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    Russell Elliott Gunther

    Managing Director and equity research analyst at Stephens Inc.

    Russell Elliott Gunther is a Managing Director and equity research analyst at Stephens Inc., specializing in Southeast and Mid-Atlantic regional banks with coverage of companies such as Amerant Bancorp Inc., Seacoast Banking Corporation, and WSFS Financial Corp. Throughout his career, he has demonstrated a strong track record, actively participating in earnings calls and providing in-depth analysis that has contributed to shareholder value for covered banks, several of which have reported robust returns on equity and asset growth under his coverage. Gunther began his financial services career at PricewaterhouseCoopers before moving into equity research in 2006, later holding analyst roles at Keefe Bruyette & Woods, Bank of America, Macquarie Capital, and D.A. Davidson prior to joining Stephens in August 2022. He holds a B.A. from Colgate University and maintains professional licenses required for senior equity research analysts.

    Russell Elliott Gunther's questions to Amerant Bancorp (AMTB) leadership

    Russell Elliott Gunther's questions to Amerant Bancorp (AMTB) leadership • Q1 2025

    Question

    Russell Elliott Gunther of Stephens Inc. asked for details on the lowered loan growth outlook, including the balance between paydown headwinds and new lender contributions. He also inquired about asset quality, seeking visibility on the migration of problem assets, potential losses, and confirmation of the 1% ROA target for the second half of the year.

    Answer

    Chairman and CEO Gerald Plush stated the lowered loan growth guidance is a prudent measure due to commercial customer pullback, but he expects a return to higher growth later in the year. CFO Sharymar Yepez added that prepayment behavior reflects the high-rate environment and macro uncertainty. Regarding profitability, Yepez confirmed the charge-off level is expected to rise in Q2 due to a specific sale before normalizing. She also reaffirmed the target of a 1% ROA in the second half of 2025, supported by expected expense reductions from the mortgage business restructuring.

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    Russell Elliott Gunther's questions to Amerant Bancorp (AMTB) leadership • Q4 2024

    Question

    Russell Elliott Gunther from D.A. Davidson & Co. inquired about Amerant's asset quality, seeking clarification on the expected $14.2 million reduction in non-performing loans (NPLs) and the trend for classified assets. He also asked for the outlook on net charge-offs, the allowance for credit losses (ACL), the future size of the investment portfolio, and the expense trajectory needed to achieve the company's efficiency ratio target.

    Answer

    Executive Sharymar Yepez confirmed the $14.2 million reduction would come from the NPL bucket and that classified assets are expected to decrease quarter-over-quarter. Executive Gerald Plush added that management is 'laser-focused' on reducing NPLs. Yepez reiterated net charge-off guidance of 25-30 basis points, noting the runoff of the indirect consumer portfolio will help. Plush stated the investment portfolio size should remain stable. Regarding expenses, Yepez explained that while the first half of the year has seasonally higher costs, the path to the target efficiency ratio is primarily driven by revenue growth, not significant expense reductions.

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    Russell Elliott Gunther's questions to Amerant Bancorp (AMTB) leadership • Q3 2024

    Question

    Russell Elliott Gunther of Stephens Inc. inquired about the drivers of Amerant's strong loan growth and expectations for 2025. He also asked for the outlook on net interest margin (NIM) for Q4 and early 2025, including new loan yields and deposit beta assumptions under potential Fed rate cuts. Finally, he requested more detail on the strategic initiatives for the newly separated international banking unit.

    Answer

    Chairman and CEO Jerry Plush attributed the robust loan growth to the continuous addition of high-quality relationship officers across all business lines and Florida markets. CFO Sharymar Calderon projected the NIM would expand to the mid-3.50s in Q4 and reach 3.55% to 3.60% in the first half of 2025, driven by new loan yields of 7.5-8% and the securities portfolio repositioning. Regarding international banking, Mr. Plush explained the organizational change aims to increase focus on this area as a key, cost-effective funding source.

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    Russell Elliott Gunther's questions to SEACOAST BANKING CORP OF FLORIDA (SBCF) leadership

    Russell Elliott Gunther's questions to SEACOAST BANKING CORP OF FLORIDA (SBCF) leadership • Q4 2024

    Question

    Russell Elliott Gunther of Stephens sought clarification on the Q4 loan sales, the expected pace of loan payoffs in 2025, the potential for further securities portfolio restructuring, and the expense run rate outlook for the upcoming year.

