- Average deposits declined just over 1%, with non-interest bearing deposits stable at 38%.
- Average loans grew almost 1% for the quarter and period-end loans increased approximately 3%.
- Capitalization remained strong with an estimated CET1 ratio of 11.94%, well above the 10% strategic target.
- Net charge-offs were 22 basis points, at the low end of the normal range and flat quarter-over-quarter.
- Net interest income remained stable at $575 million for the third consecutive quarter.
- Non-interest expenses decreased $23 million due to lower litigation expenses and salaries, with some offsetting increases in advertising and outside processing.
- Non-interest income increased $20 million driven by higher loan volumes, capital markets income, and seasonal benefits.
- Reported earnings per share of $1.42, a nearly 14% increase over the prior quarter.
- Returned $193 million to shareholders through dividends and share repurchases, including $100 million in share repurchases in Q2.
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- AFFO per share for Q3 increased 7.2% year-over-year to $1.11, beating consensus by $0.02.
- Core FFO per share for Q3 2025 was $1.09, an 8.4% increase year-over-year.
- Declared monthly cash dividends of $0.256 per share for Q3, a 2.4% year-over-year increase.
- Dispositions totaled approximately $15 million in Q3, including At Home and Advance Auto Parts assets.
- Liquidity stood at $1.9 billion at quarter-end, with no material debt maturities until 2028.
- Portfolio occupancy remained strong at 99.7% with investment-grade exposure at 67%.
- Raised full-year 2025 AFFO per share guidance to $4.31-$4.33, implying 4.4% growth at midpoint.
- Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
- Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
- Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
- The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
- The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.
- Credit quality remains strong with nonperforming assets at 0.19% of total assets and net charge-offs at 3 basis points of loans.
- Deposits grew 4% annualized to $22 billion, with non-interest-bearing deposits increasing 5% annualized to 31% of total deposits.
- Loan portfolio grew by $258 million to $18.8 billion, a 6% annualized increase from prior quarter.
- Net income for Q3 2025 was $67.9 million or $0.57 per diluted share, up 29% from prior quarter and 33% year-over-year.
- Net interest income rose 9% sequentially to $225 million and 25% year-over-year.
- Net interest margin expanded to 3.39%, up 18 basis points sequentially and 56 basis points year-over-year, marking seven consecutive quarters of expansion.
- Non-interest expense increased 8% sequentially to $168 million, driven by acquisition-related costs.
- Pretax pre-provision net revenues for first nine months increased 45% to $250 million compared to prior year.
- Adjusted book value per share ex AOCI and with AB ownership at market value was $40.89, up 11% year-over-year.
- Adjusted non-GAAP operating EPS was $1.41, down 8% compared to the prior year, primarily due to elevated individual life mortality claims.
- AllianceBernstein (AB) reported net outflows of $6.7 billion in Q2 but returned to net inflows in June; private markets AUM grew 20% year-over-year to $77 billion.
- Assets under management and administration reached a record $1.1 trillion, up 5% year-to-date.
- GAAP net loss was $349 million, impacted by notable items including a $74 million after-tax negative item in Protection Solutions.
- Non-GAAP operating earnings were $352 million or $1.10 per share, down 23% year-over-year on a per share basis.
- Wealth Management earnings increased 16% year-over-year with $2 billion of advisory net inflows and a 12% trailing 12-month organic growth rate.
- Adjusted EBITDA grew 5%, exceeding the top end of the outlook, with margins improving 200 basis points sequentially.
- Adjusted EPS was $1.36, meeting expectations despite higher depreciation and amortization expenses.
- Banking EBITDA margin contracted 70 basis points due to an $8 million bad debt charge; Capital Markets margin contracted 50 basis points due to acquisition-related dilution.
- Banking revenue grew 6%, above the high end of guidance, driven by commercial excellence and strong client retention.
- Capital Markets revenue grew 5%, slightly below expectations due to temporary slowdown in loan syndication activity.
- FIS delivered 5% revenue growth in Q2 2025, accelerating from 4% in Q1, driven primarily by momentum in the Banking segment.
- Free cash flow was $292 million with a cash conversion rate of 52% in Q2, and 61% year-to-date, improving from 53% prior year.
- Leverage increased modestly to 3x, or 2.9x excluding currency impacts, with a long-term target of 2.8x.
- Recurring revenue represented 81% of total revenue, growing 6% overall with 7% growth in Banking recurring revenue.
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