January 22, 2025 • 30 mins
In this episode of the Building Interest Podcast, Leader Bank's President Jay Tuli returns to reflect on 2024. We look back on the themes of the year, talk about the importance of a positive mindset, and make some predictions for 2025.
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Greg Farber (00:00):
Whether you're seeking inspiration, wisdom or a
(00:02):
fresh perspective on leadershipand entrepreneurship, our
building interest podcast hasyou covered together. We explore
the successes of groundbreakingleaders, the triumphs, the
challenges and the invaluablelessons they learned along the
way. Our discussions go beyondstrategic decision making and
delve into the personal hobbiesand passions that keep these
leaders inspired and grounded intheir work. I'm your host, Greg
(00:22):
Farber. Let's jump right in.
Today, we're joined by Jay Tuli,President of Leader Bank. Jay is
a recurring guest of ours hereat the Building Interest
Podcast. He's not only aninspiring leader, but also an
entrepreneur in the financialspace with a passion for
innovation. I'm very excited tohave you back, Jay. This is
great opportunity to do a littleyear end recap, and I'll come
back.
Jay Tuli (00:41):
Thanks, Greg. Excited to be here.
Greg Farber (00:45):
So as I said, we'll jump right in. Just to kind of
kick things off, I want you tothink of the industry as a
whole. So banking, overall,financial services, if you could
choose one word to describe2024for for our industry, what
would that be?
Jay Tuli (01:04):
I would say, and not trying to be comedic, but
better,
Greg Farber (01:10):
Okay.
Jay Tuli (01:10):
The word would be better. And I think part of it
was, you know, 2022, 2023 werereally just difficult years for
the whole banking environment.
2024 was a year that was better.
It's not a I would call it likea great year for banking, but it
(01:33):
was better in that, you know,we're sort of turning around,
there's light at the end thetunnel. Banks are starting to
improve again in terms ofprofitability and stability and
and things like that. So, yeah,that's, that's kind of what I
would use for for the year.
Greg Farber (01:51):
I think that's a great sentiment. Not at all a
word I would have expected. Soquality choice of a random word
there. Now let's turn that focuson Leader, for our little slice
of heaven. How would youdescribe 2024 for Leader Bank
specifically? Is there anythingthat stands out to you?
Jay Tuli (02:09):
Yeah. I mean, for 2024 for us, I would probably say was
like a year of focus. If Icompare it to our prior years.
You know, there'd been years ofgreat growth. There had been
years of great innovation, yearsof starting new businesses. 2024
was sort of a year where wedigested all of the things and
(02:30):
the new things and the newgrowth that we had experienced,
you know, during the COVIDyears, and a lot of a lot of
like discipline we wanted to putback on how we allocate capital,
and think about our financials.
So, yeah, this was a year offocus, sort of, you know,
sticking to our core businesses,what we do well. Getting better
at the existing things we'redoing. And I think we made a lot
(02:53):
of progress. It's kind of like,you know, fixing the plumbing in
in a property like, you're notgoing to really see it or notice
it, but it's really important,and it and it helps for the long
term, and so that that was kindof what the year was for us.
Greg Farber (03:12):
And it doesn't mean sitting back and doing nothing.
There's actual, real workhappening here to lay that
groundwork to be better forward.
Is that what I'm hearing?
Jay Tuli (03:21):
Yeah, I mean, still one thing in particular, like we
learned a lot of lessons, Iwould say, from this mini
financial crisis that happenedin 23 with First Republic Bank,
Silicon Valley Bank andSignature Bank, when they
failed, there were some reallyimportant lessons to learn
there. And I think in 2024 wehad specific goals about how we
(03:45):
wanted to restructure ourbalance sheet. And like, what I
mean by that is, like thinkingthrough, you know, what kind of
loans do we want to put thebalance sheet, what kind of
deposits do we want to put thebalance sheet? But more
importantly, like, how do theygo together? So I always use
this analogy, like, peanutbutter is good and pizza is
(04:07):
good, but a peanut butter pizzasandwich is not sound very good.
Right? So peanut butter jellysandwich might be great. And so
I think we're, we're trying tothink through, like, Okay, well,
the loans that we put on, how dothey? How does that match up
with the types of deposits weput on and them together? Does
(04:29):
that make a nice tastingsandwich, you know? And so that,
that was some of the focus thisyear, really being very specific
and very deliberate and focusedabout, you know what, how we
want to grow the balance sheetand kind of restructure it so
we're really set up for thefuture. I think we made just
great progress on that.
Greg Farber (04:49):
So while everybody listening is now running to the
cupboard to get some peanutbutter and maybe some pizza, if
we carry that analogy on, let'ssay that we're the peanut
butter, right? And we've kind ofgotten this focus going on with
us, but now there's still thatindustry at large out there. Are
there trends or changes going onin the financial industry that
(05:09):
are sort of pizza to our peanutbutter? Where do we need to
adapt to things out there? Or isthe industry as a whole, like
you said, there's some newstability now and everything to
where we're okay to just makeour own peanut butter sandwich,
and we're good.
Jay Tuli (05:22):
I mean, the industry, I think, is in a lot better
place. And I think, you know,every time there is a situation
like a little crisis, everyonelearns from that and gets
better. And so I think a lotmore, a lot of the banks out
there are doing the same thing,really trying to stay focused,
stick to their course, beingvery specific about what they're
(05:45):
adding to the balance sheet. Weare noticing, especially in the
back half of this year, a lotmore merger and acquisition
activity, so M and A activity,where banks are buying each
other, and so that trend of lessand less banks seems to be
something that may continue inthe next few years. That's
definitely a trend. But I thinkyou know banks, they really
(06:11):
thrive in like stability. And ifyou look back to 2020, the last
four years have been anythingbut stable. First you have
COVID. And so the Fed isprinting record amounts of money
into the system because of fearof the economy will stall
(06:32):
because of COVID.
Greg Farber (06:33):
Right, and the rate environment to go with it.
Jay Tuli (06:35):
Right. So rates fall to all time lows, okay? And so
at first, this is actually agreat thing for the whole
economy, I mean, almost allbusinesses, because there's just
money being printed. But thenthat creates a lot of inflation,
so the Fed starts to jack uprates in an unprecedented way,
almost 500 basis points in oneyear. Now for financial
(06:59):
institutions, you know, you gofrom an all time low to an all
time high in like 24 months.
