- Allowance for credit losses increased to $59 million, with a coverage ratio of 1.25% of total loans.
- CET1 ratio modestly decreased 15 basis points to 14.13%, and Tier 1 leverage was 9.22%.
- Core noninterest expense was $40.4 million, down $1.1 million from the prior quarter, with a core efficiency ratio of 49%.
- Core noninterest income was $9.3 million, up from $9.1 million, mainly due to higher commercial banking fees.
- Core return on average equity was 14.61%, down from 15.23% last quarter, and core return on average assets declined to 1.28%.
- Loan growth was 0.8% quarter-over-quarter, driven by multifamily, commercial and industrial, and commercial real estate loans, partially offset by declines in consumer and residential loans.
- Net charge-offs were 0.3% of total loans, mainly from consumer solar and small business C&I loans.
- Net income was $26 million or $0.84 per diluted share and core net income was $27 million or $0.88 per diluted share.
- Net interest income grew by 3.3% and was $72.9 million, with a net interest margin steady at 3.55%.
- Nonperforming assets totaled $35.2 million or 0.41% of total assets, increasing slightly due to residential nonaccrual loans.
- On-balance sheet deposits increased by $321 million or 4.3% to $7.7 billion, including $112.3 million of temporary pension funding deposits.
- Tangible book value per share increased $0.82 or 3.5% to $24.33, growing 18% over the past 4 quarters.
- The bank repurchased approximately 327,000 shares or $9.7 million in the quarter, the largest repurchase in its history.
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- Adjusted EBITDA for Q2 was $1.5 million, slightly higher than $1.4 million in Q2 2024, despite near-term profitability pressures.
- Net loss for Q2 was $11 million or $0.28 per share, compared to a net loss of $5.5 million or $0.14 per share in the prior year, impacted by a $7.3 million tax expense due to a change in tax methodology.
- Operating expenses increased to $181 million in Q2 from $166 million last year, driven by higher cost of services and one-time reorganization expenses.
- The company remains well-capitalized with no debt and $333 million in cash and equivalents, returning $190 million to shareholders over the past three years.
- Total revenue for Q2 2025 was $172 million, up 8.8% year-over-year, driven by 4% growth in brokerage revenue and a 44% increase in financing revenue.
- Year-to-date revenue was $317 million, up 10.4% from $287 million last year, with brokerage commissions accounting for 84% of revenue.
- Blended net rental growth of 3.9% for Q3, outperforming the national market.
- Controllable expenses grew 5.7% in Q3 but only 1.9% year-to-date due to technology investments and operational efficiencies.
- Core FFO per share increased to $0.20 for the quarter, up $0.03 from Q2.
- Liquidity stands at $274 million as of September 30.
- Net debt-to-EBITDA ratio reduced by 14.5% since the start of the year to 10x, with weighted average coupon down 32 basis points to 4.8%.
- Net income available to common shareholders was $0.80 per fully diluted share, compared to a loss of $0.10 last year.
- Same-store NOI growth was 1.6% year-to-date but declined 2.7% for the quarter due to lapping favorable 2024 expenses and increased Jersey City tax rates.
- Same-store revenue increased by 2.2% for both the quarter and year-to-date.
- Adjusted earnings were approximately $66 million or $0.69 per diluted share.
- Adjusted efficiency ratio improved by about 7 percentage points.
- Adjusted loan yields decreased 1 basis point to 6.18%.
- Adjusted pre-provision net revenue was $103 million.
- Adjusted total cost of deposits decreased 18 basis points to 2.04%.
- Allowance for credit losses (ACL) as a percentage of total loans increased 1 basis point to 1.57%.
- Capital ratios remain well above regulatory minimums.
- Core net interest margin expanded from 3.42% to 3.58%.
- Deposits increased by $361 million or 7% quarter-over-quarter.
- Loans increased by $312 million or 7% quarter-over-quarter.
- Net charge-offs were $12.1 million, mainly from two credits.
- Noninterest expense was $183.2 million, excluding $20.5 million merger/conversion expenses, core expense was $162.7 million.
- Noninterest income was $48.3 million, up $11.9 million linked quarter, driven by The First and mortgage division.
- Reported earnings were $1 million or $0.01 per diluted share for Q2 2025.
- Reported margin rose from 3.45% to 3.85% reflecting purchase accounting adjustments.
- Adjusted expenses were $491 million for the quarter, or $395 million excluding license fees.
- Adjusted net income was $1.1 billion and adjusted diluted EPS was $2.96, both up 16% from Q2 2024.
- Adjusted operating income was a record $1.2 billion, up 14% year-over-year, with an operating margin of 71%.
- Average rate per contract was $0.69, resulting in the highest quarterly clearing and transaction fees of $1.4 billion, up 11% year-over-year.
- Capital expenditures were approximately $19 million, and cash at quarter-end was $2.2 billion.
- CME Group generated revenue of $1.7 billion in Q2 2025, up 10% year-over-year.
- Dividends paid were $455 million in Q2 and approximately $3 billion in the first half of 2025.
- Market Data revenue reached a record $198 million, up 13%.
Dafinchi