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Primis Financial Corp.

FRST

2025 Q2

Financial Services

3mo

Significant Operating Leverage and Margin Expansion Strategy

Primis highlighted its wide operating leverage, with incremental margins in the mid-4% range, driven by the sale of the life premium portfolio and the addition of the warehouse lending team.
The company emphasized that its digital platform is scalable and targeted, contributing $36 million at a 4.06% rate, supporting low-cost deposits and high-yield lending.
Management stressed that deposit costs have decreased by 32% year-over-year to 2.89%, significantly improving margin and deposit competitiveness.

Primis Financial Corp.

FRST

2025 Q2

Financial Services

3mo

Pretax Gain on PFH Investment

$7.5 million

This quarter included an additional pretax gain of $7.5 million on a portion of our interest in PFH.

SmartFinancial, Inc.

SMBK

2025 Q3

Financial Services

Strong Organic Growth and Market Expansion in Southeast

SmartFinancial has demonstrated consistent organic growth, with a 10% annualized increase in loans and a 15% increase in deposits during Q3 2025.
The company is actively expanding its footprint across Southeast markets, including Alabama, Tennessee, and Florida, with momentum building in key regions like Birmingham and Mobile.
Management highlighted the potential for Alabama to double in size over time, emphasizing the strategic focus on deeper market penetration.
The company’s culture and talent acquisition efforts are fueling growth, with new hires across multiple states and a strong regional banker recruitment process.
Leadership remains bullish on market opportunities, aiming to grow revenue at a high single-digit to low double-digit pace into 2026, supported by a robust pipeline.

Five Star Bancorp

FSBC

2025 Q2

Financial Services

3mo

Financial Performance Summary

Approximately 59.9% of deposit relationships are over $5 million with an average tenure of 8.3 years.
Efficiency ratio for the quarter was 41.03%.
Five Star Bancorp reported $14.5 million of net income for Q2 2025, with earnings per share of $0.68.
Interest-bearing deposits grew by $87.4 million, mainly from new money market accounts, and noninterest-bearing deposits grew by $68.7 million.
Loans held for investment grew by $136.2 million or 15% annualized, and deposits grew by approximately $158.3 million or 17% annualized.
Net interest margin expanded by 8 basis points to 3.53%, while the cost of total deposits declined by 2 basis points to 2.46%.
Noninterest-bearing deposits represented 26% of total deposits, up from 25% last quarter.
Nonperforming loans remained low at 6 basis points of total loans held for investment.
Provision for credit losses was $2.5 million during the quarter.
Return on average assets was 1.37% and return on average equity was 14.17%.
Total assets increased by $168.4 million, driven largely by commercial real estate loan portfolio growth of $125.4 million.

Business First Bancshares, Inc.

BFST

2025 Q2

Financial Services

2mo

Financial Performance Summary

Net charge-offs were exemplary at 0.01%, despite some negative asset quality migration.
Non-GAAP core net income was $19.5 million and EPS was $0.66 after excluding acquisition and core conversion expenses.
Noninterest-bearing deposits increased 7.8% linked quarter, driven by short-term inflows.
Noninterest expense was $51.2 million GAAP, $49.6 million core, relatively flat quarter-over-quarter.
Q2 GAAP net income was $20.8 million with EPS of $0.70, including a $3.36 million gain on branch sale.
ROAA was 1%, net interest margin remained stable at 3.68% GAAP and 3.64% core.
Total deposits decreased $38.5 million, mainly due to interest-bearing deposit withdrawals and branch sale.
Total loans held for investment increased 4.5% annualized, driven by C&I and CRE growth.

Franklin BSP Realty Trust, Inc.