That that is like the oppositeof what banks thrive on, which
is like stability. And nowwe're, we're on the other end
now, though, which is inflationis starting to come down and the
Fed is starting to bring ratesdown slowly. So, so to the
extent that we come back to kindof like a more normalized
(07:19):
market, that's a good thing forbanks, but we are entering a new
administration. We we areentering a world where there's a
lot of geopolitical concerns. Soit's kind of hard to tell, like,
like, what the new normal is, Iwould say, from our point of
(07:41):
view, you know, we, we arelearning like we have to be
ready for a macro environmentthat is constantly changing at a
greater speed than historical,historically.
Greg Farber (07:54):
And if anything, the last four years have taught
us how to how to do that. Wouldyou say that there was any kind
of aha moment in 2024 that thatreally kind of influenced either
your leadership style or thepath for the Bank forward?
Jay Tuli (08:09):
I mean, a few things.
One is more just like somethingyou already, I already know, but
kind of reinforce the others,but you may be a little aha. So
the the aha is that, you know,clients are actually pretty
loyal, and they will, they willstick around with you for a very
(08:32):
long period of time, as long asyou treat them well and you keep
delivering your serviceoffering. And I've seen that
time and time again, not onlywith our own clients, where I
look at how we've grown and likewe have clients that have been
with us like decades, but alsoclients at other organizations
(08:55):
where, say, the bank failed orgot acquired, and as long as the
new the new system and the neworganization is treating them
well, they'll generally stayit's when they're not being
treated how they want to be,that is the moment that a client
finally says, Okay, let me thinkabout something else. So to
that, that's, that's arealization. I think the the
(09:18):
other thing is that, you know,these cycles come and go, and
it's important to not, like,overreact too much to a cycle.
Almost like, you know, for usto, like, think past it a little
bit like, Yeah, this is a greattime. It won't always be great.
Yes, this is a really toughtime, but it won't always be
(09:40):
tough and to plan and think andalmost keep your sort of
cultural mood in a manner thatis normalized even even if the
macro environment is all overthe place.
Greg Farber (09:56):
I heard someone say the other day, you know that old
phrase when one door closesanother one opens. And their
response was, 'Well, your houseis haunted. You need to get out
of there.' But I think morerealistically, right, that every
time we have one of thesecycles, whether it's perceived
to be an up cycle or a downcycle, because everyone's
viewpoint might be a littledifferent, we could find some
unexpected opportunities inthose you see anything like that
(10:20):
going on here in the last year,where there is all this sort of
turmoil that has now stabilizeda little bit, but that's
presented some newopportunities.
Jay Tuli (10:27):
Yeah, we've we've benefited in several ways in the
last couple years, particularlyfrom the bank mergers and
acquisitions, whether throughfailure or just a normal M and
A. So as an example, we startedan SBA lending team, small
business loans lending team, inthe beginning part of this year.
(10:50):
And those folks came fromanother bank that, you know, was
having organizational change,and that has been awesome, and
that that is probably a newbusiness line that we will
continue to grow and invest inover, you know, the next decade.
So really excited about that, werecruited a team that caters to
startups and VCs on thedepository side, again, another
(11:13):
result of an acquisition andthat that has been great, and we
picked up some commerciallenders recently, also the
result of another localacquisition. So, so I see, yeah,
every time there's a change, youknow, I would say it goes
through this period where theremight be some difficulty, but
then when you get to the otherend of it, now there's
(11:34):
opportunity. And so stayingfocused on, like, okay, what can
opportunity be? How can webetter serve our clients? How
can we pick up some newcapabilities? That's super
important. And I think that'llplay well into 2025 also,
Greg Farber (11:50):
Absolutely. And, I mean, I think that's, that's,
that's a great example where wedidn't always offer, you know, a
full suite, maybe of SBA loansor things, and to be presented
with an opportunity where we canmake that part of what we do and
fit into our core of obsessingover clients and making sure we
do it right and have the rightpeople. I think that's that's a
(12:10):
great example. I'm going toshift a little bit now to sort
of the mentality behind thatright. And so when you have up
and down cycles, you have somepositivity and you have some
negativity. And a common themeI've heard from guests on our
podcast is that there really isa need for positivity in
leadership. We got to liftpeople up, not put them down or
hold them back. We want to leadwith energy, excitement and
(12:33):
hopefully a smile, rather thanthrough leading through fear,
right? So these are themes thathave come up through a number of
our episodes, and we've all hadthat day where we just wake up
on the wrong side of the bed,and it doesn't matter how good
your coffee is, you're just in afoul place you get to work. What
helps you? Jay Tuli, throughthose mornings. And do you have
(12:54):
any advice for our listeners howyou can ditch that negativity
and turn that bad morning into agreat day?
Jay Tuli (12:59):
Yeah, I know it's a really important question. And I
think for all of our managersand leaders, how you bring
yourself into the organizationevery day is probably the most
important thing, you know. And Ihave observed myself, even if I
don't come in on a day, set up,right? You know, mentally,
(13:20):
emotionally, I've noticed, like,I make bad decisions sometimes
because I'm just being reactive.
I'm being moody, and I'm beingpreoccupied. I'm distracted. So
for me, at least, like, theharder things get, the more
important it is for me to workout and meditate. So, like I did
(13:42):
a lot of really hard Pelotonsduring that March mini banking
crisis. And I just need theendorphins. I need to be able to
clear my mind. A lot of walking.
I walk around my block like allthe time my neighbors, they come
a little crazy, but actually itreally helps me, like, be calm
(14:04):
and think, and something thatI'm like, anxious about after
like, 20 minutes of walking, yousort of looked at it from like,
lots of different angles. You'relike, that's not that big a
deal, you know? And so, yeah,that that type of personal
stuff, like how you have yourown reset button, I think is, is
one of the differentiators for aleader or manager on how they
(14:27):
deal with, like, difficult,difficult times.
Greg Farber (14:31):
I was going to ask you about something that you
might have learned aboutyourself this year that
surprised you, or maybe apersonal win, or something big
or small. You know, from thisyear, it almost sounds like you
may have already answered thatquestion with with the walking
and the meditating and thing isthere anything else that you
think stands out from this lastyear? Like, okay, I personally
(14:54):
cross some threshold in 2024.