    Answer

    CFO Tracey Dexter clarified that Q4 sales included $20 million in consumer fintech loans and $20 million in nonperforming commercial real estate loans. Treasurer Michael Young added that loan payoff headwinds are expected to lessen in 2025 compared to Q4. He also stated that while the bank continually evaluates securities restructuring, none is currently planned or included in guidance. Dexter noted that while expenses will see seasonal first-quarter increases, the bank remains focused on disciplined expense management.

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    Russell Elliott Gunther's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership

    Russell Elliott Gunther's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q4 2024

    Question

    Russell Gunther asked for clarification on potential actions with the bond book, specifically whether any restructuring would be incremental to the NII guide or a measure to support it if needed.

    Answer

    Harold Carpenter (executive) clarified that any potential tactics related to the securities portfolio are not included in the current guidance. He stated that if pursued, such actions would be incremental to the plan and would not be as influential as the major restructuring executed in Q2 2024.

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    Russell Elliott Gunther's questions to PINNACLE FINANCIAL PARTNERS (PNFP) leadership • Q3 2024

    Question

    Russell Elliott Gunther inquired about Pinnacle's current appetite for M&A, referencing the company's past success with acquisitions. He also asked for the outlook on BHG's revenue trajectory for 2025, given commentary about lower rates and improving credit trends.

    Answer

    Executive M. Turner stated that future bank acquisitions are very unlikely. He emphasized that the company's ability to drive rapid organic growth through hiring and market extensions offers a significantly lower risk profile than M&A. The previous acquisitions were highlighted to show the power of Pinnacle's organic growth model once applied to new markets. Regarding BHG, executive Harold Carpenter indicated that while 2025 planning is ongoing, he anticipates mid-to-high single-digit revenue growth for BHG next year, pending further analysis of their expense base.

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    Russell Elliott Gunther's questions to Atlantic Union Bankshares (AUB) leadership

    Russell Elliott Gunther's questions to Atlantic Union Bankshares (AUB) leadership • Q3 2024

    Question

    Russell Gunther of Stephens Inc. inquired about the expected pro forma net interest margin after the merger, the strategy for growing Sandy Spring's C&I loan portfolio, and the specific characteristics of the CRE loans slated for sale.

    Answer

    CFO Rob Gorman projected a pro forma NIM in the 3.75% to 3.85% range post-close, including accretion. CEO John Asbury and Head of Commercial Banking David Ring detailed the C&I growth plan, which involves deploying Atlantic Union's playbook and product capabilities like equipment finance into Sandy Spring's markets. Asbury also clarified the sale portfolio consists of high-quality, performing loans, primarily in retail and multifamily.

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    Russell Elliott Gunther's questions to SMARTFINANCIAL (SMBK) leadership

    Russell Elliott Gunther's questions to SMARTFINANCIAL (SMBK) leadership • Q3 2024

    Question

    Russell Elliott Gunther questioned the conservative loan growth guidance of mid-to-high single digits given recent outperformance. He also sought clarity on the drivers for the Q4 net interest margin (NIM) forecast of 3.10% to 3.15%, including Fed rate cut assumptions and expected deposit beta performance.

    Answer

    President and CEO William Carroll, along with executive Rhett Jordan, explained the loan growth guidance accounts for potential paydowns, though pipelines remain strong. CFO Ronald Gorczynski specified the NIM forecast is for Q4 2024, with expansion expected through 2025, and the bank is modeling a downward deposit beta of approximately 40%.

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    Russell Elliott Gunther's questions to FNB CORP/PA/ (FNB) leadership

    Russell Elliott Gunther's questions to FNB CORP/PA/ (FNB) leadership • Q3 2024

    Question

    Russell Gunther inquired about the drivers for third-quarter expenses exceeding guidance, the outlook for the fourth-quarter expense range, and the potential for achieving positive operating leverage in 2025.

    Answer

    CFO Vincent J. Calabrese attributed the higher Q3 expenses to strategic marketing for deposit growth ($2M) and increased compensation ($5M) from production incentives and key hires. He guided for Q4 expenses to be lower sequentially, in the $225M-$235M range. Both Calabrese and CEO Vincent J. Delie stated that positive operating leverage in 2025 is achievable, though a steeper yield curve would be a key driver for significant net interest income growth.

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