Old National Bancorp (ONB) Q2 2025 Earnings Call July 22, 2025 10:00 AM ET Speaker0Welcome to the Old National Bancorp Second Quarter twenty twenty five Earnings Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the Investor Relations page at oldnational.com and will be archived there for twelve months. Management would like to remind everyone that certain statements on today's ...

Financial Data and Key Metrics Changes - Synovus reported GAAP and adjusted earnings per share of $1.48, with adjusted earnings per share increasing 14% from the first quarter and 28% year over year [5] - Adjusted pre-provision net revenue rose 5% sequentially and grew 7% from the second quarter of 2024 [5] - Net interest margin expanded modestly, contributing to a 6% year-over-year net interest income growth in the second quarter [10][15] - Capital ratios improved, with the preliminary common equity Tier one ratio at 10.91%, the highest in the company's history [15][22] Business Line Data and Key Metrics Changes - Loan growth was strong and broad-based, with total loan production increasing 34% quarter over quarter and 60% year over year [11][12] - Specialty lending rose by $353 million sequentially, driven by growth in structured lending and restaurant services lending [11] - Core deposits declined by $788 million or 2% from the first quarter, primarily due to a drop in public funds and time deposits [12] Market Data and Key Metrics Changes - Synovus had the sixth highest Net Promoter Score among the largest 50 banks, with the largest year-over-year increase in this group [7] - Client surveys indicated general optimism for future business growth despite concerns regarding government fiscal and trade policy actions [7] Company Strategy and Development Direction - The company is focused on executing its 2025 strategic initiatives, including the accelerated hiring of relationship managers, with 12 new commercial bankers added in the second quarter [6][19] - Synovus aims to maintain a balanced approach to expense management while investing in areas that deliver long-term shareholder value [20] - The company expects to target loan growth rather than share repurchases, indicating a preference for deploying capital towards growth opportunities [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued loan growth, with pipelines expected to be 14% higher entering the third quarter [32] - The credit loss environment is anticipated to remain stable, with net charge-offs expected to be relatively stable compared to the first half of the year [21] - The company has raised its 2025 net interest income and noninterest revenue outlook while maintaining noninterest expense guidance [22] Other Important Information - The tax rate was approximately 21% in the second quarter, with expectations for the full year to be between 21-22% [22] - The company is actively monitoring economic uncertainties and adjusting its credit loss reserves accordingly [75] Q&A Session Summary Question: Can you talk about the change in sentiment from borrowers? - Management noted that loan growth was driven by hard work and a strong team, with production and pipelines up about 10% entering the second quarter [27][30] Question: What are your expectations for deposit growth? - Management indicated that the decline in deposits was strategic, leading to margin expansion, and they expect core deposit growth in the second half of the year [34][38] Question: How is the competitive landscape affecting pricing? - Management acknowledged ongoing competition for loans and deposits, with modest pricing pressure observed [42][44] Question: Can you elaborate on the decision to add to reserves? - The increase in reserves was driven by economic uncertainty, particularly changes in unemployment rates, despite improvements in the loan portfolio [72][74] Question: What is the outlook for capital allocation? - Management emphasized a preference for loan growth over share repurchases, maintaining a strong capital position [76][77]

证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 证券研究报告 | 2025年07月17日 资金观察，货币瞭望 跨过季末资金面转松，预计7月资金利率季节性下行 投资策略 · 固定收益 2025年第七期 证券分析师：赵婧 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：陈笑楠 021-60375421 chenxiaonan@guosen.com.cn S0980524080001 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 证券分析师：李智能 0755-22940456 lizn@guosen.com.cn S0980516060001 ✓ 五渠道预判：7月财政性存款季节性增加，超储率预计小幅回落 ✓ 主要结论：跨过季末资金面转松，预计7月资金利率季节性下行 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 ...

