NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
Adjusted free cash flow was $25 million, a more than tenfold increase compared to Q2 2024.
Gross loss ratio improved significantly to 67% in Q2 2025 from 79% in Q2 2024, with a trailing 12-month gross loss ratio of 70%, the best in company history.
Gross profit grew over 100% in Q2, with a gross margin of 39%, among the highest recorded.
Lemonade reported strong Q2 2025 financial results with 29% year-on-year growth in in force premium (IFP), marking the seventh consecutive quarter of growth acceleration.
Net loss narrowed to $44 million ($0.60 per share) from $57 million ($0.81 per share) in the prior year, and adjusted EBITDA loss improved slightly to $41 million from $43 million.
Operating expenses excluding loss and loss adjustment expense increased 21% to $129 million, driven by growth spend and a $12 million one-time tax refund benefit.
Revenue increased 35% year-over-year to $164 million, driven by gross earned premium growth, higher ceding commission rates, and a 16% increase in investment income.
Total cash, cash equivalents, and investments ended at approximately $1.03 billion, up $11 million from year-end 2024.
In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
Net income attributable to common stockholders per share was $0.09 in Q2 2025.
Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.
Dafinchi