- Core bank ROA was approximately 1.38%, supported by a low cost of deposits around 1.75%.
- Core expenses normalized to approximately $21 million, with expected reductions from technology savings and amortization ending.
- Net interest income would have been $27.5 million excluding interest reversals, up from $26.4 million in Q1 and $24.9 million a year ago.
- Net interest margin (NIM) excluding consumer program effects was 3.15%, up from 3.13% last quarter and 2.80% a year ago.
- Noninterest income was $10.6 million, driven primarily by increased mortgage revenue.
- Pretax pre-provision earnings were about $8.4 million after adjustments for mortgage support costs and interest write-offs.
- Primis Financial Corp. reported $8.4 million in net income or $0.34 per share for Q2 2025, including a $7.5 million pretax gain on a portion of its interest in PFH.
- Provision expense was $1.2 million, with no provision required for the consumer program this quarter.
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- Adjusted EBITDA grew 20% this quarter, outpacing the 13% growth in cash collections.
- Cash collections grew 13% year-over-year to $536 million, driven by recent portfolio purchases and investments in the U.S. legal channel.
- Ending ERC reached a record $8.3 billion, up 22% year-over-year and 6% sequentially.
- Net income attributable to PRA was $42 million or $1.08 diluted EPS, including a $30 million after-tax gain from the sale of equity interest in Brazil's RCB; excluding this gain, net income was $13 million or $0.32 EPS.
- Net interest expense increased by $7 million to $62 million due to higher debt balances.
- Net leverage (net debt to adjusted EBITDA) was 2.81x, within the long-term target range of 2x to 3x.
- Operating expenses were $203 million, up 4%, mainly due to higher professional services and legal collection costs.
- Overall business overperformed by 7%, with Europe exceeding expectations by 14% and Americas by 3%.
- PRA Group purchased $347 million of portfolios in Q2 2025, with $199 million in the Americas and $147 million in Europe.
- Q2 U.S. legal cash collections increased 24% year-over-year to $119 million.
- The 2025 purchase price multiple was 2.14x for Americas Core and 1.82x for Europe Core, continuing an upward trend over recent years.
- The company repurchased $10 million of stock during the quarter, limited by debt covenant constraints.
- Total portfolio revenue was $284 million, up 1%, with portfolio income up 20% to $251 million reflecting higher portfolio investments at elevated multiples.
- BrightSpire reported a second quarter GAAP net loss attributable to common stockholders of $23.1 million or $0.19 per share.
- Current liquidity stands at $325 million, including $106 million in unrestricted cash.
- Debt-to-assets ratio is 63%, debt-to-equity ratio is 2.0x, with no corporate debt or final maturities due until 2027.
- Distributable earnings (DE) were $3.4 million or $0.03 per share, and adjusted distributable earnings were $22.9 million or $0.18 per share.
- GAAP net book value was $7.65 per share and undepreciated book value was $8.75 per share as of June 30, 2025.
- General CECL provision stands at $137 million or 549 basis points on total loan commitments, approximately $20 million lower than the prior quarter.
- Specific CECL reserves of approximately $19.5 million were recorded related to the San Jose Hotel loan and Santa Clara multifamily predevelopment loan, which were charged off upon resolution.
- The company recorded a GAAP impairment of approximately $49 million related to the Equinor Norway net lease asset and $2 million related to a multi-tenanted office property near Pittsburgh.
- The impairments and tax benefits had no impact on undepreciated book value, which remained flat quarter-over-quarter.
- Business loans grew over $110 million in Q2 and over $370 million or 15% year-over-year.
- Common equity Tier 1 ratio increased to 11.25% and total capital ratio to 15.8%, indicating strong capital levels.
- Core cash operating expenses were $59.9 million, primarily due to hiring production staff.
- Core deposits increased by $1.2 billion year-over-year, with deposit teams hired since 2023 growing portfolios to approximately $2.2 billion.
- Core EPS was $0.64 per share, up 12% linked-quarter and 49% year-over-year.
- Core pretax pre-provision income was $49 million in Q2 2025 compared to $28 million a year ago, translating into a core ROA of 85 basis points.
- Cost of total deposits was 2.09% in Q2, and NIM increased for the fifth consecutive quarter, approaching 3%.
- Credit loss provision was $9.2 million, with allowance to loans increasing to 86 basis points.
- Loan originations including new lines of credit increased to $450 million for the quarter with a weighted average rate of approximately 7%.
- Loan pipelines stand at $1.2 billion with a weighted average rate of approximately 6.85%.