Jay Tuli (14:56):
Yeah, it's actually really interesting because my my
personal journey in the last 18months, in some way mirrors my
professional journey, as far aslike the environment. So in our
last podcast last year, I thinkyou asked me a similar type
question, my response to youwas, I'm trying to learn how far
(15:21):
I can push myself from aphysical aspect. And I was
training for this, like, reallycrazy big hike in Sun Valley.
And so, I was training everyday. I was in probably the best
shape of my life. And then Iactually, I tore my meniscus
(15:41):
shortly thereafter. So it wasabout January of this year when
I tore my meniscus, and so nowI'm in an all time low. So I'm
going from an all time high,where I was telling myself,
like, wow, I'm in the best shapeof my life to I tore my
meniscus, and I have to, I did asurgery, and I basically
(16:02):
couldn't walk for a month andall this stuff, and so then that
was an all time low. And I thinkwhere I am now is, you know,
9-10, months later, where I'verecovered, and now I'm back to
strength building. It's kind ofan awesome journey, because I
feel like that's where the Bankis in many ways. You know, we
hit this all time low in theindustry when, when these banks
(16:26):
failed, and there was a lot offear about community banks in 23
we recovered in 2024 and nowwe're back to strength building.
We're back to, like, buildingnew capabilities and figuring
out how are we going to compete?
And that's how I am personallynow too, I'm back into that
place where you want to be, butI've just as I reflect over the
(16:47):
last 12 months, how you dealwith that down time is
everything. And so for me, Ijust have had to keep
remembering, this is, you know,just put a timetable to it's
going to take six, seven months.
I gotta do this activity, or PTor whatever, you know, every
(17:09):
week, and I'll, I'll be backthere. And so it's, I'm in a
happy place now, just becauseI've come out on the other end.
But I feel like you learn themost by yourself during those
times for sure.
Greg Farber (17:21):
It's almost like if our listeners hadn't been here
at the beginning and knew thatwe were talking about banking.
This was your year of focus, andthat translates personally that
you had that setback, and youhad to sort of just focus back a
little bit on yourself andrebuild the things you do best
and then be able to move forwardfrom that. It's very
(17:42):
interesting, actually, howsimilar those stories are when
you remove them from theircontacts.
Jay Tuli (17:46):
Yeah, right, right, yeah.
Greg Farber (17:49):
So, okay, so the Bank has had a rebuilding year.
Jay has had a rebuilding year.
What excites you most about theupcoming year? You have any
particular goals, whether it'sfor yourself or for the Bank
that you want to share with usheading into 2025.
Jay Tuli (18:04):
Yeah, I think with 2025 I'm feeling very
optimistic. I think there's alevel of optimism because the
economy is sort of in goodshape. Rates are coming back to
something more normal andsustainable. And you know what
we also saw last year is a lotof our clients were sort of just
(18:25):
on the sidelines waiting,because if you, if you think of
an investor, right, that'strying to make a big investment,
like the macro economy matters,and when you're really
uncertain, you sort of justwait. So we're seeing them to
come off the sidelines, startingto do things like buy real
estate or buy businesses orwhatever it might be. So I'm
excited, from that point ofview. I'm excited that we have
(18:48):
made some really good changes,like the ones I discussed in our
balance sheet and our disciplinein capital allocation that I
think will will keep us in areally good shape for the next
5-10, years. And what I mean bythat is like, I think we've
taken some risk off the table. Ithink we've diversified. I think
(19:11):
we are doing a better job withour interest rate risk
management. So just, just abunch of good healthy habits
have been created that I'mexcited about, because when you
compound them over 5-10, years,good stuff happens. So, yeah, I
would say that's, that'sprobably what's most of my mind.
I don't know if I have aspecific goal in 2025
professionally, other than, youknow, now, rebuild and gain
(19:37):
strength as far as, like,continuing to gain some market
share in the businesses we'realready in, continue to up the
bar on client service and thingslike that.
Greg Farber (19:47):
How about on a personal level, is there
anything you've always wanted totry and maybe, or you used to
love doing and life got in theway, and 2025, is going to be
the year you finally do it.
Jay Tuli (19:57):
I'm, like, really into basketball these days. Greg, so.
I've been playing for a longtime.
Greg Farber (20:01):
I feel like you've been into basketball for a long
time,
Jay Tuli (20:03):
This year, I'm, like, even more into it than before.
Greg Farber (20:07):
You're gonna try out for the NBA this year. Is
that your big goal?
Jay Tuli (20:10):
Honestly, that is what got me through my injury, just
being able to be like, Okay, ifI get back in shape, I can play
again. And you know what it is?
It's just, it's just a group of,like, friends that we play every
Sunday, but it's just so muchfun and it's competitive, and so
I don't have any big challenges.
I think I need, like, anotheryear to really, like gain full
(20:32):
strength before I try to dosomething crazy. So that might
be the 2026 answer for you is,what the next challenge?
Greg Farber (20:38):
There you go. All right, we'll table that and ask
you that question again nextyear. So at this point, we're
going to go to a segment we'vebeen doing this year called What
Would you Choose? We'll ask youa couple of this or that
questions, and you just quicklychoose which one you prefer.
(21:00):
It's kind of a rapid fire typeof thing. You can elaborate on
your answer. There's a no rightor wrong, obviously, but it's
just kind of a quick like, oh,what's the first sort of thing
that jumps to your mind?
Jay Tuli (21:11):
Alright.
Greg Farber (21:12):
Do you prefer big picture strategy or day to day
problem solving?
Jay Tuli (21:19):
Big picture strategy.
Greg Farber (21:21):
I was like, you hesitated very long for sure you
were going to immediately saybig picture.
Jay Tuli (21:27):
I think I would have told you day to day problem
solving like three years ago.
But the truth is, we have somany capable managers and
leaders at the Bank now. I'm notactually the right person.
There's a lot of people betterthan me to solve a lot of the
problems. So my focus has beenmore on, yeah, the strategy
(21:50):
side.
Greg Farber (21:54):
So when you're doing that and you're looking at
the strategy, do you favordoubling down on what works, or
exploring new ideas?
Jay Tuli (22:03):
Doubling down on what works.
Greg Farber (22:05):
Yeah, speak to our strengths. We're really good at
this. This is where we're goingto build from and be even
Jay Tuli (22:10):
Yeah, I think like, what one lens I'm using for
Greg Farber (22:11):
I think that's a really interesting answer,
stronger.
strategy right now is, like, ifwe do this X, can we be
because we always talk about howentrepreneurial we are, and how
committed to it for like, 20years? Or when things get hard
in year two, are going to say,nah we're not going to do that
anymore. Let's, let's go back.