在理财的世界里，很多人都在追求利益最大化，但又害怕复杂的操作和风险。那么，有没有一种"简单 粗暴"的配置方法，能让理财小白轻松上手呢？今天，就来给大家分享一套实用的投资策略。 一、投资前的准备：留好"救命钱" 在开始任何投资之前，最重要的不是急于寻找高收益的产品，而是先留出一笔应急准备金。这笔钱就像 是我们的"救命钱"，在遇到突发状况时，能够保障我们的基本生活。 一般来说，应急准备金的金额应该是我们6个月到1年的支出总额。比如，如果每月的支出是6000元，那 么应急准备金最好能有7.2万元。这样，在遇到疾病、失业等突发状况时，即使收入中断，也能维持正 常的生活。 不过，这笔"救命钱"也不能让它白白躺在活期账户里吃低利息。可以选择一些灵活性高的现金管理类产 品，比如支付宝的余额宝、微信的零钱通，或者货币市场基金。这些产品的收益虽然不高，但相对稳 定，而且可以随时取用，能够满足我们应急的需求。 二、构建收益"防火墙"：固收类产品的选择 当攒出了超过1年支出的闲钱后，就可以考虑将多余的资金投入到固收类产品中，以获取更高的收益。 固收类产品主要包括银行理财产品和债券基金。 银行理财产品相对较为稳健，收益也较为固定，适 ...

2025年7月14日，国新证券发布公告称，截至2024年末，公司母公司报表未分配利润为-61.21亿元，公 司计划使用风险准备金、法定盈余公积、资本公积弥补亏损。一旦本次弥补亏损方案实施完成，母公司 报表口径累计未分配利润将归零。 当这一弥补亏损方案实施完成后，国新证券母公司的财务数据发生了显著变化。一般风险准备仅剩 170.78元，几乎归零，这意味着公司在风险缓冲方面的储备大幅减少；交易风险准备减少至0元，反映 出公司在交易风险抵御能力上的削弱；盈余公积同样减少至0元，显示出公司过往盈利积累在此次补亏 中的消耗殆尽；资本公积减少至56.29亿元，缩水近四成。 风险准备金是抵御市场风险的核心缓冲，清零后若遇市场波动（如自营投资亏损、信用风险），公司需 依赖注资，灵活性下降。 而母公司报表口径累计未分配利润终于归零，看似完成了一个阶段性的财务修复目标。相关事项在股东 会审议通过的当月进行账务处理，犹如在财务报表上按下了一个 "重置" 按钮，让国新证券有了重新出 发的可能。 在监管合规方面，国新证券面临着双重压力。一方面，需要满足证监会对券商风险覆盖率的硬性要求 （≥100%）。由于风险准备金大幅减少，公司需要通 ...

大家好今天是5月12号星期一昨天是5月11号星期天本来昨天有两个语音分享因为我昨天身体不舒服等于向大家请假了今天把这个来补上今天已经好了第一个是讲一下美联储它的来龙去脉因为美联储现在是在我们中文语汇里面很神秘大家不知道它干嘛的我整个讲一下 那么首先说美联储是美国的中央银行为什么它这么重要因为美国是全世界最强大的经济体它的中央银行当然就是影响力最大的中央银行第二个是因为美元是美联储发行的美元现在是世界货币全世界都在用美元作为基础的交易工具美联储的一举一动又影响了美元的 所以大家关注美联储是有道理的毕竟是全世界的经济的不能叫终极是重要的影响者它是这样的一个角色美联储形成了形成今天这么重要的地位以至于我们远在中国或者远在非洲远在哪国家的人都关心美联储的一举一动是因为美国的经济在全世界占有最重要的角色是遥遥领先的第一位那么 这是他的大背景那么我们说美联储首先要跟大家聊一下中央银行是干嘛的为什么会有中央银行这么一个机构的存在并不是所有的地方都有中央银行的有些经济体它就没有中央银行你比如说像香港香港有四个发钞银行中国银行什么汇丰银行都是可以发行货币的但是香港就没有中央银行 美国早期也是没有中央银行的首先要说一说中央银行这 ...

