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    Russell Gunther • Stephens Inc.

    Russell Gunther's questions to WesBanco Inc (WSBC) leadership

    Russell Gunther's questions to WesBanco Inc (WSBC) leadership • Q2 2025

    Question

    Russell Gunther from Stephens Inc. asked about the long-term loan growth outlook, questioning if a high-single-digit rate is achievable, and inquired about potential for future branch rationalization.

    Answer

    President and CEO Jeffrey Jackson responded that the company still targets mid-to-upper single-digit loan growth. He noted that increased CRE payoffs are the primary headwind that could keep growth below the high-end of that range. Jackson also confirmed that WesBanco conducts an annual branch network review and will do so in the second half of the year, which is expected to result in some closures and associated cost savings.

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    Russell Gunther's questions to WesBanco Inc (WSBC) leadership • Q1 2025

    Question

    Russell Gunther sought confirmation that the Q4 expense run rate guidance is fully inclusive of all merger-related cost savings and asked about the expected normalized expense growth rate thereafter. He also inquired about capital management priorities, including the appetite for buybacks or M&A.

    Answer

    Daniel Weiss, Senior Executive Vice President and CFO, confirmed the low-$140 million Q4 run rate includes all cost savings and projected a roughly 4% growth rate from that base into 2026. Jeffrey Jackson, President and CEO, stated that the company is currently in 'capital build mode' and is focused on integrating the Premier acquisition. He indicated that any new M&A would not be considered until late 2025 or early 2026 at the earliest.

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    Russell Gunther's questions to WesBanco Inc (WSBC) leadership • Q4 2024

    Question

    Russell Elliott Gunther asked for details on WesBanco's net interest margin (NIM), inquiring about the repricing of the CD portfolio, the pro forma NIM outlook with the Premier Financial acquisition, and clarification on the assumptions behind the updated guidance.

    Answer

    CFO Daniel Weiss explained that approximately $1.2 billion in CDs at a 4.25% rate are expected to reprice down by 75-100 basis points in Q2. He also confirmed the pro forma NIM outlook is now around 3.50% to 3.55%, an improvement from the initial deal announcement, which is based on an updated interest rate mark but does not yet include potential benefits from securities restructuring.

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    Russell Gunther's questions to WesBanco Inc (WSBC) leadership • Q3 2024

    Question

    Russell Elliott Gunther asked for more detail on the net interest margin, seeking clarity on the core NIM step-up into early 2025 and the expected pro forma margin after the Premier Financial acquisition. He also inquired about the use of the $4 million in savings from branch consolidations and the bank's core expense growth rate.

    Answer

    CFO Daniel Weiss provided a comprehensive margin outlook, detailing repricing dynamics of FHLB borrowings, CDs, and variable-rate loans, projecting a continued NIM increase into Q1 2025 and reaffirming a pro forma margin with Premier around 3.46%. He also stated the $4 million in savings should largely drop to the bottom line, with the Q4 expense run rate expected to be similar to Q3.

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    Russell Gunther's questions to Ameris Bancorp (ABCB) leadership

    Russell Gunther's questions to Ameris Bancorp (ABCB) leadership • Q2 2025

    Question

    Russell Gunther of Stephens Inc. requested details on the net interest margin's cadence during the quarter, including the exit rate for June. He also asked for an update on the equipment finance portfolio's balances and charge-off trends, and sought guidance on the outlook for noninterest expense in the third quarter.

    Answer

    CFO Nicole Stokes stated that the NIM grew steadily throughout the quarter but noted that the June exit rate contained anomalies, leading her to guide for a relatively flat Q3 margin. CEO H. Palmer Proctor reported that equipment finance loans constitute about 7.2% of total loans and that charge-offs in that portfolio are now within the company's target range. For expenses, Stokes projected Q3 noninterest expense to be consistent with Q2, in the $156 million to $158 million range.

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    Russell Gunther's questions to Ameris Bancorp (ABCB) leadership • Q1 2025

    Question

    Russell Gunther followed up on loan yields, asking for the quarter-end Balboa premium finance balance and its expected growth, and also inquired about capital deployment priorities, including buybacks and callable subordinated debt.

    Answer

    EVP & CFO Nicole Stokes reported Balboa balances ended the quarter at $1.5 billion and are expected to grow in line with the company's mid-single-digit forecast. CEO H. Proctor added that this could be diluted if CRE lending accelerates and noted they have loan sale conduits to manage exposure. On capital, Proctor prioritized organic growth first, followed by evaluating callable sub-debt, and then share buybacks, stressing the importance of capital for both 'offensive and defensive purposes.'

