- Asset quality strong with special mention and substandard loans down 15% to $124 million (1.2% of total loans).
- Common equity Tier 1 capital ratio at 10.6%, tangible book value per share $19.52.
- Net interest income grew by $3 million quarter-over-quarter, driven by $242 million increase in average net loans.
- Net interest margin remained stable at 2.91%.
- No share repurchases this quarter; capital deployed for loan growth.
- Operating expenses were $76 million, including $4 million restructuring charges related to outsourcing residential loan originations.
- Reported Q3 2025 earnings per share of $0.30 GAAP and $0.36 core basis.
- Total loans increased by $373 million, representing a 14% annualized growth rate.
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- Distributable earnings (DE) were $0.24 per share, negatively impacted by $0.10 per share in credit losses on fair value loans, higher than Q1 by $0.06 per share.
- Economic book value declined modestly by 1% to $13.69 per share, while GAAP book value was $13.12 per share, also down about 1%.
- Excluding credit losses, DE would have been $0.35 per share, nearly covering the common dividend of $0.36 per share.
- G&A expenses declined to $29.9 million from $33.5 million in Q1, including $1.2 million in severance and transition costs related to expense reduction initiatives.
- MFA Financial reported GAAP earnings of $33.2 million or $0.22 per share in Q2 2025, driven by growth in net interest income to $61.3 million and modest net mark-to-market gains.
- MFA paid a common dividend of $0.36 per share for the quarter and delivered a total economic return of 1.5% for Q2 and 3.4% year-to-date.
- Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
- Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
- Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
- Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
- Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
- Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
- 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.
- Diluted EPS was $0.33 and tangible book value per share was $11.53.
- Effective tax rate was 29% due to a California tax law change, with a long-term statutory tax rate expectation reduced to 25.5%.
- GAAP net income more than doubled to $38 million from $15 million last year, achieving an ROTCE of nearly 12%, surpassing the 8% target set at the beginning of the year.
- LendingClub delivered 32% year-on-year growth in originations and 33% growth in revenue in Q2 2025.
- Net charge-off ratio improved to 3% from 6.2% last year, though expected to rise modestly as newer vintages season.
- Net interest margin improved to 6.1%, benefiting from repricing of deposit portfolios.
- Noninterest expense was $155 million, up 17%, mainly due to a 26% increase in marketing spend.
- Originations reached $2.4 billion, driven by paid marketing initiatives and product enhancements.
- Pre-provision net revenue (PPNR) was $94 million, up 70% year-over-year and above guidance.
- Provision for credit losses was $40 million, modestly up from $36 million last year, with a provision benefit of approximately $9 million due to credit outperformance.
- Total revenue was $248 million, up 33% year-over-year, with noninterest income at $94 million (up 60%) and net interest income at $154 million (up 20%).
- Allowance for credit losses ended at $156.2 million or 2.14% of total loans, down 24 basis points from prior quarter.
- Net interest income grew to $68.2 million, up $383,000 sequentially, with NIM expanding 6 basis points to 2.43%.
- Noninterest expense declined $1.6 million to $41.9 million due to lower FDIC assessments and disciplined cost management.
- Noninterest income decreased to $2.5 million from $6.4 million, impacted by $3.6 million loan loss sales and $2 million loss on sale of investments.
- Nonperforming loans declined from $226.4 million to $118.6 million, a $108 million improvement quarter-over-quarter.
- Pre-provision net revenue was $28.8 million, down from prior quarter, but adjusted PP&R was $32.3 million reflecting core franchise strength.
- Reported a net loss of $67.5 million or $2.22 per share, slightly improved from $69.8 million loss or $2.30 per share last quarter.
- Tangible common equity to tangible assets ratio stood at 10.39%, with Tier 1 leverage ratio at 10.4% and CET1 at 13.58%.
- Allowance for credit losses was $81.9 million or 78 basis points of loans, covering over five times trailing net charge-offs.
- Deposits increased 4.3% year over year but decreased 1.4% sequentially due to seasonal municipal deposit outflows.
- GAAP earnings per share were $0.97, up 6.6% year over year and 4.3% sequentially.
- Loans grew $98 million sequentially and $495.3 million year over year, driven by consumer indirect lending and business lending.
- Net charge-offs were $5.1 million or 20 basis points annualized, elevated due to one CRE loan charge-off.
- Net interest income was $124.7 million, up 14% year over year and 3.8% sequentially, marking the fifth consecutive quarter of growth.
- Net interest margin increased 6 basis points to 3.3%.
- Noninterest expenses increased 8.5% year over year, driven by salaries, data processing, restructuring charges, and branch expansion costs.
- Nonperforming loans decreased sequentially and were stable year over year at about 50 basis points of total loans.
- Operating earnings per share were $1.04, a record quarterly result, up from $0.95 a year ago and $0.98 last quarter.
- Provision for credit losses was $4.1 million, higher than prior year but lower than last quarter.
- Capital ratios remain strong with tangible common equity (TCE) at 10.01% and common equity Tier 1 ratio at 14.08%.
- Deposits declined by $387 million due to seasonal public fund activity; interest-bearing deposits decreased by $269 million.
- Efficiency ratio improved to 54.1% from 54.91% last quarter, and year-to-date efficiency ratio is nearly 100 basis points better than last year.
- Fee income grew 8% quarter-over-quarter to $106 million, driven by record insurance and annuity fees.
- Loans grew $135 million or 2% annualized, with strong loan production up 6% quarter-over-quarter and 46% year-over-year.
- Net interest income (NII) increased by $3 million or 1% quarter-over-quarter, with a stable net interest margin (NIM) at 3.49%.
- Non-accrual loans increased modestly to $114 million; net charge-offs decreased to 19 basis points.
- Return on Assets (ROA) improved to 1.46% from 1.32% a year ago, reflecting profitability improvement.
- Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
- CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
- Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
- Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
- Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
- Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
- Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.
- Adjusted EPS excluding goodwill impairment was $2.24 with adjusted ROTCE of 9.7%.
- Cost of credit was $2.5 billion, primarily from U.S. Card net credit losses and firm-wide ACL build.
- Expenses up 9% to $14.3 billion, but adjusted expenses up only 3%, driven by compensation and severance.
- Net interest income excluding markets rose 6%, driven by USPB, services, wealth, and banking.
- Non-interest revenues excluding markets increased 12%, led by banking and wealth.
- Positive operating leverage generated for the firm and each of the five businesses.
- Reported net income of $3.8 billion and EPS of $1.86 with ROTCE of 8%.
- Revenues increased 9% year-over-year, with every business achieving record third-quarter revenue.
Dafinchi