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Mercantile Bank Corporation

MBWM

2025 Q2

Financial Services

3mo

Financial Performance Summary

Commercial loan growth was $114 million for the first 6 months of 2025, an annualized rate of 6.2%, despite $154 million in loan reductions primarily from asset sales.
Deposit base increased 13% year-over-year, reducing the loan-to-deposit ratio from 107% to just under 100%.
Effective tax rate was reduced to about 13% in Q2 2025 due to acquisition of transferable energy tax credits, lowering federal income tax expense by $1.5 million.
Mortgage banking income increased 23.4% for the first 6 months of 2025 compared to the same period in 2024.
Net income for Q2 2025 was $22.6 million or $1.39 per diluted share, up from $18.8 million or $1.17 per diluted share in Q2 2024.
Net income for the first 6 months of 2025 was $42.2 million or $2.60 per diluted share, compared to $40.3 million or $2.50 per diluted share in the prior year period.
Net interest income increased by $2.4 million in Q2 and $3.6 million in the first 6 months of 2025 compared to prior year periods.
Net interest margin declined 14 basis points year-over-year in Q2 2025 but improved sequentially from Q1 2025.
Noninterest expenses increased due to higher salary, benefits, data processing costs, and new product introductions.
Provision expense was $1.6 million in Q2 and $3.7 million in the first 6 months, reflecting increased allocations for stressed loans and economic forecast changes.

Southern Missouri Bancorp, Inc.

SMBC

2025 Q4

Financial Services

3mo

Significant Loan Growth Driven by Sector Diversification and Pipeline Strength

Quarterly loan balances increased by $76 million, or 7.6% annualized, with notable growth in C&I, multifamily, and agricultural production loans.
Loan pipeline for the next 90 days is strong at $224 million, up from $163 million in March and $157 million a year ago.
Despite strong pipeline, expected higher prepayment activity in the upcoming quarter, especially in nonowner-occupied CRE, may temper net loan growth.

Chimera Investment Corporation

CIM

2025 Q2

Financial Services

2mo

Financial Performance Summary

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%.

Bank of Marin Bancorp

BMRC

2025 Q2

Financial Services

2mo

Net Income and EPS Growth Excluding Securities Loss

18% growth

Excluding the loss in the security sales and the related tax impact based on our Q2 effective tax rate, our net income and EPS each grew by 18% compared to the prior quarter.

Open Lending Corporation

LPRO

2025 Q2

Financial Services

2mo

Financial Performance Summary

In Q2 2025, Open Lending facilitated 26,522 certified loans, down from 28,963 in Q2 2024, reflecting tighter lending standards and targeted rate increases.
Net income was $1 million in Q2 2025, down from $2.9 million in Q2 2024, and adjusted EBITDA was $4.1 million compared to $6.8 million in the prior year period.
Operating expenses increased 9% year-over-year to $18.6 million, partly due to one-time severance charges, with further cost-saving measures planned for 2026.
Profit share revenue per certified loan decreased to $289 in Q2 2025 from $552 in Q2 2024, reflecting a 72.5% loss ratio assumption and pricing adjustments.
Program fee revenues were $14.9 million, profit share revenue was $8 million, and claims administration and other revenue totaled $2.4 million.
The company repurchased approximately 2 million shares for $4 million in Q2 2025, with $21 million remaining in the repurchase program.
Total revenue for Q2 2025 was $25.3 million, including an $8.3 million reduction in estimated profit share revenue from new originations compared to the prior year.

Renasant Corporation

RNST

2025 Q2

Financial Services

3mo

Financial Performance Summary

Adjusted earnings were approximately $66 million or $0.69 per diluted share.
Adjusted efficiency ratio improved by about 7 percentage points.
Adjusted loan yields decreased 1 basis point to 6.18%.
Adjusted pre-provision net revenue was $103 million.
Adjusted total cost of deposits decreased 18 basis points to 2.04%.
Allowance for credit losses (ACL) as a percentage of total loans increased 1 basis point to 1.57%.
Capital ratios remain well above regulatory minimums.
Core net interest margin expanded from 3.42% to 3.58%.
Deposits increased by $361 million or 7% quarter-over-quarter.
Loans increased by $312 million or 7% quarter-over-quarter.
Net charge-offs were $12.1 million, mainly from two credits.
Noninterest expense was $183.2 million, excluding $20.5 million merger/conversion expenses, core expense was $162.7 million.
Noninterest income was $48.3 million, up $11.9 million linked quarter, driven by The First and mortgage division.
Reported earnings were $1 million or $0.01 per diluted share for Q2 2025.
Reported margin rose from 3.45% to 3.85% reflecting purchase accounting adjustments.

Zions Bancorporation, National Association

ZION

2025 Q3

Financial Services

Financial Performance Summary

Average loans increased by an annualized 2.1% and customer deposits by 3.1% sequentially.
Common Equity Tier 1 ratio stood at 11.3%, with tangible book value per share growing 17% year-over-year.
Customer fees, excluding net credit valuation adjustment, grew by $10 million sequentially, with adjusted expenses declining by $1 million.
Diluted earnings per share was $1.48, down from $1.63 in the prior quarter but up from $1.37 a year ago, impacted by credit valuation adjustments and elevated credit provisions.
Efficiency ratio improved to 59.6%, reflecting positive operating leverage as revenue growth outpaced expense growth.
Net charge-offs totaled $56 million or 37 basis points annualized, largely driven by a $50 million charge-off related to two specific C&I loans.
Net interest margin expanded by 11 basis points sequentially to 3.28%, marking the seventh consecutive quarter of margin improvement.
Provision for credit losses was $49 million, reducing allowance for credit losses by $7 million relative to prior quarter.

Stifel Financial Corp.

2025 Q2

Financial Services

2mo

Financial Performance Summary

Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
Net interest income increased 8% due to higher interest earning assets and lower funding costs.
Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
Operating EPS of $1.71 was up 7% from the prior year.
Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.

W. R. Berkley Corporation

WRB

2025 Q3

Financial Services

Financial Performance Summary

Expense ratio improved to 28.5%, aided by scale in start-up units and technology-driven operational efficiencies.
Net income of $511 million or $1.28 per share, with a 24.3% return on beginning of year equity, up nearly 40% from prior year quarter.
Net premiums earned reached a record $3.2 billion, with gross and net premiums written at $3.8 billion and $3.2 billion respectively, growing across all lines.
Operating income increased 12% to $440 million or $1.10 per share, with a 21% return on beginning of year equity.
Pretax net investment income grew to $351 million, driven by 9.4% growth in core portfolio; fixed maturity portfolio book yield at 4.8%.
Pretax underwriting income rose 8.2% to $287 million; calendar year combined ratio was 90.9%, accident year combined ratio ex cat was 88.4%.
Stockholders' equity hit a record $9.8 billion, up 16.7% year-to-date, with financial leverage at historic lows of 22.5%.
Strong operating cash flow of $2.6 billion year-to-date supports investment portfolio growth and capital return initiatives.

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