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Business Wire
43 minutes ago
- Business
- Business Wire
Teradyne to Announce Second Quarter 2025 Results
NORTH READING, Mass.--(BUSINESS WIRE)-- Teradyne, Inc. (NASDAQ: TER) will release financial results for the second quarter 2025 on Tuesday, July 29 at 5:00 p.m. Eastern Time (ET) or later. A conference call to discuss the second quarter results, along with management's business outlook, will follow at 8:30 a.m. ET, Wednesday, July 30, 2025. Interested investors should access the webcast at at least five minutes before the call begins. Presentation materials will be available starting at 7:30 a.m. ET. A replay will be available on the Teradyne website at About Teradyne Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne's customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries.
Business Wire
an hour ago
- Business
- Business Wire
Equity Bancshares, Inc. Second Quarter Results Highlighted by Net Interest Margin Expansion
WICHITA, Kan.--(BUSINESS WIRE)--Equity Bancshares, Inc. (NYSE: EQBK), ('Equity', 'the Company,' 'we,' 'us,' 'our'), the Wichita-based holding company of Equity Bank, reported net income of $15.3 million or $0.86 earnings per diluted share for the quarter ended June 30, 2025. Adjusting for expenses associated with our merger with NBC and the extinguishment of debt totaling $1.7 million, earnings were $0.94 per diluted share. 'As we enter the second half of the year, we continue to be well positioned to drive growth both organically and via strategic M&A." -Brad Elliott | Chairman, Equity Bancshares, Inc. 'Our Company continued the momentum generated in the first quarter, while actively working toward the approval and closure of our merger with NBC," said Brad S. Elliott, Chairman and CEO of Equity. 'Our results reflect the extraordinary efforts of our team while positioning the Company for continued strong performance over the remainder of 2025.' 'As we enter the second half of the year, we continue to be well positioned to drive growth both organically and via strategic M&A,' Mr. Elliott continued. 'Our teams are motivated and realizing the benefits of their committed efforts to our current and proforma markets and look to continue to drive our organization forward through the remainder of 2025 and beyond.' Notable Items: For the second quarter 2025, net interest margin for the quarter was 4.17%. Excluding non-recurring items from the previous quarter, this compares to 4.08%, an expansion of 9 basis points. Expansion was driven by increasing contribution of loans to average earning assets and continued positive re-pricing in the portfolio. The Company realized book value per share expansion of $1.04 per share, or 3.0%. Tangible book value per share improved $1.10 per share, or 3.5%. Tangible common equity to tangible assets expanded 50 basis point during the quarter closing the period at 10.6%. Loan balances closed the period at $3.60 billion, while average loan balances for the quarter were $3.63 billion, an expansion of $55.8 million or 6.2% annualized. Deposit balances, excluding brokered, decreased $43.4 million driven by seasonal outflows on municipality and commercial relationships. Brokered deposits declined $127.1 million to $138.0 million, or 3.26% of total deposits During the quarter realized net charge-offs were $573 thousand for the quarter ended, or 0.06% annualized. Year to date net charge-offs were $738 thousand, or 0.04% annualized. Reserves closed the quarter at 1.26% of outstanding balances, materially consistent quarter over quarter. The Company announced a $0.15 dividend on outstanding common shares as of June 30, 2025. Our repurchase program remains active, with 7,500 shares purchased during the quarter at a weighted average cost of $36.46. During the quarter we received final approvals for our merger with NBC Corp. of Oklahoma. The transaction officially closed on July 2, 2025, adding approximately $695.1 million in loans, $800.5 million in deposits, and new markets