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First Hawaiian, Inc.

FHB

2025 Q2

Financial Services

3mo

Financial Performance Summary

Expenses were better than expected in the first half, with full year expenses forecasted around $506 million, slightly better than original expectations.
Net income increased over 23% compared to the prior quarter driven by higher net interest and noninterest income, good expense control, and lower provision expense.
Net interest income was $163.6 million, up $3.1 million from prior quarter, with NIM at 3.11%, up 3 basis points.
Noninterest income was $54 million, benefiting from a few favorable items, with recurring noninterest income expected around $51 million per quarter.
Provision for credit losses was $4.5 million, with allowance for credit losses increasing to $167.8 million, coverage flat at 1.17% of total loans and leases.
Total deposits increased slightly, with public deposits up $166 million, offsetting declines in commercial and retail deposits.
Total loans increased about $59 million or 0.4%, mainly from a $125 million increase in dealer floor plan balances, offset by payoffs in commercial real estate construction loans.

Radian Group Inc.

RDN

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted pretax operating loss for All Other was $16.4 million, primarily due to mark-to-market changes on residential mortgage loans held for sale.
Book value per share increased 12% year-over-year to $33.18, including $2.02 of unrealized net loss on investments expected to accrete over time.
Operating expenses totaled $89 million for the quarter, with full-year 2025 expenses expected at $320 million, an 8% decrease from 2024.
Primary mortgage insurance in force grew to an all-time high of $277 billion, with new insurance written at $14.3 billion, a 3% increase year-over-year.
Provision for losses was a net expense of $12 million, down from $15 million in Q1, supported by strong cure activity and low claim levels.
Radian reported net income of $142 million in Q2 2025, with a return on equity of 12.5%.
Total revenues were $318 million, with net premiums earned at $234 million, consistent with previous quarters.

Pebblebrook Hotel Trust

PEB

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted EBITDA was $117 million, $6.5 million above midpoint.
Adjusted FFO was $0.65 per share, $0.06 ahead of midpoint.
Business interruption proceeds from LaPlaya insurance claims were $1.5 million above outlook, totaling $3.2 million.
Ended Q2 with $267 million cash on hand, $49 million increase from last quarter; $640 million revolver availability.
Energy costs decreased 2.1% due to efficiency efforts.
Excluding Los Angeles and adjusting for last year's tax credits, same-property hotel EBITDA increased by $2.5 million year-over-year.
Hotel expenses excluding fixed costs rose 1.7% year-over-year; expenses per occupied room declined 0.8%.
Invested $21 million in portfolio during the quarter; on track for $65 million to $75 million in 2025.
LaPlaya resort fully restored; full year BI income forecast increased to $11.5 million from $8.5 million.
Los Angeles caused a $2.2 million EBITDA headwind, about $700,000 more than anticipated.
Newport Harbor Island Resort outperformed expectations with a $1.8 million EBITDA beat.
Out-of-room revenues at resorts rose 3.3%, led by food and beverage growth of 2.5%.
Portland RevPAR climbed 10.4%, San Diego urban hotels posted 8.6% RevPAR growth.
Property insurance renewal reduced premiums by roughly 10% with a 13% rate drop and 4% increase in insurable values.
Resort total RevPAR increased 0.6% with a 1-point occupancy gain offsetting a nearly 3% ADR decline.
Same-property hotel EBITDA totaled $115.8 million for the quarter, $1.8 million ahead of midpoint.
Same-property total property RevPAR grew 1.3% year-over-year; excluding Los Angeles, RevPAR rose 2.7%.
Same-property total revenues grew 1.3%, 2.7% excluding Los Angeles.
San Francisco led with a 15.2% RevPAR increase, driven by occupancy gains and strong business and leisure demand.
Urban portfolio RevPAR increased 1.7% overall and 4.1% excluding Los Angeles.
Weighted average interest cost is 4.2%, with 90% to 96% of debt fixed.

Hanmi Financial Corporation

HAFC

2025 Q2

Financial Services

3mo

Net Income Decline

$15.1 million

Net income for the first quarter was $15.1 million or $0.50 per diluted share compared to $17.7 million and $0.58, respectively, in the first quarter. The decline in net income was primarily due to an increase in credit loss expense.

Independent Bank Corporation

IBCP

2025 Q2

Financial Services

3mo

Financial Performance Summary

Allowance for credit losses was 1.47% of total loans with net charge-offs at 2 basis points annualized.
Independent Bank Corporation reported second quarter 2025 net income of $16.9 million or $0.81 per diluted share versus net income of $18.5 million or $0.88 per diluted share in the prior year period.
Loans increased by 9% annualized, while core deposits were down 1.4% annualized due to seasonality.
Net interest income increased $3.3 million from the year ago period with a tax equivalent net interest margin of 3.58% during Q2 2025, compared to 3.40% in Q2 2024, and up 9 basis points from Q1 2025.
Noninterest expense was $33.8 million in Q2 2025, slightly higher than $33.3 million in the prior year quarter but below the first quarter of 2025.
Noninterest income totaled $11.3 million in Q2 2025, down from $15.2 million in the year ago quarter.
Return on average assets was 1.27% and return on average equity was 14.66%.

Third Coast Bancshares, Inc.

TCBX

2025 Q2

Financial Services

3mo

Financial Performance Summary

Deposits grew by $32 million, resulting in a loan-to-deposit ratio of 95%, and cost of funds declined slightly.
Investment securities increased by $164 million to $562 million, driven by $206 million in securities from securitizations with an average yield of approximately 5.63%.
Net interest income increased by $6.6 million or 15.4% from the first quarter, partly due to $2 million in fee income from securitization transactions.
Net interest margin improved materially to 4.22%, with a forecasted margin of 3.90% to 3.95% for the second half of 2025 assuming no new securitizations.
Noninterest expenses rose 2.6% or $738,000, with $500,000 attributed to securitization-related costs.
Return on assets improved to 1.38% and return on equity was 14.7%.
Second quarter loans grew by $91.7 million, with compound annual growth of 21.1% since December 2021, expanding from $2.07 billion to $4.08 billion.
Third Coast Bancshares reported second quarter net income of $15.6 million, up 25% versus the first quarter of 2025.

Fiserv, Inc.

2025 Q2

Financial Services

3mo

Financial Performance Summary

Adjusted operating margin expanded to 39.6% in Q2, up 120 basis points from prior year.
Financial Solutions segment grew 7% organically in Q2, led by issuing and digital payments growth.
Fiserv delivered 8% adjusted and organic revenue growth in Q2 2025, with 16% adjusted EPS growth year-over-year.
Free cash flow was $1.2 billion in Q2 and $1.5 billion for the first half of 2025, with an expected full year of approximately $5.5 billion.
Merchant Solutions operating margin declined 200 basis points to 34.6% due to investments and acquisitions, while Financial Solutions margin expanded to 48.7%.
Merchant Solutions segment grew 9% organically in Q2, with 10% adjusted revenue growth, driven by Clover and Commerce Hub.
Share repurchases totaled $2.2 billion in Q2, with guidance increased to approximately 130% of free cash flow for 2025.

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