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    Russell Gunther's questions to Ameris Bancorp (ABCB) leadership • Q4 2024

    Question

    Russell Gunther of Stephens Inc. inquired about the 2025 outlook for mortgage banking gain on sale, capital deployment priorities, and the characteristics of a potential M&A target. He later asked for the spot deposit cost at year-end.

    Answer

    CFO Nicole Stokes guided the mortgage gain on sale margin to a 2.25% to 2.40% range. CEO Palmer Proctor outlined capital deployment priorities as 1) organic growth, 2) selective M&A, and 3) buybacks. He described an ideal M&A target as being in the Southeast with a strong core deposit base and cultural fit. Stokes provided the December spot deposit cost of ~2.00% but noted it was skewed low by temporary public funds and noninterest-bearing inflows.

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    Russell Gunther's questions to Ameris Bancorp (ABCB) leadership • Q3 2024

    Question

    Russell Gunther of Stephens Inc. sought clarification on the near-term Net Interest Margin (NIM) guidance and the loan growth outlook for 2025, considering factors like potential paydowns.

    Answer

    Executive Nicole Stokes reiterated the NIM guidance of bouncing around the 3.50% level, plus or minus a few basis points. CEO H. Proctor confirmed confidence in the mid-single-digit loan growth guidance, noting the bank is well-positioned with new commercial hires to accelerate growth when appropriate in its diversified markets.

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    Russell Gunther's questions to WSFS Financial Corp (WSFS) leadership

    Russell Gunther's questions to WSFS Financial Corp (WSFS) leadership • Q2 2025

    Question

    Russell Gunther of Stephens Inc. asked for an outlook on commercial loan growth, particularly in C&I, and inquired about any shifts in commercial borrower sentiment regarding tariffs. He also questioned the expense run rate for the remainder of the year and the potential role of M&A in managing the company's CET1 capital ratio.

    Answer

    EVP & CFO David Burg stated that WSFS is focused on accretive loan growth, emphasizing C&I relationships while being selective in commercial real estate. Chairman, President & CEO Rodger Levenson noted a 'mild uptick in optimism' from borrowers as tariff uncertainty settles. Burg confirmed the Q2 expense level is a good run rate for future growth. Regarding capital, Levenson explained that while share buybacks are active, the primary use of excess capital is investment in the business, with a preference for fee-based and wealth management opportunities, though traditional bank M&A is not ruled out.

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    Russell Gunther's questions to WSFS Financial Corp (WSFS) leadership • Q1 2025

    Question

    Russell Elliott Gunther questioned the absence of a guidance slide, the outlook for net charge-offs following a significant one-off credit event, and the expected expense run rate for upcoming quarters.

    Answer

    Executive David Burg clarified that updating guidance mid-year is standard practice for WSFS and does not signal reduced visibility. He explained that excluding the one-off acquired loan, net charge-offs were in line with expectations at 27 basis points. Regarding expenses, Burg noted that Q1 was unusually low due to about $8 million in one-time items and timing, suggesting a normalized quarterly run rate closer to $160 million.

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    Russell Gunther's questions to WSFS Financial Corp (WSFS) leadership • Q4 2024

    Question

    Russell Elliott Gunther inquired about the 2025 expense outlook, seeking clarity on the dollar expense run rate from Q4 and the assumptions within the efficiency ratio guidance. He also asked about levers to improve Cash Connect's profitability independent of interest rates and the targeted year-end size of the securities portfolio.

    Answer

    Executive David Burg explained that Q4 expenses were elevated due to a $1.9 million one-time item in Cash Connect and variable rate-related costs. He noted that normalized expenses grew due to incentive compensation true-ups and strategic headcount additions in Wealth, Commercial, and Technology. Burg stated the 60% efficiency ratio is a full-year goal, implying revenue and expense growth will be parallel. For Cash Connect, he identified growth, optimizing cash logistics, and pricing leverage as key profit drivers. Regarding the securities portfolio, he confirmed the target is around 20% of assets, down from the current 22%, with cash flows primarily funding business growth.

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    Russell Gunther's questions to WSFS Financial Corp (WSFS) leadership • Q3 2024

    Question

    Russell Elliott Gunther inquired about the net interest margin (NIM) outlook, specifically the impact of the hedge program per 25 basis point rate cut. He also asked about the Q4 and 2025 outlook for fee revenue from the credit, debit, and ATM line, particularly Cash Connect, and requested the specific revenue impact from the Spring EQ earn-out in the quarter.