to the Equity Bank footprint, including Oklahoma City. Financial Results for the Quarter Ended June 30, 2025 Net income allocable to common stockholders was $15.3 million, or $0.86 per diluted share as compared to $15.0 million, or $0.85 per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections. Excluding merger expenses and the cost to extinguish debt, totaling $1.7 million, net income was $16.7 million, or $0.94 per diluted share. Net Interest Income Net interest income was $49.8 million for the period, as compared to $50.3 million for the previous quarter. Adjusting the stated number for non-recurring nonaccrual reversals and excess prepayment fee realization of $2.3 million in the previous quarter, net interest income increased by $1.8 million. The improvement in earnings was driven by increased volume and coupon rates within the loan portfolio coupled with an additional day in the period. Average interest bearing liabilities as a percentage of average interest earning assets declined to 75.5%, while total average interest earning assets increased $19.7 million as compared to the previous quarter. Coupon yield on interest earning assets increased by 7 basis points while the cost of interest bearing liabilities decreased by 1 basis points during the period. In the previous quarter the non-recurring items added 20 basis points to margin. Excluding these items margin expanded 10 basis points in the quarter from 4.07% to 4.17%. Provision for Credit Losses During the quarter, there was a provision of $19 thousand compared to $2.7 million in the previous quarter, while the bank realized net charge-offs of $573 thousand as compared to $165 thousand in the previous quarter. The comparatively lower provision was driven by a decline in ending loan balances during the period offset by charge-offs and the lack of meaningful change in the economic outlook. At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.26%, unchanged from the previous quarter. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. Non-Interest Income Total non-interest income was $8.6 million for the quarter, as compared to $10.3 million linked quarter. The previous quarter includes a $2.2 million death benefit on a bank owned life insurance policy. Excluding this periodic change, non-interest income was up $459 thousand in the quarter attributable to improving trends in service revenues including treasury, debit card, credit card, mortgage and trust and wealth management.. Non-Interest Expense Total non-interest expense for the quarter was $40.0 million as compared to $39.1 million for the previous quarter. The comparative increase during the period was driven by expenses associated with our merger with NBC and the costs to extinguish our subordinated debt. Excluding these items, non-interest expense decreased $699 thousand during the quarter, or 1.8% Income Tax Expense At June 30, 2025, the effective tax rate for the quarter was 16.9% as compared to a rate of 20.2% for the quarter ended March 31, 2025. The decrease in the quarter over quarter tax rate was the result of the receipt of interest income included in income tax expense in the current quarter related to federal carryback claims filed by the Company in addition to tax benefits related to an investment in a new tax credit structure in the current quarter which were partially offset by non-recurring benefits recognized in the prior quarter related to stock compensation. Loans, Total Assets and Funding Loans held for investment were $3.6 billion at period end, decreasing $30.9 million during the quarter. Total assets were $5.4 billion, decreasing $72 million during the quarter. Excluding brokered deposit balances, total deposits were down $43.4 million during the quarter. Including brokered balances, total deposits were $4.2 billion as of the end of the period, decreasing $170.4 million from the previous quarter end. Of the total deposit balance, non-interest-bearing accounts comprise approximately 21.6%. Total Federal Home Loan Bank