inc (CFG) leadership • Q4 2024

    Question

    Robert Siefers asked for additional context on the decision to raise the medium-term net interest margin (NIM) outlook and for clarification on the drivers behind higher fourth-quarter expenses.

    Answer

    John Woods, an executive, explained the upgraded NIM outlook was driven by higher market expectations for the terminal Fed funds rate, strong Q4 performance, and opportunistic hedging. Regarding expenses, Woods and executive Bruce Van Saun attributed the Q4 increase to accelerated, successful investments in the Private Bank and commercial banking expansion. Van Saun added that an improving revenue outlook allows for leaning into attractive investments that were deferred in 2024, while still targeting positive operating leverage in 2025.

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    Robert Siefers's questions to Citizens Financial Group Inc (CFG) leadership • Q3 2024

    Question

    Robert Siefers asked for a detailed breakdown of the drivers behind the expected net interest margin (NIM) expansion in Q4 and the key variables influencing the medium-term progression toward the 2025 NIM target.

    Answer

    CFO John Woods attributed the Q4 NIM expansion to noncore portfolio runoff, active balance sheet management, and a favorable shift in deposit migration trends. CEO Bruce Van Saun added that strong deposit growth from the Private Bank and seasonal demand deposit inflows are also key contributors. For the medium-term outlook, Woods explained that the path to a ~3% NIM by late 2025 is supported by baked-in time-based benefits, positive front-book/back-book dynamics, strategic initiatives, and downside protection from the bank's swap portfolio.

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    Robert Siefers's questions to Old National Bancorp (ONB) leadership

    Robert Siefers's questions to Old National Bancorp (ONB) leadership • Q3 2024

    Question

    Robert Siefers of Piper Sandler inquired about the slightly lighter Q4 Net Interest Income (NII) outlook, the key drivers for future NII growth, and the reasons behind the higher credit costs.

    Answer

    CFO John Moran explained that the Q4 NII guidance was primarily affected by a lower belly of the yield curve. For future growth, he highlighted approximately $2 billion in securities cash flows over the next year with a 110 basis point pickup. Regarding credit, Moran characterized the increased costs as a 'normalization,' noting the full-year charge-off guidance was only slightly tightened and did not reflect a significant change in expected loss content.

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