- Capital levels remained strong and stable, with 41% of assets in cash or government-guaranteed investments and a healthy Mahan Ratio of 16.5%.
- Credit metrics improved with past dues low at $13 million (11 basis points), new defaults down to 40, and nonaccrual loans trending down to $69 million (63 basis points).
- Customer deposits grew 6% linked quarter and are approximately 20% higher than June 30, 2024, with noninterest-bearing checking balances up 36% year-to-date.
- Gain on sale revenue totaled approximately $22 million from $322 million of guaranteed loan sales at a 7% average premium.
- Loan originations reached $1.5 billion, the largest Q2 in bank history excluding PPP, driving 3% linked quarter loan growth and 19% year-over-year loan balance increase.
- Net interest income increased $9 million or 9% linked quarter, with net interest margin expanding 8 basis points for the third consecutive quarter.
- Noninterest expense was $89 million, including $3 million of one-time expenses, with core recurring expenses up 3% linked quarter primarily due to growth.
- Q2 earnings per share of $0.51, a 22% linked quarter increase in core operating leverage, and a 20% year-over-year revenue growth highlight strong financial results.
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- Controllable expenses decreased 3.7% year-over-year and were flat year-to-date, driven by lower marketing, administrative, and repairs and maintenance costs.
- Net debt-to-EBITDA was 11.3x trailing 12 months, not reflecting recent asset sales and contracts.
- Net income available to common shareholders was $0.12 per fully diluted share in Q2 versus $0.03 prior year and a net loss of $0.12 in Q1.
- Non-controllable expenses were down 3.2% year-over-year and 2.6% year-to-date due to lower insurance and real estate tax expenses.
- Same Store NOI grew 5.6% in the quarter and 4.4% year-to-date.
- Same Store rental revenue was up 2.5% for the quarter, or 3.8% excluding Liberty Towers and other income recognized last year.
- Second quarter Core FFO was $0.17 per share, up $0.01 from the first quarter, including $0.01 of nonrecurring other income and property management expense savings.
- Weighted average effective interest rate was 4.86%, a reduction of over 20 basis points prior to the credit facility amendment.
- Year-to-date Core FFO was $0.33 per share versus $0.32 last year.
- 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 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.
- Commercial revenue in Title was strong, with $626 million in the first half of 2025, up 23% year-over-year.
- F&G segment grew assets under management to $69.2 billion, up 13% year-over-year, with adjusted net earnings of $89 million, down from $122 million in Q2 2024.
- FNF reported strong Q2 2025 results with total revenue of $3.6 billion and adjusted net earnings of $318 million, slightly down from $338 million in Q2 2024.
- Personnel costs and other operating expenses increased by 10%, driven by active recruiting and strategic investments in security and technology.
- The Title segment delivered adjusted pretax earnings of $337 million with a 15.5% margin, slightly below the 16.2% margin in Q2 2024 due to higher expenses.
- AvalonBay Communities reported second quarter and first half 2025 results exceeding initial guidance, driven by higher occupancy and rental revenue growth.
- Core FFO growth was 3.3% year-to-date, positioning the company towards the top of the sector.
- Development NOI for the year is expected to be modestly lower than budget due to timing delays in deliveries and slower leasing velocity at some communities.
- Development underway is $2.9 billion, match-funded, with yields on cost of 6.2% and currently running 30 basis points ahead of pro forma on communities in lease-up.
- Market occupancy was healthy in established regions at 94.8%, while Sunbelt region occupancy was lower at 89.5% due to elevated standing inventory.
- Operating expenses were tightly managed, contributing to same-store NOI outperformance with OpEx growth forecasted at 3.1%, 100 basis points better than original guidance.
- Q2 core FFO per share was $2.82 versus guidance of $2.77, with revenue exceeding by $0.02 and operating expenses better by $0.05, partially offset by lease-up NOI and overhead.
- Same-store NOI growth is now projected at 2.7%, 30 basis points above initial outlook.
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