borrowings were $383.7 million as of the end of the quarter, up $146.9 million from previous quarter end. The increase in borrowings offsets the decline in brokered funding. Wholesale balances in total declined $127.1 million during the period. Asset Quality Nonperforming assets were $45.7 million, or 0.9% of total assets, compared to $27.9 million as of the end of the previous quarter, or 0.5% of total assets. Non-accrual loans were $42.6 million, as compared to $24.2 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $71.0 million, or 11.4% of regulatory capital, up from $63.9 million, or 10.2% of regulatory capital as of the end of the previous quarter. Capital Quarter over quarter, book capital increased $18.3 million to $635.6 million. Tangible book value and Tangible book value per share closed the quarter at $563.8 million and $32.17, up from $31.07 for the previous quarter. The increase in capital is primarily due to earnings and an improvement in the unrealized loss position on our bond portfolio as accumulated other comprehensive income improved $15.3 million. The Company's ratio of common equity tier 1 capital to risk-weighted assets was 15.0%, the total capital to risk-weighted assets was 16.8% and the total leverage ratio was 12.1% at June 30, 2025. At March 31, 2025, the Company's common equity tier 1 capital to risk-weighted assets ratio was 14.7%, the total capital to risk-weighted assets ratio was 18.3% and the total leverage ratio was 11.8%. Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 14.4%, total capital to risk-weighted assets was 15.6% and the total leverage ratio was 11.1% at June 30, 2025. At March 31, 2025, Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 14.4%, the ratio of total capital to risk-weighted assets was 15.6% and the total leverage ratio was 11.1%. Non-GAAP Financial Measures In addition to evaluating the Company's results of operations in accordance with accounting principles generally accepted in the United States of America ('GAAP'), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company's GAAP financial information. The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure. Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates 'core' performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company's earnings performance in relationship to its equity. Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors. The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables. Conference Call and Webcast Equity's Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss second quarter results on Tuesday, July 15, 2025, at 10 a.m. eastern time or 9 a.m. central time. Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below. United States (Local): +1 404 975 4839 United States (Toll-Free): +1 833 470 1428 Global Dial-In Numbers Access Code: 67814 To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email. A replay of the call and webcast will be available two hours following the close of the call until July 22, 2025, accessible at Webcast URL: About Equity Bancshares, Inc. Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity's common stock is traded on the New York Stock Exchange. under the symbol 'EQBK.' Learn more at Special Note Concerning Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity's management with respect to, among other things, future events and Equity's financial performance. These statements are often, but not always, made through the use of words or phrases such as 'may,' 'should,' 'could,' 'predict,' 'potential,' 'believe,' 'will likely result,' 'expect,' 'continue,' 'will,' 'anticipate,' 'seek,' 'estimate,' 'intend,' 'plan,' 'project,' 'positioned,' 'forecast,' 'goal,' 'target,' 'would' and 'outlook,' or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity's control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity's expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with NBC Corp. of Oklahoma ('NBC') may not materialize as expected; the proposed transaction not being