Repricing cycle:
CD repricing waterfall driving NIM, PPNR and EPS High-cost time deposits mature and are replaced by lower-cost core balances, expanding NIM and flowing through to PPNR and EPS until the high-cost stock exhausts. High-cost time deposits full half empty Lower-cost core deposits non-interest-bearing growth Earning-asset yield loan mix lifts yield maturity chute falling-rate environment NIM expansion 3.28% 3.58% +30 bp cost −16 bp yield +11 bp PPNR pre-provision revenue stable expense base → operating leverage EPS growth Q2 $1.52 vs $1.29 finite tailwind: moderates as stock empties remaining stock: high