    Answer

    EVP and CFO David Burg explained that the 7 basis point NIM decline was driven by the investment portfolio write-up, nonaccruals, and higher deposit costs. He confirmed the $1.5 billion hedging program is complete and will mitigate asset sensitivity as rates fall. For Cash Connect, Burg noted the focus is on optimizing the network gained from market share wins, which should expand profitability in a down-rate environment despite lower top-line revenue. He also confirmed the Spring EQ earn-out was approximately $2 million for the quarter.

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

    Russell Gunther's questions to Amerant Bancorp Inc (AMTB) leadership • Q2 2025

    Question

    Russell Gunther inquired about Amerant's loan growth outlook for 2026 and whether the current slowdown reflects a strategic shift or market conditions. He also asked about expectations for realized losses in the second half of 2025 and what credit loss assumptions are embedded in the 1% ROA target.

    Answer

    CEO Jerry Plush clarified that the company expects to return to double-digit loan growth, stating the current priority has been asset quality but new talent will rebuild the pipeline. He noted that a significant portion of Q2 charge-offs were previously covered by specific reserves, keeping the core charge-off rate stable. CFO Sharymar Calderón added that the 1% ROA target for H2 2025 already accounts for provisions needed for expected loan growth.

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

    Russell Gunther's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q2 2025

    Question

    Russell Gunther from Stephens Inc. inquired about the pro forma loan growth outlook, the sustainability of the mid-40% efficiency ratio target given North Carolina expansion plans, and capital deployment priorities, including the potential for share buybacks.

    Answer

    CEO John C. Asbury and EVP & Wholesale Banking Group Executive David Ring confirmed strong loan pipelines support a solid growth outlook. CFO Robert Gorman reaffirmed the mid-40s efficiency ratio target for 2026, which includes planned investments. Gorman also outlined capital priorities as organic growth, dividends, and then potential share repurchases once the CET1 ratio approaches 10.5-11%.

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    Russell Gunther's questions to Atlantic Union Bankshares Corp (AUB) leadership • Q1 2025

    Question

    Russell Gunther asked to what extent the qualitative reserve build has 'ringfenced' the overhang from potential government cutbacks and also inquired about the net interest margin outlook for the legacy Atlantic Union Bank in Q2 before the inclusion of Sandy Spring.

    Answer

    EVP and CFO Rob Gorman stated that potential government cutbacks were not a big factor in the qualitative overlay; the primary driver was the increased probability of a national recession resulting from tariff policies. President and CEO John Asbury added that government-related issues are localized to the Greater Washington region and not a major concern elsewhere in their Virginia and North Carolina footprint. For the legacy AUB margin, Gorman expects continued expansion in Q2 from the Q1 level of 3.45%, driven by repricing of CDs and fixed-rate loans.

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    Russell Gunther's questions to United Community Banks Inc (UCB) leadership

    Russell Gunther's questions to United Community Banks Inc (UCB) leadership • Q2 2025

    Question

    Russell Gunther followed up on loan growth, asking about the current commercial pipeline versus the prior quarter and the sentiment among commercial borrowers. He also asked about the recruitment pipeline and the bank's appetite for securities restructurings as a use of capital.

    Answer

    President & Chief Banking Officer, Rich Bradshaw, confirmed the commercial pipeline is larger than last quarter and that customer sentiment is optimistic. Chairman & CEO, H. Lynn Harton, added that clients are less concerned about tariffs and positive about tax policies. On capital, Executive VP & CFO, Jefferson Harralson, acknowledged they have excess capital and an under-earning securities book, and while restructuring is considered, they currently prefer maintaining high capital ratios. H. Lynn Harton reiterated that organic growth and M&A remain top priorities.

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    Russell Gunther's questions to FB Financial Corp (FBK) leadership

    Russell Gunther's questions to FB Financial Corp (FBK) leadership • Q2 2025

    Question

    Russell Gunther from Stephens Inc. asked for details on the net interest margin guidance, including assumptions for Fed rate cuts and the potential for further deposit cost reductions. He also questioned the sustainability of mid-to-high single-digit loan growth on a larger balance sheet and whether recent capital actions signaled a change in the M&A outlook.