FBRT

2025 Q2

Financial Services

2mo

Strategic Acquisition of NewPoint Enhances Multifamily Platform and Recurring Income

NewPoint acquisition closed on July 1, 2025, expanding the company's multifamily lending platform.
Expected agency FHA volume of $4-5 billion in 2025, with $1.9 billion already closed year-to-date.
Integration of NewPoint's mortgage servicing platform is underway, with full migration expected by Q1 2026.
Anticipated earnings contribution from NewPoint to grow significantly, with GAAP net income of $23-27 million and distributable earnings of $13-17 million in 2025.
Long-term ROE for NewPoint projected to reach low teens, with immediate benefits including cost savings and increased deal flow.

OceanFirst Financial Corp.

OCFC

2025 Q2

Financial Services

3mo

Strategic Investment in Commercial Banking and Growth Initiatives

OceanFirst added C&I bankers, launched the Premier Bank, and opened a new commercial banking office in Melville, NY, and a full-service branch in Perth Amboy, NJ, all of which increased expenses as guided.
The company views this quarter as a trough in EPS, with expectations of organic growth momentum continuing and improved profitability in subsequent quarters.
Commercial pipeline reached a record high of $791 million, with strong early success in gathering deposits and expanding lending opportunities.

PROG Holdings, Inc.

PRG

2025 Q3

Financial Services

Financial Performance Summary

Consolidated adjusted EBITDA was $67 million, or 11.3% of revenue, up from $63.5 million in 2024.
Four Technologies delivered eighth consecutive quarter of triple-digit GMV and revenue growth, generating $11.1 million adjusted EBITDA year-to-date with 23% margin.
Non-GAAP diluted EPS of $0.90 exceeded guidance range of $0.70 to $0.75, marking the third consecutive earnings beat this year.
Progressive Leasing GMV declined 10% year-over-year to $410.9 million, but adjusted for Big Lots and tightening, underlying GMV grew mid-single digits.
Progressive Leasing gross margin expanded by approximately 80 basis points year-over-year to 32%.
Q3 2025 consolidated revenue was $590.1 million, slightly down year-over-year due to Big Lots bankruptcy and smaller lease portfolio.
Q3 Progressive Leasing EBITDA was $64.5 million or 11.6% of revenue, within the 11%-13% margin target.
Write-offs improved to 7.4%, within targeted 6% to 8% annual range, showing sequential and year-over-year improvement.

FB Financial Corporation

FBK

2025 Q3

Financial Services

Impact of Southern States Merger on Financial Results and Margin

The merger with Southern States Bankshares was completed on July 1, 2025, and fully integrated by Labor Day weekend, marking the first quarter reporting on the combined entity.
Southern States portfolios contributed to margin expansion, adding approximately 6-8 basis points on a core basis, which positively impacted the overall net interest margin.
The company benefited from purchase accounting accretion of about $6 million in the quarter, which supported margin growth.
The full impact of the merger, including system conversions and integration costs, was reflected in the financial results, with a focus on achieving synergies earlier than initially planned.

Stifel Financial Corp.

2025 Q2

Financial Services

2mo

Financial Performance Summary

Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
Net interest income increased 8% due to higher interest earning assets and lower funding costs.
Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
Operating EPS of $1.71 was up 7% from the prior year.
Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.

State Street Corporation

STT

2025 Q2

Financial Services

3mo

State Street's Strategic Investment in Technology and Platform Transformation

State Street announced a $100 million repositioning charge related to its ongoing operating model transformation, primarily aimed at driving expense savings and operational efficiency.
The company is leveraging AI and platform scaling to unlock further productivity gains, indicating a focus on next-generation technology modernization.
Management highlighted a significant software and processing revenue growth driven by client renewals and SaaS platform conversions, emphasizing technological innovation as a core strategic pillar.
The transformation includes a focus on interoperability of their Alpha platform, supporting multi-platform front-office operations and extending development IP to other clients.
Over $1 billion of expense savings have been generated over the past three years from productivity initiatives, with a target to reach over $1.5 billion by year-end 2025.
The company views its platform transformation as a key opportunity to add value for clients and shareholders, supporting long-term growth and operational excellence.

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