- Adjusted EBITDA was $179 million with a margin of 50.8%, slightly above guidance due to positive asset mix and annual fee realization.
- Adjusted net income was $133 million or $1.57 per diluted share, a 15% increase in EPS from the prior quarter.
- GAAP operating margin was 26.8%, impacted by $53 million in acquisition-related restructuring and integration costs.
- Net leverage ratio improved to 1.2x, the lowest since IPO, and debt-to-equity ratio improved to 0.39.
- Revenue rose 60% from the prior quarter to $351.2 million, driven by the acquisition of Pioneer Investments.
- The Board increased the share repurchase authorization from $200 million to $500 million, the largest in company history.
- Total client assets increased by 76% quarter-over-quarter to over $300 billion, a record high for a quarter end.
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- Banner called and repaid $100 million of subordinated notes, reducing funding costs.
- Banner Corporation reported a net profit available to common shareholders of $45.5 million or $1.31 per diluted share for Q2 2025, up from $1.15 per share in Q2 2024 and $1.30 in Q1 2025.
- Core earnings (pretax pre-provision excluding certain items) were $62 million in Q2 2025, compared to $52 million in Q2 2024.
- Loan losses were $1.7 million with recoveries of $600,000; net provision for credit losses was $4.8 million.
- Loans increased 5% year-over-year and 9% annualized in the quarter; core deposits increased 4% year-over-year and represented 89% of total deposits.
- Net interest income increased $3.3 million from prior quarter; net interest margin remained steady at 3.92%.
- Noninterest expense was stable with some increases offset by higher capitalized loan origination costs.
- Noninterest income decreased $1.4 million due to losses on asset disposals and fair value adjustments.
- Return on average assets was 1.13% for Q2 2025.
- Revenue from core operations was $163 million in Q2 2025 versus $150 million in Q2 2024.
- Strong capital ratios and tangible common equity per share increased 13% year-over-year.
- 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.
- Assets under management increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in Q2 and $212 billion over the last 12 months.
- Base management fees rose 14% to a record $1.9 billion in Q2, with total fee revenues up 27% year-over-year to $2.5 billion.
- Blackstone reported GAAP net income of $1.6 billion for Q2 2025, with distributable earnings also at $1.6 billion or $1.21 per common share.
- Distributable earnings increased 25% year-over-year to $1.6 billion in Q2 and 26% over the last twelve months to $6.4 billion or $5 per share.
- Dividend was increased by 26% to $4.26 per share, yielding 2.4% on the current share price, double the S&P 500 yield.
- Fee-related earnings grew 31% year-over-year, representing one of the best quarters in the firm's history.
- Fee-related performance revenues reached $472 million in Q2, more than 2.5 times the prior year quarter, driven by multiple perpetual strategies.
- Investment performance was strong with corporate private equity funds appreciating 5.1% in Q2 and 17% over the last 12 months.
- Other strategies such as Tactical Opportunities, secondaries, infrastructure, and Life Sciences also delivered strong returns.
- Private credit non-investment-grade strategies returned 3.0% in Q2 and over 13% for the last 12 months with low default rates.
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