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    William Jones • KBW

    William Jones's questions to CRH PLC (CRH) leadership

    William Jones's questions to CRH PLC (CRH) leadership • Q1 2025

    Question

    William Jones asked for an update on the U.S. asphalt business's winter fill process and the potential impact of oil price changes, and also inquired about business trends in Canada.

    Answer

    Executive Randy Lake stated the asphalt winter fill was a consistent year and provides a significant competitive advantage in securing supply. He noted the business is run on a margin basis and expects another year of margin progression. Executive Jim Mintern commented that the Canadian business, which is mainly Toronto-based, is seeing a good pricing environment and broadly similar trends to elsewhere as its season begins.

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    William Jones's questions to Trustmark Corp (TRMK) leadership

    William Jones's questions to Trustmark Corp (TRMK) leadership • Q1 2025

    Question

    William Jones inquired about Trustmark's loan growth trends, the impact of loan paydowns, and client behavior in response to tariffs and economic uncertainty. He also asked for sensitivity analysis on the net interest margin (NIM) given potential interest rate cuts.

    Answer

    Chief Credit and Operations Officer Robert Harvey explained that CRE loan payoffs are expected to be a second-half 2025 event, as many clients are opting for extension options amid rate uncertainty. President and CEO Duane Dewey added that while loan pipelines remain strong, some clients are expressing caution post-April. CFO Thomas Owens clarified the Q1 NIM was impacted by a 3-basis-point seasonal decline in loan fees and that the bank expects low single-digit NIM accretion in coming quarters, assuming Fed rate cuts in June and September.

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    William Jones's questions to Trustmark Corp (TRMK) leadership • Q3 2024

    Question

    William Jones from Raymond James inquired about the drivers behind the strong net interest margin performance, the specifics of deposit pricing actions taken, and the expected impact of rate changes on loan yields. He also sought clarification on the 2023 baseline for adjusted continuing operations fees and expenses and the implied expense run rate for Q4.

    Answer

    CFO Thomas Owens explained that proactive deposit rate cuts were made to mitigate pressure from the Fed's rate reduction, and they are closely monitoring flows to maintain the deposit base and net interest margin. He also noted a natural lift in loan yields and benefits from a steepening yield curve. Chief Accounting Officer George Chambers provided the methodology for calculating the adjusted 2023 expense and income bases, referencing the 10-K and specific nonrecurring items, and confirmed an expected expense uptick in Q4.

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    William Jones's questions to Ferguson Enterprises Inc (FERG) leadership

    William Jones's questions to Ferguson Enterprises Inc (FERG) leadership • Q2 2025

    Question

    William Jones asked if the gross margin impact from deflation was due to temporary inventory losses, whether operating margins are similar across business groups despite different gross margins, and if the company's medium-term financial framework from its Investor Day still holds.

    Answer

    CFO Bill Brundage clarified that the deflation impact is not from inventory losses but from increased pressure on bidding and quoting in a challenging market. CEO Kevin Murphy confirmed that operating margins are typically consistent across customer groups, but intentional growth investments in HVAC and Waterworks are currently impacting that dynamic. Regarding the long-term framework, Murphy stated that while the current market is unique, the company still believes in its growth algorithm of outperforming the market and driving margin expansion once a more normalized environment returns.

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    William Jones's questions to Ferguson Enterprises Inc (FERG) leadership • Q4 2024

    Question

    William Jones from Redburn Atlantic asked about the increase in the addressable market for large capital projects from $30B to $50B and questioned Ferguson's competitive positioning in serving the dual-trade contractor.

    Answer

    CFO Bill Brundage confirmed the addressable market for large projects has grown to $50B through 2030, driven by an expanding project pipeline, and stated they are in the 'early innings' of this opportunity. CEO Kevin Murphy described Ferguson's unique position as a nationwide player with strong plumbing and growing HVAC capabilities, offering a best-in-class, integrated service for dual-trade professionals that is difficult for smaller, local competitors to replicate.

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    William Jones's questions to Renasant Corp (RNST) leadership

    William Jones's questions to Renasant Corp (RNST) leadership • Q4 2024

    Question

    William Jones asked for clarification on the Q4 increase in core operating expenses, the expected expense run rate for 2025, any updates on the merger rate marks with First, and the potential growth rate for the combined company.

    Answer

    Kevin Chapman explained the expense jump was driven by abnormally high operational fraud losses and health plan costs, and guided to a 2-3% expense growth rate for 2025. James Mabry noted that while merger rate marks have fluctuated, the net impact on the deal's earn-back is de minimis. CEO Mitchell Waycaster expressed optimism for the combined company's growth, citing strong momentum and complementary business models.

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    William Jones's questions to Amerant Bancorp Inc (AMTB) leadership

    William Jones's questions to Amerant Bancorp Inc (AMTB) leadership • Q4 2024

    Question

    William Jones from KBW questioned if Amerant could maintain its net interest margin (NIM) around the guided 3.60% level throughout 2025, considering its growth plans and a potential Fed easing cycle. He also asked how deposit betas might behave and how management balances franchise investment with driving profitability, probing if 2026 would be a year for harvesting profits.

    Answer

    Executive Sharymar Yepez stated that the NIM is expected to remain stable and above 3.60% for the year, supported by new loan production. She projected that after an initial quick repricing, deposit betas would normalize closer to 40 basis points in 2025. Executive Gerald Plush explained that major transformative investments are largely complete and embedded in the cost base, so future revenue growth should significantly outpace new spending. He reiterated the goal of a 60% efficiency ratio in the second half of 2025, with further improvements expected into 2026.

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    William Jones's questions to Ameris Bancorp (ABCB) leadership

    William Jones's questions to Ameris Bancorp (ABCB) leadership • Q3 2024

    Question

    William Jones of Truist Securities inquired about Ameris's strategy regarding the trade-off between Net Interest Margin (NIM) percentage and Net Interest Income (NII) dollar growth, the behavior of deposit betas in a potential easing cycle, and the timeline for more opportunistic capital deployment.

    Answer

    Executive Nicole Stokes confirmed the focus remains on NII growth, supported by a strong deposit base and an expected downside beta similar to the upside. CEO H. Proctor stated that while capital levels provide optionality, the bank will remain prudent and in a "capital building mode" until there is more economic clarity, likely post-election.

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