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.
Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
Dividends declared per common share remained steady at $0.14.
Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
Interest expense decreased due to loan repayments over the past year.
Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
Dafinchi