- Non-brokered deposits increased by approximately $210 million quarter-over-quarter.
- Noninterest income was $11.6 million, reflecting increased loan swap income.
- Reported NIM increased to 2.98%, with an adjusted NIM of 2.95% excluding prepayment fees and purchase accounting.
- Allowance for credit losses declined by 2 basis points to 1.24% of total loans.
- Expenses increased by $3 million compared to Q1, mainly due to salary increases, incentives, and higher medical costs.
- Loan growth was 5% for the quarter, driving total assets to over $9.8 billion.
- Net interest margin expanded to 3.88%, up 7 basis points linked quarter, with net interest income rising almost 4%.
- Noninterest income increased by $3.1 million, aided by a rebound in consumer activity and securities repositioning.
- Q2 2025 EPS was $0.83 with net income of $32 million and ROA of 1.32%.
- Tangible common equity ratio increased by 18 basis points, supported by strong retained earnings and AOCI improvement.
- Earnings per share diluted of $1.16, up 16% year over year.
- Net interest margin was 5.24%, slightly down from 5.31% last quarter.
- Non-interest expenses totaled $96.5 million, up $1.7 million due to strategic investments.
- Return on average assets was 1.69%, and return on tangible common equity was 16.39%.
- Tangible book value per share was $28.92, with capital ratios remaining strong (CET ratio 14.13%).
- Total core revenue increased 5.6% year over year to $184 million.
- Total interest expense increased to $45 million, up $3 million sequentially.
- Total interest income was $200 million, up $6 million sequentially.
- Adjusted net income was $96.5 million or $1.22 per diluted share, with a 16.3% adjusted return on equity.
- Claims expense was $13.4 million in the quarter.
- Defaults declined to 6,709 at June 30 from 6,859 at March 31, with a default rate of 1%.
- GAAP net income was $96.2 million and diluted EPS was $1.21.
- Investment income was $24.9 million, up from $23.7 million in Q1 and $20.7 million in Q2 2024.
- National MI generated $12.5 billion of new insurance written (NIW) volume in Q2 2025, ending with a record $214.7 billion of primary insurance in force.
- Net premiums earned were $149.1 million, slightly down from $149.4 million in Q1 2025 but up from $141.2 million in Q2 2024.
- Net yield was 28 basis points; core yield (excluding reinsurance and cancellation earnings) was 34.2 basis points, up from 34.1 basis points in Q1.
- Shareholders' equity was $2.4 billion with book value per share of $31.14, up 4% from Q1 and 16% from Q2 2024.
- The company repurchased $23.2 million of common stock in Q2, retiring 628,000 shares at an average price of $36.90, with $281 million of repurchase capacity remaining.
- Total cash and investments were $3 billion, including $169 million at the holding company.
- Total revenue was a record $173.8 million, up from $173.2 million in Q1 2025 and $162.1 million in Q2 2024.
- Underwriting and operating expenses were $29.5 million, down from $30.2 million in Q1, resulting in a record low expense ratio of 19.8%.
- Adjusted noninterest expenses grew modestly due to merit-based salary increases and higher incentive accruals, but efficiency ratio improved to 55.2%.
- Asset quality remained stable with nonaccrual loans steady and accruing past dues increasing slightly due to a few specific credits that are resolving.
- Core customer deposits grew by $600 million in the quarter, driven by commercial noninterest-bearing deposits and promotional CDs.
- Net interest margin expanded for the fifth consecutive quarter due to asset repricing and disciplined deposit cost management.
- Noninterest income grew strongly, supported by capital markets activity, FX and syndication fees, and treasury platform penetration.
- Profitability ratios such as return on average assets and return on tangible shareholders' equity improved and are on track to meet full year guidance.
- Sequential growth was driven by solid momentum in net interest income, noninterest income, and a lower loan loss provision.
- Tangible book value increased due to retained earnings and favorable OCI from securities portfolio; regulatory capital ratios remain strong.
- Valley National Bancorp reported Q2 2025 net income of $133 million or $0.22 per diluted share and adjusted net income of $134 million or $0.23 per share, up from $106 million and $0.18 per share in the prior quarter.
- The RBC ratio increased to 490%, reflecting a strong capital position, with management noting statutory restrictions limit the ability to deploy excess capital.
- The company is evaluating options for capital deployment, including buybacks and dividends, to optimize shareholder returns while maintaining a conservative risk profile.
- Management emphasized the importance of a strong RBC ratio for supporting growth and maintaining client and partner confidence, with ongoing assessments of long-term capital strategy.
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