Because if the answers is we'rethere's always an element of
sort of startup at Leader Bank,not going to be doing it, you
know, in a really long time.
(22:32):
Then let's get out of it. And sowhen we build on our strengths,
like, we're already in it,right? We're already in
residential mortgage lending,like, that's the DNA and like,
all this stuff. So when we addsomething like insurance, for
example, that is just alreadypiggybacking on it. So, so in a
way, we're strengthening ourcommitment. And so, yeah, so
(22:54):
that's one lens I use.
because we are a younginstitution, and we've developed
so much in the way of technologyand our own brand and our
people, and yet, you'reabsolutely right. What's kept us
strong is that core of what wedo best. So I like that answer.
(23:19):
Do you want to be known more forinspiring others, or do you feel
more like you want to beinspired by others?
Jay Tuli (23:28):
Oh, that's a really good one. I don't mean to not
answer the questionspecifically, but I feel like
you can't inspire others unlessyou are inspired. I really do
feel that way, and and so I amalways looking for inspiration.
I'm not specifically looking toinspire others that may happen
(23:52):
along the way. And, you know,everyone is always inspiring
someone else, but I think thebest thing I can do is be
inspired myself, and then it'llrub off. To put it a different
way. If I were inspiring othersand not inspired myself, I don't
know if that would feel right.
Greg Farber (24:10):
Right. You would lose your course a little bit.
Being inspired is one of thosethings that it makes you better,
and then in turn, if you turnaround and do something better,
than that can be inspiring toothers. So you're, it really
makes a lot of sense how youphrase that. Okay, this one's a
little more emotional, passionor purpose?
Jay Tuli (24:30):
I think purpose. Yeah, purpose. I mean, they're
related, right? I think, likeall these things you're asking,
there's some mix and blend ofboth, but, well, one thing is,
like passion, it has differentlevels, like it can fade over
(24:55):
time, then it can come back andit but a purpose, I feel like.
You know you have a specificpurpose, a specific role that
either you or your organizationor your family or like whatever
it is needs to and is bestsuited to play in the world, in
the community, whatever. And soif you don't, if you don't
(25:17):
provide that purpose, you knowthere's a hole. And so hopefully
you're passionate about it too,but I feel like at Leader. You
know, our purpose is the mostimportant thing. We want
passionate people to work atLeader. But I'm sure we could
all be like, passionate aboutsomething else, but I don't know
(25:37):
if we would be providing
Greg Farber (25:39):
We're here for a common purpose.
Jay Tuli (25:40):
We're here. We're here for common purpose. Yeah.
Greg Farber (25:43):
Now, I mean this next one, you might want to say
I pick both, but you have topick just one again, Christmas
or New Year's?
Jay Tuli (25:50):
New Year's.
Greg Farber (25:51):
Yeah?
Jay Tuli (25:52):
I like New Year's because of that mental reset of
the year. It's a time to, like,reflect back and think about the
future.
Greg Farber (26:07):
Do you get into the whole resolutions thing?
Jay Tuli (26:10):
I do, but I do it for my birthday to the next
birthday. So it's always Octoberto October.
Greg Farber (26:15):
Okay? Yeah, interesting take. Alright, well,
speaking of inspiration, we'regoing to go to our last segment
here.And this is where we askour guests to bring something,
whether it's tangible or it's asentiment or anything else, to
(26:38):
share about something thatinspires or inspired you? And so
question is, what do you have toshare with us today that was an
inspiration to you, and why.
Jay Tuli (26:48):
I've been recently involved with this cool
organization called RefugePoint,and they help refugees. And
Sasha actually was on thepodcast earlier this year, yep,
and there's a really cool storywhere they they helped this
refugee come from Africa to theBoston area, I think, like four
(27:08):
or five years ago, but hisnephew and nieces were still
stuck there, and they don't haveparents anymore, and so they
have been working liketirelessly to bring them here to
connect with their onlyimmediate family member, their
uncle, and that just happened afew months ago. So this is such
(27:28):
a really, like, amazing story ofperseverance, of reuniting a
family of, you know, and likethe American Dream, and it's so
amazing to see, like, a recentimmigrant coming to the US and
like, what that means for themand the hope and opportunity.
So, yeah. I mean, I'm superinspired by that organization,
(27:49):
that story in particular.
Greg Farber (27:51):
I love it. And all we see in the news today about
how we're all like against eachother all the time to know that
that that hope and that AmericanDream still exists that's really
cool. And nobody should sufferanywhere. Don't get me wrong,
but to hear a story that alsohelps the children, because
children are never at fault,right? They didn't bring this on
themselves. So I love that thatis an that is an amazing story,
(28:13):
and actually reach out to mesometime and tell me a little
more about that sounds like anawesome organization.
So that's really it, kind of,for the the basic design of what
we wanted to talk about in arecap, and hear a little bit
about the Bank and a little bitabout Jay, if there's anything
else you want to add, kind of topart ways here for the year and
(28:34):
usher out 24 and in 25.
Jay Tuli (28:36):
Yeah, no, I'm, I'm happy to be here with you, Greg.
Also I want to thank you. You'vebeen doing doing this podcast
for us for a little bit now, andI know for sure, when you join
us, how long has it been at theBank?
Greg Farber (28:51):
It's going to be 16 years.
Jay Tuli (28:53):
16 years. Okay, I'm pretty sure you did not have in
your mind that you'd be apodcast host. There were no
podcasts back then,
Greg Farber (29:00):
Let's be honest, three years ago, I wasn't
thinking I was going to be apodcast host,
Jay Tuli (29:04):
But you're doing a great job. And I think, I think
it's been fun to highlightdifferent aspects of bank I'm
excited about 2025, I thinkwe're very well positioned. I
think, personally, I'm in a goodspot too. And, yeah, ready for
the new year.
Greg Farber (29:22):
Awesome. Same here.
I really appreciate yoursentiments, and I really
appreciate you coming on andsharing all of that with us, and
best to us and Leader Bank inthe next year!
you want us to cover. So pleasefind us on YouTube or Tiktok and
comment your thoughts. Allopinions expressed by Jay Tuli
(29:45):
are his own and not the opinionsof Leader Bank NA for more
information on today's subject,visit leaderbank.com in addition
to past episodes, you can alsofind our Learning Center blog
for more insights this podcastis a production of Leader Bank,
an equal housing lender MemberFDIC NMLS, number 449250.
