- Earnings per share increased 8.2% versus last quarter and 17.8% versus Q2 2024 on an adjusted basis.
- Net interest income rose by $1.3 million or 2.4% from the prior quarter due to higher net interest margin and more days in Q2.
- Net interest margin improved to 3.51% from 3.44% primarily due to higher loan and investment portfolio yields.
- Noninterest expense decreased by $298,000 from prior quarter, mainly from lower benefit costs and payroll taxes.
- Provision for credit losses was $956,000, reflecting loan growth and net charge-offs.
- Regulatory capital ratios remain strong with tangible common equity ratio at 9.4%, up from 9.3%.
- Repurchased 193,700 shares at $4.5 million cost during Q2, with 797,000 shares remaining under repurchase plan.
- Total deposits decreased $60.9 million due to seasonal tax payment effects, but average total deposits increased $35.4 million from prior quarter.
- Total loan balances increased by $10 million in Q2, with loan yields at 5.50%, up 5 basis points from Q1.
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- Compensation, general, administrative, and servicing expenses were marginally lower, with transaction expenses down by $5 million.
- Earnings available for distribution were $32.1 million or $0.39 per share, and economic net interest income was $69 million.
- Economic return on GAAP book value was 0.5% for the quarter and 9.8% year-to-date; economic net interest income return on average equity was 10.5%.
- GAAP net income for Q2 2025 was $14 million or $0.17 per share, with GAAP book value at $20.91 per share.
- Total leverage was 4.5:1, with recourse leverage at 1.8:1, increased due to higher investments in agency securities.
- Yield on average interest-earning assets was 6%, average cost of funds was 4.5%, resulting in a net interest spread of 1.5%.
- Diluted earnings per share nearly tripled to $0.37, with pretax income more than tripling to $57 million.
- Net interest income reached a record $158 million, supported by a growing balance sheet and expanding net interest margin of 6.2%.
- Non-interest income grew 75% to $108 million, boosted by improved loan sales prices and strong credit performance.
- Originations grew 37% year-over-year to $2.62 billion, exceeding the top end of guidance.
- Provision for credit losses was $46 million, with net charge-off ratio improving modestly to 2.9%.
- Return on tangible common equity rose to 13.2%, above the high end of guidance.
- Revenue increased 32% to $266 million, driven by higher marketplace volume and net interest income.
- Tangible book value per share increased to $11.95, reflecting strong capital position.
- Capital ratios remained strong with CET1 at 13.99% and tangible common equity ratio at 10.20%.
- Core revenues totaled $182 million, with total interest income of $194 million and interest expense of $42 million.
- Net charge-offs were $13 million, down $7.6 million sequentially, with a net charge-off rate of 0.64%.
- Net interest margin was 5.31%, slightly down from 5.42%, impacted by increased liquidity and wholesale funding.
- Noninterest expenses were $94.8 million, in line with guidance of $95-96 million for 2025.
- Record assets exceeded $12 billion and loans surpassed $8 billion, with strong loan origination and core deposit flows.
- Return on average assets was 1.73% and return on average tangible common equity was 17%.
- Second quarter earnings per share diluted was $1.15, a 6.5% increase year-over-year, driven by a 1.5% increase in total core revenue.
- Tangible book value per share was $27.67, and efficiency ratio was 52%.
- AFFO for Q2 was $1.24 per share, up 3.3% from $1.20 in prior year.
- Consolidated debt at quarter end was $2.8 billion with 86% fixed or swapped at blended coupon of ~4.3%.
- FFO as adjusted for Q2 2025 was $1.26 per share, up 3.3% from $1.22 in prior year.
- For the first half of 2025, FFO as adjusted was $2.45 per share, up 4.7% from $2.34 prior year; AFFO was $2.44 per share, up 4.7%.
- G&A expenses increased to $13.2 million from $12 million due to higher payroll and franchise taxes.
- Interest expense increased by $426,000 due to higher weighted average interest rate and additional borrowing.
- Key credit ratios remain strong: fixed charge coverage at 3.3x, interest and debt service coverage at 3.9x, net debt to adjusted EBITDAre at 5.1x (5x adjusted), net debt to gross assets at 39%.
- Liquidity strong with $13 million cash and $405 million drawn on $1 billion revolver.
- Mortgage and other financing income increased by $1.9 million due to additional mortgage note investments.
- Net proceeds from dispositions in Q2 totaled $35.6 million with a net gain of $16.8 million, excluded from FFO and AFFO.
- Percentage rents increased to $4.6 million from $2 million prior year, primarily from one theater tenant.
- Total revenue for Q2 was $178.1 million versus $173.1 million prior year, driven by rental revenue increase of $5.3 million and higher percentage rents.
- Employee Benefits segment earnings rose 15% to $69 million, driven by improved loss ratios and favorable claims experience.
- Investment Management net inflows were about $2 billion in Q2, contributing to nearly $10 billion year-to-date.
- Investment Management segment posted $51 million in adjusted operating earnings for Q2 and $214 million over the last 12 months, increases of 2% and 15% respectively.
- Retirement segment generated $235 million in adjusted operating earnings for the quarter, up 10% year-over-year, with over $860 million in the last 12 months, up 19%.
- Total defined contribution net inflows were approximately $12 billion in Q2, with year-to-date net flows exceeding $40 billion.
- Voya Financial reported adjusted operating earnings per share of $2.46 in Q2 2025, a 13% increase year-over-year.
- Voya generated approximately $200 million of excess capital in Q2 and $400 million year-to-date, strengthening the balance sheet.
- Ancillary spending remained strong with F&B revenue up 4%, banquet revenue up 1%, and other revenue (including golf and spa) up 13%.
- Business interruption proceeds of $9 million related to Hurricanes Helene and Milton benefited Q2 results, compared to $30 million in Q2 2024 from Hurricane Ian and Maui wildfires.
- Comparable hotel EBITDA margin declined 120 basis points to 31%, impacted by the absence of prior year business interruption proceeds.
- Comparable hotel total RevPAR improved 4.2% year-over-year, driven by stronger transient demand, higher ADR, and increased ancillary spend.
- In Q2 2025, Host Hotels & Resorts delivered adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8%.
- The Westin Cincinnati was sold for $60 million at a 14.3x trailing EBITDA multiple, and 6.7 million shares were repurchased for $105 million in Q2.
- Transient revenue grew 7%, with Maui accounting for approximately 40% of this growth, while group room revenue decreased 5% due to calendar shifts and renovation disruptions.
Dafinchi