    Answer

    CFO Michael Mettee stated the NIM forecast includes two rate cuts in late 2025 and noted that about 35-40% of deposits would reprice lower upon a cut. CEO Chris Holmes reaffirmed confidence in achieving mid-to-high single-digit growth long-term, supported by strong pipelines and growth from the Southern States franchise. Holmes also clarified that recent capital deployment does not limit future M&A due to the company's strong capital position, with a CET1 ratio over 12%.

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    Russell Gunther's questions to FB Financial Corp (FBK) leadership • Q1 2025

    Question

    Russell Gunther asked for the assumptions underlying the net interest margin (NIM) guidance, including Fed rate cuts and yield curve shape. He also inquired about the Q2 outlook for mortgage banking fee income and the company's charge-off expectations for the remainder of the year.

    Answer

    CFO Michael Mettee stated the NIM forecast assumes two rate cuts, consistent with their view from the start of the year, resulting in a stable outlook. He noted the pro forma NIM guide includes some conservatism due to economic uncertainty. On mortgage, Mettee was pleased with Q1 performance and expects continued profitability, though momentum is subject to rate volatility. Executive Christopher Holmes and Chief Bank Officer Travis Edmondson indicated they expect full-year charge-offs to be slightly below the Q1 level of 0.14%, noting that recent charge-offs were credit-specific and that overall credit trends are positive.

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    Russell Gunther's questions to FB Financial Corp (FBK) leadership • Q4 2024

    Question

    Russell Gunther questioned the outlook for loan growth in 2025, the hierarchy of capital deployment priorities including buybacks, and expectations for expense efficiency within the mortgage business.

    Answer

    Executive Christopher Holmes stated the bank is targeting a high single-digit to low double-digit loan growth rate for 2025. Executive Michael Mettee clarified that organic growth and M&A are the top capital deployment priorities, with share buybacks and securities restructuring considered opportunistic levers. Mettee also noted the mortgage segment has seen four straight quarters of positive contribution and is expected to operate more efficiently in 2025.

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    Russell Gunther's questions to FB Financial Corp (FBK) leadership • Q3 2024

    Question

    Russell Elliott Gunther of Stephens Inc. asked for a big-picture view on how future rate decreases would act as an earnings growth catalyst for FB Financial in 2025. He also inquired about the assumptions for deposit betas during a rate-cutting cycle and later followed up on asset quality, asking if inflows to adversely classified loans still outpaced outflows and how rate cuts might impact this dynamic.

    Answer

    Executive Christopher Holmes explained that with a well-matched balance sheet, including a significant portion of indexed deposits, the company is positioned to maintain or expand its margin in a gradual rate-cutting environment. Executive Michael Mettee added that the goal for deposit betas on the way down is to mirror the ~60% beta experienced on the way up, noting that recent wholesale funding provides optionality. Regarding asset quality, Executive Travis Edmondson stated that while there were two large commercial inflows, the overall flow is business as usual, and he does not expect rate changes to have a material impact on credit trends, which are currently driven by idiosyncratic issues.

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    Russell Gunther's questions to SouthState Corp (SSB) leadership

    Russell Gunther's questions to SouthState Corp (SSB) leadership • Q1 2025

    Question

    Russell Gunther inquired about capital deployment plans, including both offensive (buybacks, M&A) and defensive options, given the strong 11% CET1 ratio. He also asked which portfolio segments are under closer scrutiny.

    Answer

    CEO John Corbett acknowledged that the strong capital position creates future options for dividends, buybacks, or M&A, but the immediate priority is navigating economic uncertainty. Executive William Matthews added that the CET1 ratio is projected to accrete 20-25 basis points per quarter. Defensively, Corbett stated the primary risk is a widespread recession rather than specific sectors, though the team is closely monitoring $200 million in industrial warehouse exposure near ports.

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    Russell Gunther's questions to SouthState Corp (SSB) leadership • Q4 2024

    Question

    Russell Gunther of Stephens Inc. asked for an outlook on legacy SouthState deposit cost trends, CD repricing opportunities, and the expected performance of the correspondent banking business.

    Answer

    CEO John Corbett projected the pro forma company's deposit costs to be around 2% in Q1 2025, highlighting a better-than-modeled beta on deposit pricing. He also guided for noninterest income to be in the 50-55 basis points range of average assets. He noted the correspondent bank, a recent driver of outperformance, is expected to start the year with an annualized revenue run-rate of approximately $80 million, with potential to rise toward $90 million if the Fed implements rate cuts.

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