Whether you're seeking inspiration, wisdom or a
(00:02):
fresh perspective on leadershipand entrepreneurship, our
building interest podcast hasyou covered together. We explore
the successes of groundbreakingleaders, the triumphs, the
challenges and the invaluablelessons they learned along the
way. Our discussions go beyondstrategic decision making and
delve into the personal hobbiesand passions that keep these
leaders inspired and grounded intheir work. I'm your host, Greg
(00:22):
Farber. Let's jump right in.
Today, we're joined by Jay Tuli,President of Leader Bank. Jay is
a recurring guest of ours hereat the Building Interest
Podcast. He's not only aninspiring leader, but also an
entrepreneur in the financialspace with a passion for
innovation. I'm very excited tohave you back, Jay. This is
great opportunity to do a littleyear end recap, and I'll come
back.
Jay Tuli (00:41):
Thanks, Greg. Excited to be here.
Greg Farber (00:45):
So as I said, we'll jump right in. Just to kind of
kick things off, I want you tothink of the industry as a
whole. So banking, overall,financial services, if you could
choose one word to describe2024for for our industry, what
would that be?
Jay Tuli (01:04):
I would say, and not trying to be comedic, but
better,
Greg Farber (01:10):
Okay.
Jay Tuli (01:10):
The word would be better. And I think part of it
was, you know, 2022, 2023 werereally just difficult years for
the whole banking environment.
2024 was a year that was better.
It's not a I would call it likea great year for banking, but it
(01:33):
was better in that, you know,we're sort of turning around,
there's light at the end thetunnel. Banks are starting to
improve again in terms ofprofitability and stability and
and things like that. So, yeah,that's, that's kind of what I
would use for for the year.
Greg Farber (01:51):
I think that's a great sentiment. Not at all a
word I would have expected. Soquality choice of a random word
there. Now let's turn that focuson Leader, for our little slice
of heaven. How would youdescribe 2024 for Leader Bank
specifically? Is there anythingthat stands out to you?
Jay Tuli (02:09):
Yeah. I mean, for 2024 for us, I would probably say was
like a year of focus. If Icompare it to our prior years.
You know, there'd been years ofgreat growth. There had been
years of great innovation, yearsof starting new businesses. 2024
was sort of a year where wedigested all of the things and
(02:30):
the new things and the newgrowth that we had experienced,
you know, during the COVIDyears, and a lot of a lot of
like discipline we wanted to putback on how we allocate capital,
and think about our financials.
So, yeah, this was a year offocus, sort of, you know,
sticking to our core businesses,what we do well. Getting better
at the existing things we'redoing. And I think we made a lot
(02:53):
of progress. It's kind of like,you know, fixing the plumbing in
in a property like, you're notgoing to really see it or notice
it, but it's really important,and it and it helps for the long
term, and so that that was kindof what the year was for us.
Greg Farber (03:12):
And it doesn't mean sitting back and doing nothing.
There's actual, real workhappening here to lay that
groundwork to be better forward.
Is that what I'm hearing?
Jay Tuli (03:21):
Yeah, I mean, still one thing in particular, like we
learned a lot of lessons, Iwould say, from this mini
financial crisis that happenedin 23 with First Republic Bank,
Silicon Valley Bank andSignature Bank, when they
failed, there were some reallyimportant lessons to learn
there. And I think in 2024 wehad specific goals about how we
(03:45):
wanted to restructure ourbalance sheet. And like, what I
mean by that is, like thinkingthrough, you know, what kind of
loans do we want to put thebalance sheet, what kind of
deposits do we want to put thebalance sheet? But more
importantly, like, how do theygo together? So I always use
this analogy, like, peanutbutter is good and pizza is
(04:07):
good, but a peanut butter pizzasandwich is not sound very good.
Right? So peanut butter jellysandwich might be great. And so
I think we're, we're trying tothink through, like, Okay, well,
the loans that we put on, how dothey? How does that match up
with the types of deposits weput on and them together? Does
(04:29):
that make a nice tastingsandwich, you know? And so that,
that was some of the focus thisyear, really being very specific
and very deliberate and focusedabout, you know what, how we
want to grow the balance sheetand kind of restructure it so
we're really set up for thefuture. I think we made just
great progress on that.
Greg Farber (04:49):
So while everybody listening is now running to the
cupboard to get some peanutbutter and maybe some pizza, if
we carry that analogy on, let'ssay that we're the peanut
butter, right? And we've kind ofgotten this focus going on with
us, but now there's still thatindustry at large out there. Are
there trends or changes going onin the financial industry that
(05:09):
are sort of pizza to our peanutbutter? Where do we need to
adapt to things out there? Or isthe industry as a whole, like
you said, there's some newstability now and everything to
where we're okay to just makeour own peanut butter sandwich,
and we're good.
Jay Tuli (05:22):
I mean, the industry, I think, is in a lot better
place. And I think, you know,every time there is a situation
like a little crisis, everyonelearns from that and gets
better. And so I think a lotmore, a lot of the banks out
there are doing the same thing,really trying to stay focused,
stick to their course, beingvery specific about what they're
(05:45):
adding to the balance sheet. Weare noticing, especially in the
back half of this year, a lotmore merger and acquisition
activity, so M and A activity,where banks are buying each
other, and so that trend of lessand less banks seems to be
something that may continue inthe next few years. That's
definitely a trend. But I thinkyou know banks, they really
(06:11):
thrive in like stability. And ifyou look back to 2020, the last
four years have been anythingbut stable. First you have
COVID. And so the Fed isprinting record amounts of money
into the system because of fearof the economy will stall
(06:32):
because of COVID.
Greg Farber (06:33):
Right, and the rate environment to go with it.
Jay Tuli (06:35):
Right. So rates fall to all time lows, okay? And so
at first, this is actually agreat thing for the whole
economy, I mean, almost allbusinesses, because there's just
money being printed. But thenthat creates a lot of inflation,
so the Fed starts to jack uprates in an unprecedented way,
almost 500 basis points in oneyear. Now for financial
(06:59):
institutions, you know, you gofrom an all time low to an all
time high in like 24 months.
