- Operating earnings of $106 million, a record for the company, representing a $0.03 linked quarter increase.
- First $100 million operating net income quarter in company history.
- Share repurchases of 522,000 shares at an average price of $16.9, with ongoing capital return strategy.
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- Average deposits increased 3.1% year-over-year to $41.8 billion; average loans grew 7.2% to $21.1 billion.
- Commercial loans grew 4.9% year-over-year with CRE up 6.8%, energy loans up 22%, and C&I down about 1%.
- Consumer real estate loans grew 22% year-over-year to $3.3 billion, driven by second lien home equity and mortgage products.
- Cullen/Frost earned $155.3 million or $2.39 a share in Q2 2025, up from $143.8 million or $2.21 a share in Q2 2024.
- Expansion efforts contributed $2.76 billion in deposits, $2.03 billion in loans, and nearly 69,000 new households.
- New loan commitments totaled just under $2 billion in Q2, a 56% increase over Q1.
- Nonperforming assets declined to $64 million from $85 million at year-end; net charge-offs were $11.2 million, or 21 basis points annualized.
- Return on average assets and average common equity were 1.22% and 15.6%, compared to 1.18% and 17.08% in the prior year quarter.
- Total problem loans increased to $989 million, mainly due to multifamily loans, with expected resolutions in H2 2025.
- Adjusted EPS of $0.51, up $0.06 from the prior quarter, with adjusted return on tangible common equity increasing by 135 basis points to 15%.
- Adjusted expenses increased by $45 million, primarily due to higher personnel costs, project expenses, technology, risk, and a $20 million contribution to the First Horizon Foundation.
- Common Equity Tier 1 (CET1) capital ratio remained flat at 11%, with a near-term target of 10.75% following annual stress testing.
- Deposit balances decreased by $52 million, driven by a $652 million decline in brokered CDs, offset by growth in index and promotional deposits and a $131 million increase in noninterest-bearing deposits.
- Fee income increased by $26 million excluding deferred compensation, driven by higher fixed income fees and mortgage servicing rights sales.
- Loan balances were slightly down, with mortgage company loans decreasing seasonally by $132 million, while C&I loans grew by $174 million quarter-over-quarter.
- Net charge-offs decreased by $7 million to $26 million, with a net charge-off ratio of 17 basis points and a loan loss provision credit of $5 million.
- Net interest income grew by $33 million with a 15 basis point expansion in net interest margin to 3.55%, aided by loan balance growth and Main Street lending accretion.
- Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
- Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
- Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
- Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
- Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
- Adjusted earnings per share were $44.78 with an adjusted ROE of 11.00% and ROA of 1.07%.
- Adjusted net income was $607 million, exceeding expectations, driven by better-than-expected net interest income growth, lower credit costs, and expenses at the low end of guidance.
- Allowance ratio decreased 1 basis point to 1.18%, with strong reserve coverage and risk management framework.
- Deposits grew by $610 million or 0.4% sequentially, led by the Direct Bank and SVB Commercial segments.
- Loans declined modestly by $89 million or 0.1% sequentially, with growth in Global Fund Banking and General and Commercial Bank segments offset by declines in tech and healthcare portfolios.
- Net charge-offs declined by 8 basis points sequentially and were below guidance, concentrated in general office, investor-dependent, and equipment finance portfolios.
- Net interest income increased 2% sequentially, with headline NIM at 3.26% and NIM ex accretion up 2 basis points to 3.14%.
- Share repurchases totaled $613 million in the quarter, with a new $4 billion share repurchase plan approved to commence after the current plan.
- Record FRE of $627 million, up 22% YoY.
- Management fee growth of 21% YoY.
- Record ACS fees of $216 million.
- Total inflows of $61 billion, with record organic inflows of $49 billion.
- Record AUM of $840 billion, reflecting robust origination and deployment.
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