A $37.7 million pretax gain on prior investments, including $29.4 million from Voyager Technologies, contributed to strong results.
Average loans increased 12.7% to $36.4 billion and average deposits increased 10.7% to $55.6 billion, reflecting organic growth and Heartland acquisition impact.
CET1 capital ratio increased 28 basis points to 10.39% following a $294 million Series B preferred stock offering and redemption of $115 million Series A preferred stock.
Excluding acquisition and nonrecurring items, net operating income was $225.4 million or $2.96 per share.
Legacy UMB average loan balances increased 15.3% annualized, outpacing peer banks' median 5.2% increase.
Net charge-offs for legacy UMB were $9 million or 13 basis points; total net charge-offs including acquired loans were 17 basis points.
Nonperforming loans to total loans improved 2 basis points to 26 basis points; legacy UMB NPLs were 10 basis points compared to peer median of 0.50%.
UMB Financial reported net income available for common shareholders of $215.4 million in Q2 2025, including $13.5 million of acquisition expenses.
Adjusted noninterest expenses grew modestly due to merit-based salary increases and higher incentive accruals, but efficiency ratio improved to 55.2%.
Asset quality remained stable with nonaccrual loans steady and accruing past dues increasing slightly due to a few specific credits that are resolving.
Core customer deposits grew by $600 million in the quarter, driven by commercial noninterest-bearing deposits and promotional CDs.
Net interest margin expanded for the fifth consecutive quarter due to asset repricing and disciplined deposit cost management.
Noninterest income grew strongly, supported by capital markets activity, FX and syndication fees, and treasury platform penetration.
Profitability ratios such as return on average assets and return on tangible shareholders' equity improved and are on track to meet full year guidance.
Sequential growth was driven by solid momentum in net interest income, noninterest income, and a lower loan loss provision.
Tangible book value increased due to retained earnings and favorable OCI from securities portfolio; regulatory capital ratios remain strong.
Valley National Bancorp reported Q2 2025 net income of $133 million or $0.22 per diluted share and adjusted net income of $134 million or $0.23 per share, up from $106 million and $0.18 per share in the prior quarter.
Alternative private markets assets increased by $1.3 billion or 7%, mainly due to FX impact and net sales of $231 million.
Equity assets increased by $8.1 billion or 10% from the prior quarter, with second quarter equity net sales of $1.8 billion representing an organic growth rate just under 9%.
Federated Hermes ended Q2 2025 with record assets under management of $846 billion, driven by gains in equity strategies.
Fixed income assets decreased by about $800 million or 1% due mainly to net redemptions of $2.4 billion, partially offset by market valuations and FX gains of $1.6 billion.
MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1, with strong performance rankings in Morningstar categories.
Money market fund assets reached a record high of $468 billion at the end of Q2, increasing by $3.1 billion despite seasonal factors.
Operating expenses increased mainly due to a VAT refund in Q1 not recurring, and compensation expenses rose due to higher incentive compensation and merit increases.
Q2 effective tax rate was 26.1%, expected to be in the 25% to 28% range for 2025.
The company repurchased approximately 1.5 million shares for about $64.5 million and approved a new share repurchase program for 5 million shares.
Total revenue for Q2 increased slightly from the prior quarter due to more days in the quarter and revenue from the Rivington acquisition, partially offset by lower performance fees and carried interest.
Adjusted EPS increased 11% to $2.72, while GAAP EPS was $2.45.
Adjusted operating income rose 14% to $2.1 billion, with an adjusted operating margin expansion of 50 basis points to 29.5%.
Consulting segment revenue was $2.4 billion, up 7% (3% underlying growth), with adjusted operating income up 9%.
Dividend increased 10% to $0.90 per share, marking 16 consecutive years of dividend increases.
Fiduciary interest income declined to $99 million, down $26 million year-over-year due to lower interest rates.
Guy Carpenter revenue was $677 million, up 7% (5% underlying growth), despite soft pricing environment.
Interest expense increased to $243 million due to higher debt from McGriff acquisition.
Marsh & McLennan reported consolidated revenue of $7 billion for Q2 2025, a 12% increase year-over-year, with 4% underlying growth.
Marsh revenue was $3.8 billion, up 18% (5% underlying growth), with strong international growth.
Mercer revenue was $1.5 billion, up 9% (3% underlying growth), with assets under management at $670 billion, up 36% year-over-year driven by acquisitions and net inflows.
Oliver Wyman revenue was $873 million, up 5% (3% underlying growth).
Risk and Insurance Services (RIS) revenue grew 15% to $4.6 billion, with 4% underlying growth; adjusted operating income in RIS increased 16% with margin expansion.
Share repurchases totaled $300 million in the quarter.
Dafinchi