timely completed, if completed at all; prior to the completion of the proposed transaction, the business of NBC experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities, difficulty retaining key employees; the ability to obtain regulatory approval of the NBC transactions; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to 'Cautionary Note Regarding Forward-Looking Statements' and 'Risk Factors' in Equity's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity's underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity's behalf may issue. Unaudited Financial Tables Table 1. Consolidated Statements of Income Table 2. Quarterly Consolidated Statements of Income Table 3. Consolidated Balance Sheets Table 4. Selected Financial Highlights Table 5. Year-To-Date Net Interest Income Analysis Table 6. Quarter-To-Date Net Interest Income Analysis Table 7. Quarter-Over-Quarter Net Interest Income Analysis Table 8. Non-GAAP Financial Measures TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) Three Months Ended June 30, Six Months ended June 30, 2025 2024 2025 2024 Interest and dividend income Loans, including fees $ 62,868 $ 61,518 $ 125,865 $ 120,347 Securities, taxable 8,821 10,176 17,935 20,053 Securities, nontaxable 358 401 735 792 Federal funds sold and other 2,140 3,037 4,336 5,707 Total interest and dividend income 74,187 75,132 148,871 146,899 Interest expense Deposits 20,090 22,662 39,467 45,517 Federal funds purchased and retail repurchase agreements 219 306 467 632 Federal Home Loan Bank advances 2,224 3,789 5,140 4,933 Federal Reserve Bank borrowings — — — 1,361 Subordinated debt 1,852 1,899 3,703 3,798 Total interest expense 24,385 28,656 48,777 56,241 Net interest income 49,802 46,476 100,094 90,658 Provision (reversal) for credit losses 19 265 2,741 1,265 Net interest income after provision (reversal) for credit losses 49,783 46,211 97,353 89,393 Non-interest income Service charges and fees 2,177 2,541 4,241 5,110 Debit card income 3,052 2,621 5,556 5,068 Mortgage banking 212 245 318 433 Increase in value of bank-owned life insurance 1,321 911 4,914 1,739 Net gain on acquisition and branch sales — 60 — 1,300 Net gains (losses) from securities transactions 12 (27 ) 24 16 Other 1,815 2,607 3,866 7,023 Total non-interest income 8,589 8,958 18,919 20,689 Non-interest expense Salaries and employee benefits 19,735 17,827 39,689 35,924 Net occupancy and equipment 3,482 3,787 7,157 7,322 Data processing 5,055 5,036 10,141 9,864 Professional fees 1,361 1,778 2,888 3,170 Advertising and business development 1,208 1,291 2,552 2,529 Telecommunications 588 572 1,175 1,227 FDIC insurance 464 590 1,094 1,161 Courier and postage 834 620 1,633 1,226 Free nationwide ATM cost 547 531 1,060 1,025 Amortization of core deposit intangibles 1,016 1,218 2,061 2,117 Loan expense 281 195 410 304 Other real estate owned and repossessed assets, net 103 50 204 9 Loss on debt extinguishment 1,361 — 1,361 — Merger expenses 355 2,287 421 3,843 Other 3,611 3,089 7,205 6,302 Total non-interest expense 40,001 38,871 79,051 76,023 Income (loss) before income tax 18,371 16,298 37,221 34,059 Provision for income taxes (benefit) 3,107 4,582 6,916 8,275 Net income (loss) and net income (loss) allocable to common stockholders $ 15,264 $ 11,716 $ 30,305 $ 25,784 Basic earnings (loss) per share $ 0.87 $ 0.77 $ 1.73 $ 1.68 Diluted earnings (loss) per share $ 0.86 $ 0.76 $ 1.72 $ 1.67 Weighted average common shares 17,524,296 15,248,703 17,503,735 15,337,206 Weighted average diluted common shares 17,651,298 15,377,980 17,654,211 15,473,386 Expand TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Interest and dividend income Loans, including fees $ 62,868 $ 62,997 $ 63,379 $ 62,089 $ 61,518 Securities, taxable 8,821 9,114 9,229 9,809 10,176 Securities, nontaxable 358 377 387 400 401 Federal funds sold and other 2,140 2,196 1,984 2,667 3,037 Total interest and dividend income 74,187 74,684 74,979 74,965 75,132 Interest expense Deposits 20,090 19,377 21,213 23,679 22,662 Federal funds