- Adjusted noninterest expense increased 4% linked quarter, mainly due to salaries and benefits.
- Adjusted noninterest income increased 5% linked quarter, driven by mortgage, card, ATM fees, and wealth management.
- Average deposits grew organically by more than 30% over the last 5 years, with growth in consumer checking, small business, and wealth management accounts.
- Average loans remained stable, but ending loans grew in consumer and corporate banking.
- Capital markets revenue grew at a 14% compounded annual growth rate since 2019.
- Common equity Tier 1 ratio was 10.7%, with $144 million in share repurchases and $224 million in dividends paid during the quarter.
- Net interest income increased 5% linked quarter, with expected full year growth of 3% to 5%.
- Pretax pre-provision income increased 14% year-over-year to $832 million.
- Provision expense was $13 million over net charge-offs; asset quality metrics improved with net charge-offs at 47 basis points.
- Reported strong quarterly earnings of $534 million, with adjusted earnings of $538 million or $0.60 per share.
- Return on tangible common equity was 19%, highest among peers for the last 4 years.
- Treasury management revenue increased 8% year-to-date, and wealth management fee income reached a record quarter.
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- Adjusted EBITDA margin expanded by 70 basis points relative to Q2 2024, reaching 54.2% for the quarter and increasing 83 basis points compared to 2024 full year margins.
- Adjusted expenses increased 24% on a reported basis, driven by investments in digital assets, consulting, client relationship development, and headcount growth.
- Credit revenues grew strongly, led by global corporate bonds, munis, and credit derivatives, despite some retail corporate credit revenues declining 17% year-over-year.
- Equities posted record results with 50% year-over-year growth, led by global ETF and equity derivatives businesses.
- Free cash flow reached approximately $952 million for the trailing 12 months, with $1.6 billion in cash and cash equivalents at quarter-end.
- International business revenues grew 41% year-over-year, driven by strategic initiatives in emerging markets and APAC.
- Market data revenues increased due to growth in proprietary data products.
- Q2 revenues grew 26.7% year-over-year on a reported basis and 24.7% on a constant currency basis.
- Rates business produced record revenues driven by organic growth across swaps, global government bonds, and mortgages.
- The Board declared a quarterly dividend of $0.12 per share, up 20% year-over-year.
- Tradeweb set a new quarterly revenue record in Q2 2025, surpassing the Q1 2025 record, with revenues exceeding $1 billion in the first half of the year.
- Variable revenue increased by 30%, total trading revenues increased by 28%, and fixed revenues related to four major asset classes increased 25% on a reported basis.
- Adjusted net operating income was $180 million in Q2 2025, up 6% year-over-year.
- Consolidated insurance and other operating expenses increased 8% year-over-year to $154 million.
- Diluted adjusted operating EPS increased 10% to $5.46.
- Investment and Savings Product (ISP) segment revenues increased 14% to $298 million with pretax income up 6% to $79 million.
- Mortgage business showed strong growth with U.S. closed loan volume up 33% and Canadian referral volume up 30%.
- Term Life segment revenues rose 3% to $442 million with pretax income up 5% to $155 million.
- Total sales in ISP segment grew 15% to $3.5 billion, with net inflows of $487 million versus $227 million prior year.
- First Merchants reported $262 million of commercial loan growth in Q2, over 10% annualized, and $430 million year-to-date, 9% annualized.
- Growth driven by CapEx financing, increased revolver usage, M&A financings, and new business conversions.
- Pipeline remains consistent with prior quarter, supporting continued loan growth and market share expansion into Q3.
- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
- Adjusted net debt to annualized adjusted EBITDAre was 4.6x, down from 4.7x last quarter and within the targeted leverage range of 4.5 to 5.5x.
- Adjusted net debt was $713.8 million with a weighted average debt maturity of 3.8 years and weighted average interest rate of 4.58%.
- Core FFO was $25.6 million or $0.31 per diluted share and AFFO was $27.5 million or $0.33 per diluted share, a 3.1% increase year-over-year.
- NETSTREIT reported net income of $3.3 million or $0.04 per diluted share for Q2 2025.
- Total liquidity at quarter end was $594 million, including $20 million cash, $373 million available on revolving credit, and $202 million unsettled forward equity.
- Total recurring G&A increased to $5.4 million but represented 11% of total revenues, down from 12% the prior year.
Dafinchi