Financial Data and Key Metrics Changes - The company reported strong quarterly earnings of $534 million, resulting in earnings per share of $0.59, with adjusted earnings of $538 million or $0.60 per share [3] - Pretax pre-provision income increased by 14% year over year to $832 million, with a return on tangible common equity of 19% [3] - Average deposits grew organically by over 30% over the last five years, among the highest in its peer set [4] Business Line Data and Key Metrics Changes - Ending loans grew by 1%, while average loans remained stable; growth in ending business loans was driven by commercial and industrial (C&I) and real estate sectors [12] - Wealth management revenue has grown at more than an 8% compounded annual growth rate since 2018, contributing to record fee income [6] - Treasury management revenue increased by 8% year to date, with a 10% increase in total clients served [6] Market Data and Key Metrics Changes - Consumer deposits in priority markets grew by 20% more than in core markets during the quarter [14] - Average deposit balances in the Corporate Banking Group grew over 1% sequentially, while ending balances remained stable [15] - Net interest income rebounded, increasing by 5% linked quarter, with expectations for full year 2025 net interest income to grow between 3% to 5% [18] Company Strategy and Development Direction - The company is focused on modernizing its core technology platforms, including a new cloud-based commercial loan system and deposit system [8] - The company is not interested in depository M&A, preferring to execute its existing strategic plan and focus on organic growth [37] - The company aims to continue delivering top quartile results and has increased its dividend at a compounded annual growth rate of over 10% over the last six years [9] Management's Comments on Operating Environment and Future Outlook - Management noted that both business and consumer customers are in good shape, maintaining liquidity and managing debt levels well [31] - There is some uncertainty regarding interest rates and inflation, but overall sentiment among business customers has improved [30] - The company expects to maintain positive operating leverage over time, despite the need for ongoing investments [120] Other Important Information - The company executed $144 million in share repurchases and paid $224 million in common dividends during the quarter [23] - The estimated common equity Tier one ratio increased from 9.1% to 9.2% due to strong capital generation [23] Q&A Session Summary Question: Implications of the tax bill on loan growth and consumer spending - Management indicated that the tax package creates certainty for businesses and consumers, which is expected to lead to positive momentum in 2025 and 2026 [30][34] Question: Perspective on bank M&A activity - Management stated they are not interested in depository M&A, focusing instead on executing their current plan and exploring non-bank opportunities [37][39] Question: Details on net interest margin and deposit cost leverage - Management discussed the recent improvements in net interest margin and the expectation for stable to modest growth in the third quarter [18][52] Question: Loan growth dynamics and competitive backdrop - Management highlighted a 17% year-over-year increase in pipelines and emphasized their disciplined approach to portfolio management [59][61] Question: Credit quality and specific portfolios under scrutiny - Management noted that overall credit quality remains strong, with some challenges in specific portfolios, but they are manageable [106][108] Question: Approach to stablecoin solutions - Management expressed intent to participate in a consortium of banks for stablecoin solutions, similar to their involvement with Zelle [111][112]

Bonus depreciation is a tax break that allows businesses to immediately deduct a large percentage of the purchase price of eligible assets. https://t.co/DXgMveP44v ...

The new tax law gives a big boost for private jets, allowing buyers to write off the entire purchase price immediately. Robert Joe was mentioning this earlier. It is known as bonus depreciation.It allows companies to write off 100% of the purchase price of all capital equipment and that does include private jets that are used for business. Now, the new budget law brings back bonus depreciation. That was originally passed in 2017, but it started to phase out.So, here's what it means. The full purchase price ...

Let's talk about the implications particularly on the tax side of this bill. Who's going to gain the most from it. Joining us, Robert Frank, here at Post 9 with some of those details.Robert, what what jumps out to you. Who's going to be the big beneficiaries. Well, the big beneficiaries, the ones who usually benefit, those those toward the top.In fact, about 80% of the benefits of this bill go to the top 10% of earners. Now, while the tax cuts by themselves help every income group, I want to be clear here, ...

Private jet travel has remained strong, but a new trend has emerged from Europe. Robert Frank joins us right now with more. Hi, Robert.Good morning, Becky. Good to see you both. Well, air travel may be slowing for the commercial airlines, but demand for private jets still remains quite strong.the president of NetJets, Patrick Gallagher, telling me that CNB that uh he sees quote no signs of a slowdown among the company's 13,600 owners and more than 1,000 planes. Now, flights to Europe are very hot this summe ...