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    Scott Siefers • Piper Sandler

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

    Scott Siefers's questions to Associated Banc-Corp (ASB) leadership • Q1 2025

    Question

    Scott Siefers from Piper Sandler asked for an update on customer sentiment and activity in light of recent tariff discussions and inquired about the bank's long-term strategic goals for its newer Midwestern markets like Kansas City.

    Answer

    Executive Andrew Harmening noted that while customers are cautious, they have been proactively planning for potential tariff impacts and have explored alternative supply chains. He explained the bank's strategy is to leverage its success in Milwaukee as a template for growth in other major metros like Minneapolis, Chicago, and Kansas City, applying a proven model of product, marketing, and digital strategies to markets with potentially faster growth.

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    Scott Siefers's questions to Associated Banc-Corp (ASB) leadership • Q3 2024

    Question

    An analyst from Piper Sandler asked for the outlook on the composition of loan growth for the fourth quarter and inquired about customer appetite for borrowing.

    Answer

    CEO Andrew Harmening stated that confidence is high due to the ramp-up of the new commercial team and continued growth in high-quality auto loans. He suggested that a potential slowdown in CRE construction payoffs, if rates remain elevated, combined with fewer planned credit exits, would support loan growth. This combination underpins the forecast for total loan growth to land at the lower end of the previously stated 4% to 6% range.

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

    Scott Siefers's questions to Old National Bancorp (ONB) leadership • Q1 2025

    Question

    Scott Siefers from Piper Sandler inquired about the current sentiment among Old National's customers compared to January and what might catalyze a rebound in activity. He also asked for clarity on the underlying NII cadence for the year, excluding the impact of the Bremer acquisition.

    Answer

    Executive Mark Sander described customer sentiment as a 'pause' amid uncertainty, rather than a change in plans, noting that business pipelines remain strong. He highlighted that the CRE market is still active and increasingly competitive. Executive John Moran addressed the NII cadence, stating that on a core basis, the bank expects improved core margin and NII dollar growth in Q2, with the trend continuing through the year, augmented by the Bremer deal closing in May.

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    Scott Siefers's questions to Old National Bancorp (ONB) leadership • Q4 2024

    Question

    Scott Siefers of Piper Sandler asked for more detail on the stand-alone net interest margin (NIM) outlook for Old National Bank, seeking to understand the key positive drivers and potential risks for the coming year.

    Answer

    Executive John Moran confirmed the 'stable to improving' outlook for the core, stand-alone NIM. He identified the primary drivers as continued loan growth and favorable fixed-asset repricing dynamics. Moran also noted that any steepening of the yield curve would provide an additional tailwind to the margin.

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

    Question

    In a follow-up, Scott Siefers of Piper Sandler asked for updated thoughts on how M&A fits into the picture given the rapid capital build, and whether the focus would remain on organic growth.

    Answer

    CEO James Ryan reiterated that any potential M&A opportunity faces a 'high hurdle.' He emphasized that the bank has ample organic growth opportunities to execute on. While they would opportunistically look at deals that meet their high standards for long-term shareholder value creation, the primary focus remains on executing their current organic strategy.

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

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

    Question

    Scott Siefers of Piper Sandler inquired about the expected balance between net interest income and fee income within the full-year revenue growth target, seeking updates on key fee drivers, particularly payments. He also asked about recent consumer spending patterns and any observed changes amid increased economic uncertainty.

    Answer

    CFO John Stern confirmed the 3-5% revenue growth guidance and mid-single-digit fee growth expectation, driven by payments, capital markets, and trust services. CEO Gunjan Kedia addressed consumer spending, noting a weather-related pullback early in the year that has since stabilized. She added that spending patterns remain steady, likely due to the bank's affluent customer mix and focus on non-discretionary categories.

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    Scott Siefers's questions to US Bancorp (USB) leadership • Q4 2024

    Question

    Scott Siefers inquired about the primary drivers of the forecasted 3% to 5% revenue growth for fiscal year 2025, seeking a breakdown between net interest income (NII) and fee income. He also requested clarification on the Q1 NII guidance, confirming if it would be down on a reported basis due to fewer days.

    Answer

    CFO John Stern confirmed that Q1 NII would be approximately $40 million lower on a reported basis due to two fewer days. For the full year, Stern detailed that revenue growth will be driven by both fees and NII. Fee income is expected to grow in the mid-single digits, propelled by momentum in trust, payments, and capital markets. NII growth is anticipated from an improved asset mix, stabilization in deposit trends, and significant fixed asset repricing, with billions in assets rolling off quarterly and being replaced at spreads of 150-200 basis points.

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

    Scott Siefers's questions to Regions Financial Corp (RF) leadership • Q4 2024

    Question

    Scott Siefers inquired about the expected evolution of deposit pricing, particularly in a sustained higher-rate environment. He also asked about the primary sensitivities for net interest income (NII) momentum, such as rates, yield curve shape, and deposit pricing.

    Answer

    Executive David Turner emphasized a strategy of being competitive on deposit pricing to foster growth, especially in noninterest-bearing accounts. He noted a base case down-beta of 35% and benefits from maturing high-cost CDs. Turner identified managing deposit costs as the primary driver for NII, adding that a steeper yield curve would also be beneficial.

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

    Scott Siefers's questions to Truist Financial Corp (TFC) leadership • Q4 2024

    Question

    An analyst, identified as Scott, inquired about the drivers of Net Interest Income (NII) momentum after Q1 2025 and the sensitivity of the outlook to different Federal Reserve rate cut scenarios. He also asked for an update on loan demand and overall client sentiment.

    Answer

    CFO Mike Maguire stated that NII is expected to trend positively after a Q1 dip, driven by modest loan growth and stabilizing deposit betas. He noted that the NII outlook is relatively neutral to the number of rate cuts. CEO Bill Rogers added that loan growth momentum is coming from focused initiatives in consumer and C&I, with clients showing more expansionary sentiment, particularly around potential M&A activity.

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    Scott Siefers's questions to Truist Financial Corp (TFC) leadership • Q3 2024

    Question

    Scott Siefers asked for an analysis of the fourth-quarter net interest margin (NIM) guidance, the timeline for deposit betas to catch up with asset repricing, and the potential for further balance sheet repositioning given Truist's capital flexibility.

    Answer

    CFO Mike Maguire explained that while Q4 NIM will see some compression due to a temporary lag in deposit betas, he expects the betas to catch up in Q1 2025, leading to margin stabilization and subsequent improvement. Maguire noted that another large-scale balance sheet repositioning is a lower priority compared to deploying capital for organic growth and share repurchases.

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