purchased and retail repurchase agreements 219 248 258 261 306 Federal Home Loan Bank advances 2,224 2,916 2,158 3,089 3,789 Subordinated debt 1,852 1,851 1,877 1,905 1,899 Total interest expense 24,385 24,392 25,506 28,934 28,656 Net interest income 49,802 50,292 49,473 46,031 46,476 Provision (reversal) for credit losses 19 2,722 98 1,183 265 Net interest income after provision (reversal) for credit losses 49,783 47,570 49,375 44,848 46,211 Non-interest income Service charges and fees 2,177 2,064 2,296 2,424 2,541 Debit card income 3,052 2,504 2,513 2,665 2,621 Mortgage banking 212 106 141 287 245 Increase in value of bank-owned life insurance 1,321 3,593 1,883 1,344 911 Net gain on acquisition and branch sales — — — 831 60 Net gains (losses) from securities transactions 12 12 (2 ) 206 (27 ) Other 1,815 2,051 1,985 1,560 2,607 Total non-interest income 8,589 10,330 8,816 9,317 8,958 Non-interest expense Salaries and employee benefits 19,735 19,954 18,368 18,494 17,827 Net occupancy and equipment 3,482 3,675 3,571 3,478 3,787 Data processing 5,055 5,086 4,988 5,152 5,036 Professional fees 1,361 1,527 1,846 1,487 1,778 Advertising and business development 1,208 1,344 1,469 1,368 1,291 Telecommunications 588 587 614 660 572 FDIC insurance 464 630 662 660 590 Courier and postage 834 799 687 686 620 Free nationwide ATM cost 547 513 558 544 531 Amortization of core deposit intangibles 1,016 1,045 1,060 1,112 1,218 Loan expense 281 129 154 143 195 Other real estate owned and repossessed assets, net 103 101 133 (7,667 ) 50 Loss on debt extinguishment 1,361 — — — — Merger expenses 355 66 — 618 2,287 Other 3,611 3,594 3,696 3,593 3,089 Total non-interest expense 40,001 39,050 37,806 30,328 38,871 Income (loss) before income tax 18,371 18,850 20,385 23,837 16,298 Provision for income taxes (benefit) 3,107 3,809 3,399 3,986 4,582 Net income (loss) and net income (loss) allocable to common stockholders $ 15,264 $ 15,041 $ 16,986 $ 19,851 $ 11,716 Basic earnings (loss) per share $ 0.87 $ 0.86 $ 1.06 $ 1.30 $ 0.77 Diluted earnings (loss) per share $ 0.86 $ 0.85 $ 1.04 $ 1.28 $ 0.76 Weighted average common shares 17,524,296 17,490,062 16,020,938 15,258,822 15,248,703 Weighted average diluted common shares 17,651,298 17,666,834 16,262,965 15,451,545 15,377,980 Expand TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ASSETS Cash and due from banks $ 365,957 $ 431,131 $ 383,503 $ 217,681 $ 244,321 Federal funds sold 247 251 244 17,802 15,945 Cash and cash equivalents 366,204 431,382 383,747 235,483 260,266 Available-for-sale securities 973,402 950,453 1,004,455 1,041,000 1,042,176 Held-to-maturity securities 5,236 5,226 5,217 5,408 5,226 Loans held for sale 217 338 513 901 1,959 Loans, net of allowance for credit losses (1) 3,555,458 3,585,804 3,457,549 3,557,435 3,410,920 Other real estate owned, net 4,621 4,464 4,773 2,786 2,989 Premises and equipment, net 117,533 117,041 117,132 117,013 114,264 Bank-owned life insurance 133,638 132,317 133,032 131,670 130,326 Federal Reserve Bank and Federal Home Loan Bank stock 34,835 31,960 27,875 34,429 33,171 Interest receivable 26,243 26,791 28,913 28,398 27,381 Goodwill 53,101 53,101 53,101 53,101 53,101 Core deposit intangibles, net 12,908 13,924 14,969 16,029 16,636 Other 90,441 93,299 100,771 131,580 147,102 Total assets $ 5,373,837 $ 5,446,100 $ 5,332,047 $ 5,355,233 $ 5,245,517 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Demand $ 912,898 $ 949,791 $ 954,065 $ 967,858 $ 984,872 Total non-interest-bearing deposits 912,898 949,791 954,065 967,858 984,872 Demand, savings and money market 2,494,285 2,614,110 2,684,197 2,468,956 2,560,091 Time 827,735 841,463 736,527 926,130 796,474 Total interest-bearing deposits 3,322,020 3,455,573 3,420,724 3,395,086 3,356,565 Total deposits 4,234,918 4,405,364 4,374,789 4,362,944 4,341,437 Federal funds purchased and retail repurchase agreements 36,420 36,772 37,246 38,196 38,031 Federal Home Loan Bank advances and Federal Reserve Bank borrowings 383,676 236,734 178,073 295,997 250,306 Subordinated