That that is like the oppositeof what banks thrive on, which
is like stability. And nowwe're, we're on the other end
now, though, which is inflationis starting to come down and the
Fed is starting to bring ratesdown slowly. So, so to the
extent that we come back to kindof like a more normalized
(07:19):
market, that's a good thing forbanks, but we are entering a new
administration. We we areentering a world where there's a
lot of geopolitical concerns. Soit's kind of hard to tell, like,
like, what the new normal is, Iwould say, from our point of
(07:41):
view, you know, we, we arelearning like we have to be
ready for a macro environmentthat is constantly changing at a
greater speed than historical,historically.
Greg Farber (07:54):
And if anything, the last four years have taught
us how to how to do that. Wouldyou say that there was any kind
of aha moment in 2024 that thatreally kind of influenced either
your leadership style or thepath for the Bank forward?
Jay Tuli (08:09):
I mean, a few things.
One is more just like somethingyou already, I already know, but
kind of reinforce the others,but you may be a little aha. So
the the aha is that, you know,clients are actually pretty
loyal, and they will, they willstick around with you for a very
(08:32):
long period of time, as long asyou treat them well and you keep
delivering your serviceoffering. And I've seen that
time and time again, not onlywith our own clients, where I
look at how we've grown and likewe have clients that have been
with us like decades, but alsoclients at other organizations
(08:55):
where, say, the bank failed orgot acquired, and as long as the
new the new system and the neworganization is treating them
well, they'll generally stayit's when they're not being
treated how they want to be,that is the moment that a client
finally says, Okay, let me thinkabout something else. So to
that, that's, that's arealization. I think the the
(09:18):
other thing is that, you know,these cycles come and go, and
it's important to not, like,overreact too much to a cycle.
Almost like, you know, for usto, like, think past it a little
bit like, Yeah, this is a greattime. It won't always be great.
Yes, this is a really toughtime, but it won't always be
(09:40):
tough and to plan and think andalmost keep your sort of
cultural mood in a manner thatis normalized even even if the
macro environment is all overthe place.
Greg Farber (09:56):
I heard someone say the other day, you know that old
phrase when one door closesanother one opens. And their
response was, 'Well, your houseis haunted. You need to get out
of there.' But I think morerealistically, right, that every
time we have one of thesecycles, whether it's perceived
to be an up cycle or a downcycle, because everyone's
viewpoint might be a littledifferent, we could find some
unexpected opportunities inthose you see anything like that
(10:20):
going on here in the last year,where there is all this sort of
turmoil that has now stabilizeda little bit, but that's
presented some newopportunities.
Jay Tuli (10:27):
Yeah, we've we've benefited in several ways in the
last couple years, particularlyfrom the bank mergers and
acquisitions, whether throughfailure or just a normal M and
A. So as an example, we startedan SBA lending team, small
business loans lending team, inthe beginning part of this year.
(10:50):
And those folks came fromanother bank that, you know, was
having organizational change,and that has been awesome, and
that that is probably a newbusiness line that we will
continue to grow and invest inover, you know, the next decade.
So really excited about that, werecruited a team that caters to
startups and VCs on thedepository side, again, another
(11:13):
result of an acquisition andthat that has been great, and we
picked up some commerciallenders recently, also the
result of another localacquisition. So, so I see, yeah,
every time there's a change, youknow, I would say it goes
through this period where theremight be some difficulty, but
then when you get to the otherend of it, now there's
(11:34):
opportunity. And so stayingfocused on, like, okay, what can
opportunity be? How can webetter serve our clients? How
can we pick up some newcapabilities? That's super
important. And I think that'llplay well into 2025 also,
Greg Farber (11:50):
Absolutely. And, I mean, I think that's, that's,
that's a great example where wedidn't always offer, you know, a
full suite, maybe of SBA loansor things, and to be presented
with an opportunity where we canmake that part of what we do and
fit into our core of obsessingover clients and making sure we
do it right and have the rightpeople. I think that's that's a
(12:10):
great example. I'm going toshift a little bit now to sort
of the mentality behind thatright. And so when you have up
and down cycles, you have somepositivity and you have some
negativity. And a common themeI've heard from guests on our
podcast is that there really isa need for positivity in
leadership. We got to liftpeople up, not put them down or
hold them back. We want to leadwith energy, excitement and
(12:33):
hopefully a smile, rather thanthrough leading through fear,
right? So these are themes thathave come up through a number of
our episodes, and we've all hadthat day where we just wake up
on the wrong side of the bed,and it doesn't matter how good
your coffee is, you're just in afoul place you get to work. What
helps you? Jay Tuli, throughthose mornings. And do you have
(12:54):
any advice for our listeners howyou can ditch that negativity
and turn that bad morning into agreat day?
Jay Tuli (12:59):
Yeah, I know it's a really important question. And I
think for all of our managersand leaders, how you bring
yourself into the organizationevery day is probably the most
important thing, you know. And Ihave observed myself, even if I
don't come in on a day, set up,right? You know, mentally,
(13:20):
emotionally, I've noticed, like,I make bad decisions sometimes
because I'm just being reactive.
I'm being moody, and I'm beingpreoccupied. I'm distracted. So
for me, at least, like, theharder things get, the more
important it is for me to workout and meditate. So, like I did
(13:42):
a lot of really hard Pelotonsduring that March mini banking
crisis. And I just need theendorphins. I need to be able to
clear my mind. A lot of walking.
I walk around my block like allthe time my neighbors, they come
a little crazy, but actually itreally helps me, like, be calm
(14:04):
and think, and something thatI'm like, anxious about after
like, 20 minutes of walking, yousort of looked at it from like,
lots of different angles. You'relike, that's not that big a
deal, you know? And so, yeah,that that type of personal
stuff, like how you have yourown reset button, I think is, is
one of the differentiators for aleader or manager on how they
(14:27):
deal with, like, difficult,difficult times.
Greg Farber (14:31):
I was going to ask you about something that you
might have learned aboutyourself this year that
surprised you, or maybe apersonal win, or something big
or small. You know, from thisyear, it almost sounds like you
may have already answered thatquestion with with the walking
and the meditating and thing isthere anything else that you
think stands out from this lastyear? Like, okay, I personally
(14:54):
cross some threshold in 2024.
Jay Tuli (14:56):
Yeah, it's actually really interesting because my my
personal journey in the last 18months, in some way mirrors my
professional journey, as far aslike the environment. So in our
last podcast last year, I thinkyou asked me a similar type
question, my response to youwas, I'm trying to learn how far
(15:21):
I can push myself from aphysical aspect. And I was
training for this, like, reallycrazy big hike in Sun Valley.
