- Asset quality remained stable with criticized loans declining $118 million, though other real estate owned increased by $167 million due to repossession of office properties.
- Capital ratios remained strong with CET1 at 11.2% and adjusted capital ratio at 11%, above peer median.
- Efficiency ratio improved to 52% from 56% in Q1, reflecting positive operating leverage.
- Net interest income grew 7.2% quarter-over-quarter to nearly $700 million, with net interest margin rising 6 basis points to 3.53%.
- Noninterest expense rose 3% to $515 million, mainly due to seasonal deposit cost increases.
- Noninterest income increased 16.4% to $148 million, driven by mortgage banking revenue of approximately $78 million.
- Provision expense was $40 million, reflecting organic loan growth and net charge-offs of approximately $30 million.
- Tangible book value per share increased 15% year-over-year to $55.87, with return on average tangible common equity at 14.9% and return on average assets at 1.1%.
- Western Alliance delivered strong Q2 2025 results, exceeding expectations with over $1 billion sequential loan growth and nearly $2 billion deposit growth.
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- Commercial lending loan portfolio grew by $946 million to $15.5 billion, with $1.9 billion in loan originations and $1.3 billion funded during the quarter.
- Liquidity stood at $1.1 billion post-quarter with $9.3 billion of credit availability and an adjusted debt to undepreciated equity ratio of 2.5x.
- Starwood Property Trust reported distributable earnings (DE) of $151 million or $0.43 per share for Q2 2025, with GAAP net income at $130 million or $0.38 per share.
- The company committed $3.2 billion towards new investments in the quarter, including $1.9 billion in commercial lending and $700 million in infrastructure lending, surpassing the full year 2024 capital deployment with $5.5 billion in the first half of 2025.
- The infrastructure lending portfolio reached a record $3.1 billion with $642 million funded in the quarter and repayments of $288 million.
- The Property segment contributed $17 million of DE, driven by the Woodstar affordable multifamily portfolio with partial impact from new HUD rent increases.
- Adjusted combined ratio was 73.1% for Q2 2025, consistent with the prior year period.
- Annualized adjusted return on equity was 23.7%, slightly down from 24.7% in Q2 2024.
- Gross written premiums grew 29% year-over-year to $496.3 million, or 45% growth excluding runoff business.
- Loss ratio was 25.7%, driven primarily by non-catastrophe attritional losses and favorable reserve development.
- Net investment income increased 68% year-over-year to $13.4 million with a yield of 4.7%.
- Second quarter 2025 adjusted net income increased 52% year-over-year to $48.5 million or $1.76 per diluted share.
- Adjusted earnings were approximately $66 million or $0.69 per diluted share.
- Adjusted efficiency ratio improved by about 7 percentage points.
- Adjusted loan yields decreased 1 basis point to 6.18%.
- Adjusted pre-provision net revenue was $103 million.
- Adjusted total cost of deposits decreased 18 basis points to 2.04%.
- Allowance for credit losses (ACL) as a percentage of total loans increased 1 basis point to 1.57%.
- Capital ratios remain well above regulatory minimums.
- Core net interest margin expanded from 3.42% to 3.58%.
- Deposits increased by $361 million or 7% quarter-over-quarter.
- Loans increased by $312 million or 7% quarter-over-quarter.
- Net charge-offs were $12.1 million, mainly from two credits.
- Noninterest expense was $183.2 million, excluding $20.5 million merger/conversion expenses, core expense was $162.7 million.
- Noninterest income was $48.3 million, up $11.9 million linked quarter, driven by The First and mortgage division.
- Reported earnings were $1 million or $0.01 per diluted share for Q2 2025.
- Reported margin rose from 3.45% to 3.85% reflecting purchase accounting adjustments.
- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
- Capital ratios increased: CET1 ratio up 7 basis points to 11.7%, total risk-based capital ratio up 5 basis points to 14.15%.
- Credit quality improved with nonperforming assets declining 5.3% and net charge-offs at $4.1 million or 12 basis points of average loans.
- Deposit base grew $35 million during the quarter with personal and commercial deposits totaling $13 billion, up 0.8% from prior quarter.
- Loans held for investment increased $223 million or 1.7% linked quarter and $374.8 million or 2.9% year-to-date.
- Net income was $55.8 million in Q2, with fully diluted EPS of $0.92, up 4.5% from prior quarter.
- Net interest income expanded 4.3% to $161.4 million, with net interest margin increasing 6 basis points to 3.81%.
- Noninterest expense increased 0.9% linked quarter, with lower salaries and equipment expense offset by higher professional fees.
- Noninterest income was $39.9 million, unchanged linked quarter excluding gains/losses on bank facility sales.
- Provision for credit losses was $4.7 million; allowance for credit losses was 1.25% of loans held for investment.
- Quarterly cash dividend declared at $0.24 per share payable September 15.
- Repurchased $11 million of common stock in the quarter, $26 million year-to-date, with $74 million remaining in repurchase authority.
- Return on average assets was 1.21% and return on average tangible equity was 13.13%.
- Tangible book value per share was $28.74, up 3.5% linked quarter and 13.9% year-over-year.
- Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
- Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
- Dividends declared per common share remained steady at $0.14.
- Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
- Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
- Interest expense decreased due to loan repayments over the past year.
- Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
- Adjusted EBITDA from continuing operations was a loss of $5 million, down from a sub $1 million loss in Q2 2024, impacted by increased intangible amortization and interest expense related to the Beat acquisition.
- Ambac reported a net loss from continuing operations of $21 million or $0.45 per share in Q2 2025, compared to a loss of $15 million or $0.33 per share in Q2 2024.
- Everspan's net earned premiums declined 41% to $16 million, but loss ratio improved to 67.8% from 85.1%, and adjusted EBITDA improved by $1.7 million to $0.7 million.
- Insurance Distribution revenues rose 148% to $33 million, with adjusted EBITDA on an operating basis of $5 million at a 13.9% margin.
- Total revenues increased 8% to $55 million, driven by Insurance Distribution segment growth, while Everspan premiums declined due to underwriting repositioning.
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