The firms were initially slated to be included in a newly merged trade association, but they were blocked after some executives objected to adding more Wall Street banks.

Whether they’re thwarting cyber thieves or building out new apps, bank chiefs say hefty tech investments are now a cost of doing business — but they have to convince shareholders.

The numbers are better but still disappointing for such a healthy economy, lamented executives from large U.S. banks. Some are scratching their heads, some are remaining upbeat about the second half of the year, and others are focusing on Plan B.

Bankers hoped the tax overhaul would stimulate a boom in business borrowing, but several said this week that hasn’t happened yet. PNC’s Bill Demchak warned that the tax cuts could be encouraging lenders to underprice loans.

William Parsley was most recently PNC's chief investment officer and treasurer and had previously served as head of consumer lending.

Bank stocks tumbled on Monday amid a wider sell-off as investors' concerns mounted that wage growth could lead to inflation, higher borrowing costs for businesses and changes in the Fed's rate-hike plans.

Swelling capital levels, tax cuts and changing attitudes about post-crisis regulation could encourage bigger banks to issue the one-time payouts to reward shareholders and better manage their returns.

Look for banks to boost dividend payouts, expand into new markets, increase their tech spending and, eventually, ramp up their C&I lending. But don't expect much in the way of M&A.

Though business owners are more optimistic about the direction of the economy since the tax law was passed, it's doubtful their borrowing will increase meaningfully until they see more signs of more robust growth, bankers say.

Executives of large banks told investors and analysts what they wanted to hear Friday when they said they plan to increase returns to shareholders.