Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
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.
Book value per common share declined by about $0.25 to $7.99, partially offset by accretive share buybacks estimated to add $0.15 per share.
CECL reserve declined by $25 million to $155 million, driven by $36 million of write-offs partially offset by an $11 million provision increase.
Distributable loss for the quarter was $45.3 million or negative $0.94 per basic common share, including $36.1 million of write-offs related to nonaccrual loan resolutions.
Provision for credit losses was $11 million or negative $0.23 per basic common share due to a less favorable macroeconomic forecast in the CECL model.
Reported a GAAP net loss attributable to common stockholders of $17 million or negative $0.35 per basic common share in Q2 2025.
Total leverage decreased slightly to 2.1x, with unrestricted cash of about $85 million at quarter end.
Brokerage segment revenue growth was 17%, organic growth 5.3%, adjusted EBITDAC margin expanded 334 basis points to 36.4%.
Completed 9 mergers in Q2 representing $290 million of estimated annualized revenue.
For combined Brokerage and Risk Management segments, posted 16% revenue growth, 5.4% organic growth, net earnings margin of 17.3%, adjusted EBITDAC margin of 34.5% up 307 basis points YoY, adjusted EBITDAC growth of 26%.
GAAP earnings per share of $2.11 and adjusted earnings per share of $2.95.
Reinsurance, wholesale and specialty businesses delivered nearly 7% organic growth, including 5% from Gallagher Re and over 7% from wholesale and specialty.
Retail operations delivered 4% organic growth; U.S. organic 5%, international operations around 3%.
Risk Management segment revenue growth was 9%, organic growth 6.2%, adjusted EBITDAC margin was 21%, better than June expectations.
Dafinchi