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    Samuel Varga • UBS

    Samuel Varga's questions to SouthState Corp (SSB) leadership

    Samuel Varga's questions to SouthState Corp (SSB) leadership • Q2 2025

    Question

    Samuel Varga of UBS Group inquired about the allowance for credit losses, particularly the status of the qualitative factor adjustment for tariffs mentioned last quarter. He also asked for an update on capital allocation priorities, including share buybacks.

    Answer

    CFO William Matthews stated that with a stable economy, it's reasonable to expect reserve levels to decline over time, partly due to the rapid runoff of higher-reserved PCD loans. CEO John Corbett outlined capital priorities as consistent dividend growth (evidenced by the recent 11% increase), opportunistic share buybacks, and funding organic growth.

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    Samuel Varga's questions to SouthState Corp (SSB) leadership • Q4 2024

    Question

    Samuel Varga of UBS Group AG asked about the combined credit loss outlook post-IBTX deal and potential revenue synergies, particularly from fee income.

    Answer

    CEO John Corbett indicated low loss visibility in the CRE portfolio, suggesting any future losses would more likely stem from the C&I or SBA books. President William Matthews noted that purchase accounting creates significant loss absorption capacity. For synergies, Executive Vice President and Chief Financial Officer Stephen Young highlighted immediate opportunities in capital markets products like interest rate swaps, with longer-term potential in treasury management, mortgage, and wealth management.

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    Samuel Varga's questions to Pinnacle Financial Partners Inc (PNFP) leadership

    Samuel Varga's questions to Pinnacle Financial Partners Inc (PNFP) leadership • Q2 2025

    Question

    Samuel Varga from UBS Group inquired about the pace of spread compression on fixed-rate loan renewals and asked for any updates on how recent regulatory developments might affect the bank's operations.

    Answer

    CFO Harold Carpenter clarified that while spreads on new loan originations are stable, the lift from renewals is diminishing as the rate gap between maturing and new loans has narrowed. CEO Terry Turner noted a more positive tone from regulators on issues like M&A and the $100 billion asset threshold but affirmed that these developments do not alter Pinnacle's core organic growth strategy.

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    Samuel Varga's questions to Pinnacle Financial Partners Inc (PNFP) leadership • Q3 2024

    Question

    Samuel Varga asked for commentary on the run rate for the investment services fee line, its connection to private banker hires, and the strategy for the bond book's duration and composition.

    Answer

    Executive M. Turner clarified that investment services revenue is primarily advisory fees driven by hiring licensed brokers who successfully consolidate their books of business, citing a recent $600 million asset transfer in Jacksonville as an example. Executive Harold Carpenter addressed the bond book, stating he is comfortable with its current position and duration. He explained that the move to more variable-rate securities provides significant yield pickup in the current environment and will continue to do so until rates fall substantially.

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    Samuel Varga's questions to Webster Financial Corp (WBS) leadership

    Samuel Varga's questions to Webster Financial Corp (WBS) leadership • Q1 2025

    Question

    Samuel Varga of UBS asked if the current allowance for credit losses of 1.34% represents a potential peak, given the increased recession probability baked into the model. He also inquired about the potential for the securities portfolio yield to continue rising and offset cash drag on the margin.

    Answer

    CFO William Holland stated that while it's hard to predict, he feels the bank is very well-reserved with reasonable assumptions, including a 5.5% peak unemployment rate. He noted that recent market volatility could change things, but as of the call, the outlook was slightly better than when the 30% recession weighting was set. On the securities portfolio, Holland confirmed there is continued opportunity for yield pickup as the portfolio turns over, with Q1 purchases yielding over 100 basis points more than run-off.

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    Samuel Varga's questions to Webster Financial Corp (WBS) leadership • Q3 2024

    Question

    Samuel Varga from UBS asked for clarification on the securities portfolio's roll-on yield, questioning why the Q3 purchase yield was below the 6% figure mentioned. He also inquired about the deposit beta for the Brio online platform, asking if the 60% beta applied to the whole book or just new production.

    Answer

    CFO William Holland clarified that the 6% roll-on yield figure referred to the combined repricing of both fixed-rate securities and loans, not just securities alone. Regarding Brio, Holland confirmed the 60% beta applies to the entire portfolio, and CEO John Ciulla added that new and existing deposits have the same rate, so the beta is consistent across the book.

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    Samuel Varga's questions to First Interstate Bancsystem Inc (FIBK) leadership

    Samuel Varga's questions to First Interstate Bancsystem Inc (FIBK) leadership • Q4 2024

    Question

    Samuel Varga asked for commentary on payment volume growth trends observed in the past year and the expectations for that business line going forward.

    Answer

    CEO Jim Reuter explained that while Q4 saw some seasonality, there was no significant growth in the payment services fee income line in 2024. For 2025, the company anticipates some growth, but it is not expected to be a material driver, and guidance reflects normal year-over-year trends.

