Mortgage Blog
Tax reform leads to record quarter for American Savings Bank
Boosted by the Trump administration's federal tax reform, Honolulu-based American Savings Bank reported first quarter earnings of $18.9 million for the year ending March 31, the highest quarterly net income in the company’s history.
Net income for the bank, a subsidiary of Hawaiian Electric Industries Inc. (NYSE: HE), increased by 19.6 percent for the quarter, compared to last year’s first quarter, which was $15.8 million.
The bank said the lower federal corporate tax rate from the Tax Cuts…
How the new Tax Act impacts individual and fiduciary income tax planning
The Tax Cuts and Jobs Act of 2017 made some of the most significant changes to the income tax provisions of the U.S. tax code since the Tax Reform Act of 1986. While some of the changes are permanent, a lot of the changes are only effective for tax years 2018 – 2025 unless Congress takes further action.
Below is a summary of the highlights that will be most impactful on individual and fiduciary income tax planning in 2018.
Tax rate and bracket changes
The Act modified the federal income tax…
Using a PPM reduces risks of personal liability when bringing on investors
Under state and federal securities laws, owners and managers of companies raising capital through sale securities (e.g., stock or membership interests in companies) can be personally liable for material misrepresentations and omissions in any description of the business or investment.
To reduce the likelihood of any personal liability, companies selling securities should utilize a private placement memorandum (PPM). A PPM provides companies (and their ownership and management) with proof that…
It’s not what you make when you invest, it’s what you keep
The phrase “It's not what you make, it's what you keep,” has been uttered for years and in a variety of different ways, most often in reference to one's income and rate of savings/spending. But when it comes to investing and taxes, the saying rings just as true.
A 2017 study by Morningstar estimates that over the 90-year period ending in 2016, investors gave up an average of one to two percentage points per year to taxes.
Given these statistics, it’s surprising how often taxes are overlooked…
Bank Notes: At Wells Fargo annual shareholder meeting, shouts of ‘you’re the worst’
With first quarter earnings in the rear view mirror, big banks shifted their focus to annual shareholder meetings, which were rather eventful this year.
Unsurprisingly, the The Charlotte Business Journal reported that Wells Fargo & Co.’s gathering in Des Moines, Iowa Tuesday had the most fireworks.
San Francisco-based Wells Fargo (NYSE: WFC), the Philadelphia region’s largest bank by deposits, came under fire in light of its ongoing scandals, wherein 3.5 million accounts were created without…
Why LendingTree’s CEO saw 3,157% increase in 2017 compensation
LendingTree Inc. Chief Executive Douglas Lebda saw a 3,157% increase in total compensation in 2017, according to a filing with the Securities and Exchange Commission.
Lebda’s compensation for 2017 totaled at $59.59 million, a $57 million increase from the previous year. His option awards compensation increased to $57.36 million in the fiscal year 2017, up from $207,621 in 2016. Lebda’s base salary for the fiscal year was $639,231, up from his 2016 base salary of $600,000.
The company notes…
In the money April 30: $117M raised by Austin-area companies, led by two major funding rounds
It was a busy week for Austin's venture capital scene, especially for the two companies that accounted for more than 90 percent of the fundraising haul.
Ameriprise shareholders revolt over pay for top executives
Shareholders at Ameriprise Financial Inc. voted by a large margin against the company's executive-compensation plan last week, showing strong dissatisfaction with how the Minneapolis financial company rewards its top executives.
The Star Tribune reports on the vote, which was nonbinding but was a big change from past years, when Amerprise's executive pay plans easily passed muster with investors. This year, though, its 2017 compensation plan was rejected by 75 percent of voting shareholders.
In…
Downtown bound: Evans Bank selects Main Court Building for next branch
It’s official: Evans Bank N.A. wants to open its next branch inside the Main Court Building in downtown Buffalo.
Two days after an incomplete legal notice in the Buffalo News prematurely revealed the address, a complete legal notice with a proper date was published April 28 in the classified advertisements.
Pending regulatory approval, the office on the second floor of 438 Main St. would be the bank’s 15th location and first in the city’s central business district. Currently, Evans has…
Fifth Third hires Dinsmore partner to become chief legal officer
Fifth Third Bancorp has hired a partner and department chair at Dinsmore & Shohl to eventually become its next chief legal officer.
Fifth Third (Nasdaq: FITB), Cincinnati’s largest locally based bank and the nation’s 13th biggest, has brought in Susan Zaunbrecher as executive vice president and senior legal adviser.
It hired her as part of a succession plan to replace Jelena McWilliams as Fifth Third’s chief legal officer. McWilliams is being considered by the Trump administration to chair…