Dafinchi AI

Peoples Bancorp Inc.

PEBO

Financial Services

3w

Small Ticket Leasing Portfolio Decline and Charge-Off Trends

The small ticket leasing portfolio declined from $220 million at June 30, 2024, to approximately $160 million at quarter end, with expectations of further decline.
Charge-offs in small ticket leasing remain elevated but are expected to plateau in the second half of 2025, with a net yield over 14%.
Management is actively working to reduce high balance accounts and expects the portfolio to run its course over the next two quarters, aiming to return to a 4-5% net charge-off rate.

PFBC

Financial Services

3w

Financial Performance Summary

Asset quality improved with decreases in nonaccrual loans, criticized loans, and past due loans.
Deposits remained flat, partly due to efforts to control deposit costs.
Loan growth was approximately 7% on an annualized basis in Q2, with early indications of increased loan demand in July.
Loan loss reserves are deemed sufficient to cover any exposures.
Net interest margin improved to 3.85% from 3.75% last quarter.
Preferred Bank reported a second quarter net income of $32.8 million or $2.52 per share, showing reasonable improvement from the previous quarter.
The bank repurchased $56 million of stock this quarter, which slightly impacted net interest income, PPNR, and net interest margin.

Piedmont Office Realty Trust, Inc.

PDM

Financial Services

2w

Record Leasing Activity and Market Rebound in 2025

Q2 leasing totaled 712,000 sq ft, the most since 2018, with over 1 million sq ft year-to-date.
Approximately 2/3 of leasing activity involved new tenants, including full-floor deals.
Leasing momentum has driven lease percentage up 140 basis points YoY to 88.7%, approaching the 89-90% target for year-end.
Out-of-service portfolio (Minneapolis, Orlando) is performing well, with leasing approaching 60%, expected to stabilize by end of 2026.
Rental rates for trophy offices and new construction hit record highs, with asking rents at $92/sq ft, up 27% YoY, driven by limited new supply and high construction costs.

S&T Bancorp, Inc.

STBA

Financial Services

3w

Financial Performance Summary

Allowance for credit losses declined by 2 basis points to 1.24% of total loans.
Expenses increased by $3 million compared to Q1, mainly due to salary increases, incentives, and higher medical costs.
Loan growth was 5% for the quarter, driving total assets to over $9.8 billion.
Net interest margin expanded to 3.88%, up 7 basis points linked quarter, with net interest income rising almost 4%.
Noninterest income increased by $3.1 million, aided by a rebound in consumer activity and securities repositioning.
Q2 2025 EPS was $0.83 with net income of $32 million and ROA of 1.32%.
Tangible common equity ratio increased by 18 basis points, supported by strong retained earnings and AOCI improvement.

Great Southern Bancorp, Inc.

GSBC

Financial Services

4w

Impact of Terminated Interest Rate Swap on Future Margins

The company will lose the benefit of the terminated interest rate swap after Q3 2025, which is expected to reduce interest income by approximately $2 million in Q4 2025.
Management indicates that the margin could be affected by the loss of this swap, but expects a neutral to slightly positive impact due to redeployment of funds into higher-yield assets and maturing low-rate fixed loans.

Four Corners Property Trust, Inc.

FCPT

Financial Services

2w

Financial Performance Summary

Annualized cash based on leases in place at quarter end is $249.8 million.
Cash G&A expense, excluding stock-based compensation, was $4.4 million or 6.9% of cash rental income, improved from 7.4% last year.
Cash rental income was $64.5 million, representing growth of over 11% compared to last year.
No material changes to collectibility or credit reserves, nor any balance sheet impairments.
Portfolio occupancy remains strong at 99.4%, with 99.8% of base rent collected for Q2.
Reported AFFO per share of $0.44, up 2.8% from Q2 last year.
Weighted average 5-year annual cash rent escalator remains 1.4%.

CVB Financial Corp.

CVBF

Financial Services

3w

Financial Performance Summary

1.28 million shares were repurchased in Q2 at an average price of $17.30.
Allowance for credit losses was $78 million or 0.93% of gross loans, slightly down from Q1.
Net charge-offs were $249,000 in Q2 compared to net recoveries in Q1; classified loans decreased to $73.42 million.
Net earnings for Q2 2025 were $50.6 million or $0.36 per share, consistent with prior quarters, marking 193 consecutive quarters of profitability.
Net interest income increased by $1.2 million from Q1 2025 to $111.6 million, with net interest margin stable at 3.31%.
Noninterest expense decreased by $1.6 million to $57 million, improving the efficiency ratio to 45.6%.
Noninterest income was $14.7 million, down $1.5 million from Q1 2025 due to absence of a $2.2 million gain on OREO sales.
Return on average tangible common equity was 14.08% and return on average assets was 1.34%.
Shareholders' equity increased by $11 million to $2.24 billion; tangible common equity ratio remained at 10%.
Total deposits and customer repurchase agreements grew to $12.4 billion, up $123 million from Q1 2025 and $330 million year-over-year.
Total loans declined slightly to $8.36 billion, with growth in commercial real estate and single-family loans offset by declines in C&I and dairy and livestock lines.

SKT

Financial Services

1w

Financial Performance Summary

Core FFO for Q2 2025 was $0.58 per share, a 9.4% increase year-over-year, driven by strong same-center NOI growth of 5.3%.
Liquidity totaled approximately $614 million, including cash, lines of credit, and forward equity proceeds.
Net debt to adjusted EBITDA was 5x at quarter end, with 95% of debt at fixed rates and a weighted average interest rate of 4%.
Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
Same-center NOI for the first half of 2025 increased 3.8%.
Tenant sales rose 6.2% to $465 per square foot on a trailing 12-month basis, supported by increased traffic to centers.

Assured Guaranty Ltd.

AGO

Financial Services

1w

Impact of Lower Interest Rates on Business Strategy

Management discussed how a lower interest rate environment affects premium calculations, with premiums likely decreasing as rates fall.
Despite lower premiums, a lower interest rate could lead to increased market issuance as issuers take advantage of cheap borrowing costs.
The secondary market is expected to remain resilient, with spreads potentially widening, which could offset some of the impact of lower interest rates on premium income.

USB

Financial Services

1mo

Financial Performance Summary

CET1 capital ratio was 10.7%, with adjusted CET1 including AOCI at 8.9%.
Credit quality remained stable with nonperforming assets ratio at 0.44%, net charge-off ratio at 0.59%, and allowance for credit losses at 2.07% of loans.
Generated 250 basis points of positive operating leverage year-over-year, marking the fourth consecutive quarter of revenue growth outpacing expense growth.
Net interest margin declined 6 basis points sequentially, partly due to strategic loan sales and deposit pricing pressures.
Reported Q2 2025 EPS of $1.11 on net income of $1.8 billion, with adjusted EPS growth of approximately 13% year-over-year.
Return on tangible common equity was 18%, return on average assets was 1.08%, and efficiency ratio improved to the high-50s.
Total average deposits decreased 0.7% linked quarter, average loans decreased 0.1% linked quarter due to loan sales, but C&I and credit card loans grew 7.1% and 4.4% year-over-year respectively.
Total fee revenue grew 4.6% year-over-year, driven by diversified fee income businesses and organic growth.