And so, I was training everyday. I was in probably the best
shape of my life. And then Iactually, I tore my meniscus
(15:41):
shortly thereafter. So it wasabout January of this year when
I tore my meniscus, and so nowI'm in an all time low. So I'm
going from an all time high,where I was telling myself,
like, wow, I'm in the best shapeof my life to I tore my
meniscus, and I have to, I did asurgery, and I basically
(16:02):
couldn't walk for a month andall this stuff, and so then that
was an all time low. And I thinkwhere I am now is, you know,
9-10, months later, where I'verecovered, and now I'm back to
strength building. It's kind ofan awesome journey, because I
feel like that's where the Bankis in many ways. You know, we
hit this all time low in theindustry when, when these banks
(16:26):
failed, and there was a lot offear about community banks in 23
we recovered in 2024 and nowwe're back to strength building.
We're back to, like, buildingnew capabilities and figuring
out how are we going to compete?
And that's how I am personallynow too, I'm back into that
place where you want to be, butI've just as I reflect over the
(16:47):
last 12 months, how you dealwith that down time is
everything. And so for me, Ijust have had to keep
remembering, this is, you know,just put a timetable to it's
going to take six, seven months.
I gotta do this activity, or PTor whatever, you know, every
(17:09):
week, and I'll, I'll be backthere. And so it's, I'm in a
happy place now, just becauseI've come out on the other end.
But I feel like you learn themost by yourself during those
times for sure.
Greg Farber (17:21):
It's almost like if our listeners hadn't been here
at the beginning and knew thatwe were talking about banking.
This was your year of focus, andthat translates personally that
you had that setback, and youhad to sort of just focus back a
little bit on yourself andrebuild the things you do best
and then be able to move forwardfrom that. It's very
(17:42):
interesting, actually, howsimilar those stories are when
you remove them from theircontacts.
Jay Tuli (17:46):
Yeah, right, right, yeah.
Greg Farber (17:49):
So, okay, so the Bank has had a rebuilding year.
Jay has had a rebuilding year.
What excites you most about theupcoming year? You have any
particular goals, whether it'sfor yourself or for the Bank
that you want to share with usheading into 2025.
Jay Tuli (18:04):
Yeah, I think with 2025 I'm feeling very
optimistic. I think there's alevel of optimism because the
economy is sort of in goodshape. Rates are coming back to
something more normal andsustainable. And you know what
we also saw last year is a lotof our clients were sort of just
(18:25):
on the sidelines waiting,because if you, if you think of
an investor, right, that'strying to make a big investment,
like the macro economy matters,and when you're really
uncertain, you sort of justwait. So we're seeing them to
come off the sidelines, startingto do things like buy real
estate or buy businesses orwhatever it might be. So I'm
excited, from that point ofview. I'm excited that we have
(18:48):
made some really good changes,like the ones I discussed in our
balance sheet and our disciplinein capital allocation that I
think will will keep us in areally good shape for the next
5-10, years. And what I mean bythat is like, I think we've
taken some risk off the table. Ithink we've diversified. I think
(19:11):
we are doing a better job withour interest rate risk
management. So just, just abunch of good healthy habits
have been created that I'mexcited about, because when you
compound them over 5-10, years,good stuff happens. So, yeah, I
would say that's, that'sprobably what's most of my mind.
I don't know if I have aspecific goal in 2025
professionally, other than, youknow, now, rebuild and gain
(19:37):
strength as far as, like,continuing to gain some market
share in the businesses we'realready in, continue to up the
bar on client service and thingslike that.
Greg Farber (19:47):
How about on a personal level, is there
anything you've always wanted totry and maybe, or you used to
love doing and life got in theway, and 2025, is going to be
the year you finally do it.
Jay Tuli (19:57):
I'm, like, really into basketball these days. Greg, so.
I've been playing for a longtime.
Greg Farber (20:01):
I feel like you've been into basketball for a long
time,
Jay Tuli (20:03):
This year, I'm, like, even more into it than before.
Greg Farber (20:07):
You're gonna try out for the NBA this year. Is
that your big goal?
Jay Tuli (20:10):
Honestly, that is what got me through my injury, just
being able to be like, Okay, ifI get back in shape, I can play
again. And you know what it is?
It's just, it's just a group of,like, friends that we play every
Sunday, but it's just so muchfun and it's competitive, and so
I don't have any big challenges.
I think I need, like, anotheryear to really, like gain full
(20:32):
strength before I try to dosomething crazy. So that might
be the 2026 answer for you is,what the next challenge?
Greg Farber (20:38):
There you go. All right, we'll table that and ask
you that question again nextyear. So at this point, we're
going to go to a segment we'vebeen doing this year called What
Would you Choose? We'll ask youa couple of this or that
questions, and you just quicklychoose which one you prefer.
(21:00):
It's kind of a rapid fire typeof thing. You can elaborate on
your answer. There's a no rightor wrong, obviously, but it's
just kind of a quick like, oh,what's the first sort of thing
that jumps to your mind?
Jay Tuli (21:11):
Alright.
Greg Farber (21:12):
Do you prefer big picture strategy or day to day
problem solving?
Jay Tuli (21:19):
Big picture strategy.
Greg Farber (21:21):
I was like, you hesitated very long for sure you
were going to immediately saybig picture.
Jay Tuli (21:27):
I think I would have told you day to day problem
solving like three years ago.
But the truth is, we have somany capable managers and
leaders at the Bank now. I'm notactually the right person.
There's a lot of people betterthan me to solve a lot of the
problems. So my focus has beenmore on, yeah, the strategy
(21:50):
side.
Greg Farber (21:54):
So when you're doing that and you're looking at
the strategy, do you favordoubling down on what works, or
exploring new ideas?
Jay Tuli (22:03):
Doubling down on what works.
Greg Farber (22:05):
Yeah, speak to our strengths. We're really good at
this. This is where we're goingto build from and be even
Jay Tuli (22:10):
Yeah, I think like, what one lens I'm using for
Greg Farber (22:11):
I think that's a really interesting answer,
stronger.
strategy right now is, like, ifwe do this X, can we be
because we always talk about howentrepreneurial we are, and how
committed to it for like, 20years? Or when things get hard
in year two, are going to say,nah we're not going to do that
anymore. Let's, let's go back.
