- BOK Financial reported earnings of $140 million or EPS of $2.19 for Q2 2025.
- Fee income increased 7.2% sequentially, with record quarterly results in several fee income lines.
- Loan growth reaccelerated with a 2.5% increase quarter-over-quarter, led by commercial real estate (6.9%) and core C&I portfolios (1.1%).
- Net interest income grew for the fifth consecutive quarter with margin expansion of 2 basis points.
- Nonperforming assets decreased to $74 million, with net charge-offs minimal at $561,000 for the quarter.
- Total expenses increased by $7 million, driven by technology project costs and operational losses, while personnel expenses remained consistent.
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- Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
- Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
- Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
- Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
- Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
- Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
- Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
- Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
- Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
- Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
- Net interest income increased 8% due to higher interest earning assets and lower funding costs.
- Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
- Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
- Operating EPS of $1.71 was up 7% from the prior year.
- Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
- Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
- Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
- Liquidity remained strong at over $1 billion, representing more than 50% of total equity.
- Net interest income increased due to new investments with attractive yields and swaps adding carry value.
- Over $130 million gains realized on the portfolio in Q3 from spread tightening.
- Raised $254 million in new capital in Q3, $776 million year-to-date, growing the portfolio by 10% since Q2 and over 50% since the start of the year.
- Third quarter net interest income did not include the impact of the September FOMC rate cut, expected to boost Q4 margins.
- Total economic return was 10.3% for the quarter and 11.5% year-to-date.
- Year-to-date shareholder returns were 20%, 23% over the last year, and nearly 72% over three years with dividends reinvested.
- Distributable earnings (DE) were $0.24 per share, negatively impacted by $0.10 per share in credit losses on fair value loans, higher than Q1 by $0.06 per share.
- Economic book value declined modestly by 1% to $13.69 per share, while GAAP book value was $13.12 per share, also down about 1%.
- Excluding credit losses, DE would have been $0.35 per share, nearly covering the common dividend of $0.36 per share.
- G&A expenses declined to $29.9 million from $33.5 million in Q1, including $1.2 million in severance and transition costs related to expense reduction initiatives.
- MFA Financial reported GAAP earnings of $33.2 million or $0.22 per share in Q2 2025, driven by growth in net interest income to $61.3 million and modest net mark-to-market gains.
- MFA paid a common dividend of $0.36 per share for the quarter and delivered a total economic return of 1.5% for Q2 and 3.4% year-to-date.
- Adjusted efficiency ratio improved to 62.4% from 66.9% in the prior quarter.
- Adjusted net charge-offs were limited to 7 basis points excluding the hospitality loan sale impact.
- Common equity Tier 1 capital ratio was 10.5%, and tangible common equity ratio improved 44 basis points to 7.87%.
- Deposits shrank 3.3% due to expected seasonal outflows from public funds and tax payments.
- Fee income increased 15% over the prior quarter and remains over 40% of revenues, well above the industry average of 19%.
- Loan growth was approximately 0.5% over the prior quarter excluding loans sold or classified as held for sale.
- Net interest income increased 4.6% over the prior quarter, reaching $43 million with a net interest margin of 3.51%, up 10 basis points.
- Noninterest expense decreased 3.8% due to seasonal decreases in benefits, less acquisition expenses, and an insurance reimbursement.
- Reported adjusted earnings per diluted share of $0.72, representing an adjusted return on assets of 1.41%.
- CMTG reported a GAAP net loss of $1.30 per share and a distributable loss of $0.77 per share for Q2 2025.
- Distributable earnings prior to realized losses were $0.10 per share, with REO investments contributing $0.01 per share net of financing costs.
- Held-for-investment loan portfolio decreased to $5 billion from $5.9 billion due to loan resolutions.
- Liquidity increased by $221 million since December 31, reaching $323 million as of August 5.
- Loan resolutions totaled $1.9 billion UPB year-to-date with an 88% blended recovery rate.
- Net debt-to-equity ratio improved from 2.4x to 2.2x in Q2 and further to 2.0x pro forma in Q3.
- Average total deposits increased 6% year-over-year and 1% quarter-over-quarter to $7.6 billion.
- Commercial real estate concentration decreased to under 500% for the first time since Q3 2023.
- Criticized and classified loans to total loans improved to 108 basis points from 133 basis points prior quarter.
- GAAP and core net interest margin expanded 3 basis points quarter-over-quarter, with GAAP NIM at 2.54% and core NIM at 2.52%.
- GAAP earnings per share of $0.41 and core earnings per share of $0.32, increases of 128% and 78% year-over-year respectively.
- Net charge-offs totaled 15 basis points for the quarter, down from 27 basis points in the prior quarter.
- Noninterest-bearing deposits grew 6% year-over-year and 2% quarter-over-quarter to $875 million.
- Nonperforming assets stable at 70 to 75 basis points quarter-over-quarter.
- Pre-provision pretax net revenue of $23.1 million and core PPNR of $19 million reached highest levels since late 2022.
- Strong liquidity with $3.6 billion of undrawn lines and resources at quarter end.
- Tangible common equity grew by 25 basis points to 8.04%.
- Adjusted EBITDA decreased to $18 million from $20.5 million year-over-year.
- Capital expenditures and leasing costs rose significantly to $15.6 million from $6.3 million due to accelerated leasing activity.
- Core FFO for Q2 2025 was $11.5 million or $0.20 per share, compared to $14.2 million or $0.25 per share in the prior year quarter.
- G&A expenses were $4.8 million, slightly higher than $4.5 million in Q2 2024, with expected savings from restructuring to begin in later quarters.
- Net debt to annualized adjusted EBITDA was 6.93x at quarter end, with net debt to gross real estate assets at 32%.
- Orion Properties reported total revenues of $37.3 million in Q2 2025, down from $40.1 million in Q2 2024.
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