Core Viewpoint - The Federal Reserve should continue to reduce its balance sheet size, but not as aggressively as some observers suggest, according to Waller [1][2]. Group 1: Balance Sheet Management - Waller proposes reducing bank reserves from $3.26 trillion to approximately $2.7 trillion, which would bring the total balance sheet down to $5.8 trillion from the current $6.7 trillion [1]. - The minimum "adequate" level of reserves is crucial for estimating how much the Fed can shrink its balance sheet without disrupting the overnight funding market [1]. - Critics argue that the Fed's balance sheet has grown too quickly and should return to pre-financial crisis levels, which were around $800 billion [2]. Group 2: Duration Matching Strategy - Waller highlights that the Fed's balance sheet has a mismatch in the duration structure of assets, with too high a proportion of long-term assets [3]. - He advocates for a "duration matching strategy," suggesting that about half of the Treasury investments should be in short-term bills [3]. Group 3: Interest Rate Policy - Waller believes the current federal funds rate is overly restrictive and may support a rate cut at the upcoming Fed meeting, contingent on continued inflation decline [6]. - He has consistently advocated for lowering the policy rate since November 2023, arguing that tariffs will cause temporary price increases but not sustained inflation [6]. Group 4: Waller's Position and Recognition - Waller is considered a strong candidate for the next Fed chair, recognized for his data-driven approach to monetary policy [7]. - His balanced stance, neither hawkish nor dovish, has earned him broad recognition in both market and policy circles [7].

Group 1 - The Federal Reserve Governor Waller suggests that the Fed should reduce bank reserves from the current $3.26 trillion to about $2.7 trillion, which would lower the Fed's total balance sheet size to $5.8 trillion from the current $6.7 trillion [2] - Waller believes that the current federal funds rate is too tight and anticipates a potential interest rate cut at the next meeting later this month, despite being in the minority among his colleagues [2] - Waller emphasizes the importance of maintaining a "ample" level of reserves, estimating that the Fed needs to keep reserves above $3 trillion to $3.25 trillion to avoid market pressure [3] Group 2 - Waller is being considered as a candidate for the next Federal Reserve Chair by President Trump, and he advocates for a gradual reduction of the balance sheet without drastic cuts [3] - Critics, including Kevin Warsh, have questioned the Fed's balance sheet policies, suggesting that it should be reduced to pre-financial crisis levels [4] - Waller proposes that the Fed's balance sheet structure should hold more short-term assets, with long-term securities serving as a hedge against monetary liabilities, constituting about half of the Fed's Treasury holdings [4]

Group 1 - The Federal Reserve is facing challenges in managing its balance sheet due to external factors, and it should continue to reduce the balance sheet size, but not as aggressively as some suggest [1] - Waller recommends reducing bank reserves from $3.26 trillion to approximately $2.7 trillion, which would bring the total balance sheet down to $5.8 trillion from the current $6.7 trillion [1] - The minimum "adequate" level of reserves is crucial for estimating how much the Fed can shrink its balance sheet without disrupting the overnight funding market [1] Group 2 - Critics argue that the Fed's balance sheet has grown too quickly in recent years and should be restored to pre-financial crisis levels, which were around $800 billion [2] - Waller believes that the larger issue for the Fed's balance sheet is the mismatch in the duration structure of assets, with too high a proportion of long-term assets [3] - Waller supports a "duration matching strategy," suggesting that about half of the Treasury investments should be in short-term bills [3] Group 3 - Waller reiterated that the current federal funds rate is too restrictive and may support a rate cut at the upcoming Fed meeting, emphasizing that this view is a minority opinion within the Fed [3] - Waller has consistently advocated for lowering the policy rate since November 2023, provided inflation continues to decline [3] - Waller is recognized as a potential candidate for the next Fed chair, seen as a balanced choice who adheres strictly to data-driven monetary policy [4]

Core Viewpoint - The Federal Reserve's balance sheet size is influenced by uncontrollable external factors, and a rough benchmark for "adequate reserves" is set at $2.7 trillion [1] Group 1 - The Federal Reserve agrees that its balance sheet should be reduced, but it may not need to be cut as drastically as some believe [1] - An adequate reserves system contributes to the stability of the financial system [1] - Paying interest on reserves does not impose a cost burden on the Treasury [1] Group 2 - Once reserves reach adequate levels, the Federal Reserve can increase its holdings of short-term Treasury bills [1] - There is a consideration to shift the structure of the balance sheet towards short-term Treasury bills [1]