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    Samuel Varga's questions to Columbia Banking System Inc (COLB) leadership

    Samuel Varga's questions to Columbia Banking System Inc (COLB) leadership • Q4 2024

    Question

    Samuel Varga of UBS inquired about new origination yields in the C&I loan portfolio and asked about the drivers for recent changes in the allowance for credit losses for C&I and CRE loans.

    Answer

    Executive Torran Nixon did not provide specific origination yields, instead reiterating the focus on low to mid-single-digit C&I growth as part of full banking relationships. CEO Clint Stein added that the bank maintains pricing discipline, having walked away from nearly $250 million in deals with unfavorable terms. CFO Ron Farnsworth stated that the minor shifts in the allowance ratios for C&I and CRE were due to normal portfolio fluctuations and economic assumption changes, with no significant drivers to call out.

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    Samuel Varga's questions to First Citizens BancShares Inc (Delaware) (FCNCA) leadership

    Samuel Varga's questions to First Citizens BancShares Inc (Delaware) (FCNCA) leadership • Q3 2024

    Question

    Samuel Varga requested the precise percentage of the loan portfolio that is variable-rate and what portion is effectively floating. He also asked for color on the expected terminal deposit beta by Q4 2025.

    Answer

    CFO Craig Nix specified that approximately 64% of the total loan portfolio is variable-rate, with most tied to SOFR. Regarding deposit betas, Nix noted the up-cycle terminal beta was 47% and projected down-betas for Q4 2024 to be 23% for deposits. Executive Tom Eklund added that there is a lag on the deposit side, so the beta will be lower initially before catching up in 2025.

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    Samuel Varga's questions to Popular Inc (BPOP) leadership

    Samuel Varga's questions to Popular Inc (BPOP) leadership • Q3 2024

    Question

    Samuel Varga questioned if recent short-term rate moves could create headwinds for repricing public deposits and asked about the strategy for growing the non-public deposit base.

    Answer

    CFO Jorge Garcia acknowledged basis risk in public deposit pricing but noted it's actively managed. CEO Ignacio Alvarez stated the bank would not get aggressive on deposit pricing because outflows are driven by spending or moves to alternative investments, not direct bank competition. He said raising rates would be unproductive, but they also don't expect to lower them significantly.

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    Samuel Varga's questions to East West Bancorp Inc (EWBC) leadership

    Samuel Varga's questions to East West Bancorp Inc (EWBC) leadership • Q3 2024

    Question

    Samuel Varga from UBS asked for clarification on the term for the 4.28% CD special and questioned whether the improvement in the deposit beta would be gradual or if a specific quarter would see a larger step-up due to CD repricing dynamics.

    Answer

    CFO Christopher Del Moral-Niles confirmed the 4.28% CD special was for a 6-month term. He stated that the path towards the target 50% through-the-cycle beta is expected to be "more of a gradual path," assuming the Fed continues with a steady, incremental rate-cut approach.

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    Samuel Varga's questions to Zions Bancorporation NA (ZION) leadership

    Samuel Varga's questions to Zions Bancorporation NA (ZION) leadership • Q3 2024

    Question

    Samuel Varga of UBS asked about the difference between average and period-end liquidity levels, seeking commentary on where cash and investment levels might trend. He also inquired about potential seasonality and the outlook for noninterest-bearing deposits.

    Answer

    Corporate Treasurer Matt Tyler explained that the bank doesn't hold large cash balances, instead using the deep repo market for on-demand liquidity, and that the end-of-period cash decline was due to paying off borrowings. An executive added that while they are pleased with the stabilization in noninterest-bearing deposits and are not calling out specific Q4 seasonality, some further migration is still possible.

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    Samuel Varga's questions to Synovus Financial Corp (SNV) leadership

    Samuel Varga's questions to Synovus Financial Corp (SNV) leadership • Q3 2024

    Question

    Samuel Varga of UBS asked about the yields on new loans in middle market, CIB, and specialty lending relative to the existing portfolio, and questioned the strategy behind the aggressive 80% beta on new time deposit production.

    Answer

    CFO Jamie Gregory noted that while CIB spreads are tighter, middle market and specialty lending yields are accretive. CEO Kevin Blair added that new loan production yields are roughly 100 basis points above the total portfolio yield. Gregory defended the aggressive time deposit repricing, stating it is sufficient for funding needs and supported by ample alternative liquidity sources.

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    Samuel Varga's questions to First Horizon Corp (FHN) leadership

    Samuel Varga's questions to First Horizon Corp (FHN) leadership • Q3 2024

    Question

    Samuel Varga from UBS inquired about specific initiatives to attract noninterest-bearing deposits and asked for details, such as the weighted average yield, on the 12% of the loan book that is fixed-rate.

    Answer

    CEO Bryan Jordan confirmed active efforts across the franchise to grow core checking accounts and noninterest-bearing deposits as part of a broader strategy to deepen client relationships. CFO Hope Dmuchowski noted that while she didn't have the exact weighted average yield, many of these fixed-rate loans could prepay if rates fall significantly. CEO Bryan Jordan added a proxy yield of around 5.8% from the consumer loan portfolio.

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