- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
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- Accretive capital allocation included deploying more than $600 million year-to-date, including a $357 million acquisition of five shopping centers in South Orange County, California.
- Expense recovery rates improved meaningfully, contributing to NOI growth, supported by higher average commenced occupancy.
- Leased and commenced occupancy spread was 260 basis points, with an SNO pipeline of $38 million incremental base rent.
- Leverage remains comfortably within target range of 5 to 5.5x, with a strong balance sheet and access to low-cost capital.
- Regency Centers delivered another quarter of excellent results with strong same property NOI growth exceeding 7%, driven primarily by base rent growth of 4.5%.
- The company achieved record low shop move-outs and sustained robust leasing activity with strong rent growth, including cash rent spreads of 10% and GAAP rent spreads of nearly 20%.
- Total NOI growth and core operating earnings per share growth were robust, surpassing expectations.
- Fixed charge coverage ratio was strong at 8.2x.
- Net debt to annualized normalized EBITDA remained low at 2x, with net debt to enterprise value at 12.3%.
- Normalized FAD increased 53.9% to $83.1 million, with a 16.2% increase per share to $0.43.
- Normalized FFO increased 58.2% year-over-year to $83.1 million in Q2 2025.
- Normalized FFO per share rose 19.4% to $0.43 per share.
- Quarterly dividend increased by 15.5% year-over-year while maintaining a comfortable payout ratio.
- Total revenues grew 63.3% year-over-year in Q2 2025.
- Credit quality remains stable with good trends in classified loans, past dues, and no new significant nonperforming loans beyond previously disclosed large credits.
- Loan production and pipeline remain strong despite some headwinds from elevated payoffs and competitive loan pricing.
- Net interest income (NII) and expenses both beat expectations in Q2 2025, contributing positively to financial results.
- Net interest margin (NIM) reached and exceeded the 3% level ahead of schedule, driven primarily by loan repricing and deposit remixing.
- Core pretax pre-provision income increased from $28 million in Q2 2024 to $49 million in Q2 2025, a substantial year-over-year growth.
- Core deposits grew by $1.2 billion year-over-year, with deposit teams expanding their portfolios to approximately $2.2 billion, enabling the bank to reduce broker deposits and strengthen liquidity.
- Management emphasized the differentiation of their franchise through growth trajectory and talent attraction, highlighting a strategic focus on organic growth and deposit stability.
- Adjusted EBITDA was $73.5 million, exceeding the high end of outlook, with Progressive Leasing adjusted EBITDA at $69.7 million or 12.2% of revenue.
- Four Technologies delivered over 200% revenue growth and 167% GMV growth year-over-year, achieving profitability in Q1 and Q2 2025.
- Gross margin for Progressive Leasing was 32.4%, down 15 basis points year-over-year, impacted by increased 90-day purchase option utilization and Big Lots loss.
- Non-GAAP EPS was $1.02, significantly exceeding the outlook range of $0.75 to $0.85 per share.
- PROG Holdings delivered revenue and earnings above the high end of guidance in Q2 2025, with consolidated revenue of $604.7 million, representing low single-digit growth year-over-year.
- Progressive Leasing segment GMV was $413.9 million, down 8.9% year-over-year due to Big Lots bankruptcy and tightening actions, but up approximately 1% excluding Big Lots impact.
- SG&A expenses increased to $78.9 million or 13.8% of revenue, reflecting investments in technology and sales enablement.
- Write-offs came in at 7.5%, 20 basis points better than last year, within the targeted annual range of 6% to 8%.
- Adjusted net operating income was $0.23 per share for the quarter, with net income from continuing operations available to common shareholders at $3.2 million or $0.07 per diluted share.
- Gross written premium for casualty E&S increased 4% year-over-year, with the overall E&S segment growing 3%.
- James River Group reported an annualized adjusted net operating return on tangible common equity of 14% for Q2 2025, consistent with their mid-teens return target.
- Net investment income was $20.5 million, up from $20 million in the previous quarter, with a conservative portfolio averaging an A+ credit rating and 3.5 duration.
- Segment expenses declined over 20% year-to-date compared to the prior year, with corporate expenses down $2.4 million sequentially and $400,000 quarter-over-quarter.
- Tangible common book value per share increased 5.3% to $7.49.
- The combined ratio in the E&S segment was 91.7%, nearly 4 points lower than the prior year quarter, supported by underwriting profit of $11.7 million.
- The group's overall combined ratio was 98.6%, consisting of a 68.1% loss ratio and a 30.5% expense ratio, with retroactive capacity lowering the combined ratio by 6.1%.
Dafinchi