Capital position remains solid with CET1 at 11.3%, repurchased 522,000 shares at $16.9 average price, and tangible book value per share grew 9.5% annualized linked quarter.
Deposits declined $191 million or 2.9%, influenced by seasonal trends and shifts in municipal and noninterest-bearing balances.
Net interest income was $254.9 million, up $3.7 million linked quarter, with net interest margin increasing 4 basis points to 3.47%.
Noninterest expense was $187.6 million, slightly up linked quarter but below the expected $190-$195 million range for the remaining quarters.
Noninterest income was $69.1 million, with broad-based linked quarter growth and fee income up 7% excluding equity method adjustments.
Operating earnings for Q2 2025 were $106 million or $0.55 per share, a record for the company and a $0.03 linked quarter increase.
Provision expense declined $5.3 million linked quarter to $8.6 million, with stable credit metrics and cautious outlook.
Total loans grew $150 million or 2.5%, primarily in residential mortgage, home equity, and certain commercial categories.
Total revenue increased linked quarter driven by growth in net interest income and fee income.
Adjusted EPS increased 48% year-over-year to $3.23, driven by efficient marketing, lower cost of funds, and operating leverage.
Combined loan and finance receivables reached a record $4.3 billion, with 65% from small business and 35% from consumer portfolios.
Cost of funds declined to 8.8%, 15 basis points lower sequentially, supported by strong capital markets execution.
Credit quality remained solid with a consolidated net charge-off ratio of 8.1%, improving 50 basis points sequentially but slightly higher than the prior year due to consumer trends.
Enova reported strong second quarter 2025 results with revenue of $764 million, a 22% year-over-year increase and 2% sequential growth.
Liquidity remained strong at $1.1 billion, including $388 million in cash and marketable securities and $712 million available on debt facilities.
Operating expenses were 32% of revenue, down from 34% a year ago, with marketing at 19% of revenue and technology and operations expenses at 8%.
Originations rose 28% year-over-year to $1.8 billion, with small business originations at a record $1.2 billion and consumer originations growing 15% year-over-year.
Small business credit metrics remained stable and strong, while consumer net charge-off ratio declined sequentially to 14.5%, within historical ranges.
G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.
Dafinchi