Because if the answers is we'rethere's always an element of
sort of startup at Leader Bank,not going to be doing it, you
know, in a really long time.
(22:32):
Then let's get out of it. And sowhen we build on our strengths,
like, we're already in it,right? We're already in
residential mortgage lending,like, that's the DNA and like,
all this stuff. So when we addsomething like insurance, for
example, that is just alreadypiggybacking on it. So, so in a
way, we're strengthening ourcommitment. And so, yeah, so
(22:54):
that's one lens I use.
because we are a younginstitution, and we've developed
so much in the way of technologyand our own brand and our
people, and yet, you'reabsolutely right. What's kept us
strong is that core of what wedo best. So I like that answer.
(23:19):
Do you want to be known more forinspiring others, or do you feel
more like you want to beinspired by others?
Jay Tuli (23:28):
Oh, that's a really good one. I don't mean to not
answer the questionspecifically, but I feel like
you can't inspire others unlessyou are inspired. I really do
feel that way, and and so I amalways looking for inspiration.
I'm not specifically looking toinspire others that may happen
(23:52):
along the way. And, you know,everyone is always inspiring
someone else, but I think thebest thing I can do is be
inspired myself, and then it'llrub off. To put it a different
way. If I were inspiring othersand not inspired myself, I don't
know if that would feel right.
Greg Farber (24:10):
Right. You would lose your course a little bit.
Being inspired is one of thosethings that it makes you better,
and then in turn, if you turnaround and do something better,
than that can be inspiring toothers. So you're, it really
makes a lot of sense how youphrase that. Okay, this one's a
little more emotional, passionor purpose?
Jay Tuli (24:30):
I think purpose. Yeah, purpose. I mean, they're
related, right? I think, likeall these things you're asking,
there's some mix and blend ofboth, but, well, one thing is,
like passion, it has differentlevels, like it can fade over
(24:55):
time, then it can come back andit but a purpose, I feel like.
You know you have a specificpurpose, a specific role that
either you or your organizationor your family or like whatever
it is needs to and is bestsuited to play in the world, in
the community, whatever. And soif you don't, if you don't
(25:17):
provide that purpose, you knowthere's a hole. And so hopefully
you're passionate about it too,but I feel like at Leader. You
know, our purpose is the mostimportant thing. We want
passionate people to work atLeader. But I'm sure we could
all be like, passionate aboutsomething else, but I don't know
(25:37):
if we would be providing
Greg Farber (25:39):
We're here for a common purpose.
Jay Tuli (25:40):
We're here. We're here for common purpose. Yeah.
Greg Farber (25:43):
Now, I mean this next one, you might want to say
I pick both, but you have topick just one again, Christmas
or New Year's?
Jay Tuli (25:50):
New Year's.
Greg Farber (25:51):
Yeah?
Jay Tuli (25:52):
I like New Year's because of that mental reset of
the year. It's a time to, like,reflect back and think about the
future.
Greg Farber (26:07):
Do you get into the whole resolutions thing?
Jay Tuli (26:10):
I do, but I do it for my birthday to the next
birthday. So it's always Octoberto October.
Greg Farber (26:15):
Okay? Yeah, interesting take. Alright, well,
speaking of inspiration, we'regoing to go to our last segment
here.And this is where we askour guests to bring something,
whether it's tangible or it's asentiment or anything else, to
(26:38):
share about something thatinspires or inspired you? And so
question is, what do you have toshare with us today that was an
inspiration to you, and why.
Jay Tuli (26:48):
I've been recently involved with this cool
organization called RefugePoint,and they help refugees. And
Sasha actually was on thepodcast earlier this year, yep,
and there's a really cool storywhere they they helped this
refugee come from Africa to theBoston area, I think, like four
(27:08):
or five years ago, but hisnephew and nieces were still
stuck there, and they don't haveparents anymore, and so they
have been working liketirelessly to bring them here to
connect with their onlyimmediate family member, their
uncle, and that just happened afew months ago. So this is such
(27:28):
a really, like, amazing story ofperseverance, of reuniting a
family of, you know, and likethe American Dream, and it's so
amazing to see, like, a recentimmigrant coming to the US and
like, what that means for themand the hope and opportunity.
So, yeah. I mean, I'm superinspired by that organization,
(27:49):
that story in particular.
Greg Farber (27:51):
I love it. And all we see in the news today about
how we're all like against eachother all the time to know that
that that hope and that AmericanDream still exists that's really
cool. And nobody should sufferanywhere. Don't get me wrong,
but to hear a story that alsohelps the children, because
children are never at fault,right? They didn't bring this on
themselves. So I love that thatis an that is an amazing story,
(28:13):
and actually reach out to mesometime and tell me a little
more about that sounds like anawesome organization.
So that's really it, kind of,for the the basic design of what
we wanted to talk about in arecap, and hear a little bit
about the Bank and a little bitabout Jay, if there's anything
else you want to add, kind of topart ways here for the year and
(28:34):
usher out 24 and in 25.
Jay Tuli (28:36):
Yeah, no, I'm, I'm happy to be here with you, Greg.
Also I want to thank you. You'vebeen doing doing this podcast
for us for a little bit now, andI know for sure, when you join
us, how long has it been at theBank?
Greg Farber (28:51):
It's going to be 16 years.
Jay Tuli (28:53):
16 years. Okay, I'm pretty sure you did not have in
your mind that you'd be apodcast host. There were no
podcasts back then,
Greg Farber (29:00):
Let's be honest, three years ago, I wasn't
thinking I was going to be apodcast host,
Jay Tuli (29:04):
But you're doing a great job. And I think, I think
it's been fun to highlightdifferent aspects of bank I'm
excited about 2025, I thinkwe're very well positioned. I
think, personally, I'm in a goodspot too. And, yeah, ready for
the new year.
Greg Farber (29:22):
Awesome. Same here.
I really appreciate yoursentiments, and I really
appreciate you coming on andsharing all of that with us, and
best to us and Leader Bank inthe next year!
you want us to cover. So pleasefind us on YouTube or Tiktok and
comment your thoughts. Allopinions expressed by Jay Tuli
(29:45):
are his own and not the opinionsof Leader Bank NA for more
information on today's subject,visit leaderbank.com in addition
to past episodes, you can alsofind our Learning Center blog
for more insights this podcastis a production of Leader Bank,
an equal housing lender MemberFDIC NMLS, number 449250.
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