debt 24,125 97,620 97,477 97,336 97,196 Contractual obligations 17,289 9,398 12,067 19,683 23,770 Interest payable and other liabilities 41,773 42,888 39,477 37,039 33,342 Total liabilities 4,738,201 4,828,776 4,739,129 4,851,195 4,784,082 Commitments and contingent liabilities Stockholders' equity Common stock 231 231 230 209 208 Additional paid-in capital 587,547 586,251 584,424 494,763 491,709 Retained earnings 219,876 207,282 194,920 180,588 163,068 Accumulated other comprehensive income (loss), net of tax (40,269 ) (44,965 ) (55,181 ) (40,012 ) (62,005 ) Treasury stock (131,749 ) (131,475 ) (131,475 ) (131,510 ) (131,545 ) Total stockholders' equity 635,636 617,324 592,918 504,038 461,435 Total liabilities and stockholders' equity $ 5,373,837 $ 5,446,100 $ 5,332,047 $ 5,355,233 $ 5,245,517 (1) Allowance for credit losses $ 45,270 $ 45,824 $ 43,267 $ 43,490 $ 43,487 Expand TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, March 31, December 31, September 30, June 30, Loans Held For Investment by Type Commercial real estate $ 1,854,294 $ 1,863,200 $ 1,830,514 $ 1,916,863 $ 1,793,544 Commercial and industrial 753,339 762,906 658,865 670,665 663,718 Residential real estate 565,755 563,954 566,766 567,063 572,523 Agricultural real estate 226,125 260,683 267,248 259,587 219,226 Agricultural 94,981 94,199 87,339 89,529 104,342 Consumer 106,234 86,686 90,084 97,218 101,054 Total loans held-for-investment 3,600,728 3,631,628 3,500,816 3,600,925 3,454,407 Allowance for credit losses (45,270 ) (45,824 ) (43,267 ) (43,490 ) (43,487 ) Net loans held for investment $ 3,555,458 $ 3,585,804 $ 3,457,549 $ 3,557,435 $ 3,410,920 Asset Quality Ratios Allowance for credit losses on loans to total loans 1.26 % 1.26 % 1.24 % 1.21 % 1.26 % Past due or nonaccrual loans to total loans 1.65 % 1.17 % 1.14 % 1.17 % 1.15 % Nonperforming assets to total assets 0.85 % 0.51 % 0.65 % 0.60 % 0.52 % Nonperforming assets to total loans plus other real estate owned 1.27 % 0.77 % 0.99 % 0.90 % 0.79 % Classified assets to bank total regulatory capital 11.39 % 10.24 % 12.00 % 8.32 % 8.47 % Selected Average Balance Sheet Data (QTD Average) Investment securities $ 961,869 $ 993,836 $ 1,012,698 $ 1,055,833 $ 1,065,979 Total gross loans receivable 3,630,981 3,575,230 3,525,765 3,475,885 3,459,476 Interest-earning assets 4,791,664 4,771,972 4,716,295 4,731,927 4,745,713 Total assets 5,206,950 5,212,417 5,163,166 5,205,017 5,196,259 Interest-bearing deposits 3,264,599 3,221,130 3,280,592 3,309,202 3,275,765 Borrowings 350,747 418,138 340,042 395,190 450,178 Total interest-bearing liabilities 3,615,346 3,639,268 3,620,634 3,704,392 3,725,943 Total deposits 4,183,473 4,143,151 4,243,159 4,275,424 4,250,843 Total liabilities 4,579,847 4,606,500 4,629,939 4,719,549 4,740,937 Total stockholders' equity 627,103 605,917 533,227 485,468 455,322 Tangible common equity * 554,697 533,528 463,657 414,644 383,899 Performance ratios Return on average assets (ROAA) annualized 1.18 % 1.17 % 1.31 % 1.52 % 0.91 % Return on average equity (ROAE) annualized 9.76 % 10.07 % 12.67 % 16.27 % 10.35 % Return on average tangible common equity (ROATCE) annualized * 11.69 % 12.12 % 15.30 % 19.92 % 13.31 % Core return on average tangible common equity* 12.64 % 12.14 % 15.29 % 19.58 % 16.89 % Yield on loans annualized 6.94 % 7.15 % 7.15 % 7.11 % 7.15 % Cost of interest-bearing deposits annualized 2.47 % 2.44 % 2.57 % 2.85 % 2.78 % Cost of total deposits annualized 1.93 % 1.90 % 1.99 % 2.20 % 2.14 % Net interest margin annualized 4.17 % 4.27 % 4.17 % 3.87 % 3.94 % Efficiency ratio * 63.62 % 62.43 % 63.02 % 52.59 % 63.77 % Non-interest income / average assets 0.66 % 0.80 % 0.68 % 0.71 % 0.69 % Non-interest expense / average assets 3.08 % 3.04 % 2.91 % 2.32 % 3.01 % Dividend payout ratio 17.49 % 17.81 % 15.62 % 11.74 % 15.79 % Performance ratios - Core Core earnings per diluted share * $ 0.99 $ 0.90 $ 1.10 $ 1.32 $ 1.05 Core return on average assets* 1.35 % 1.24 % 1.37 % 1.56 % 1.25 % Core return on average equity* 11.18 % 10.69 % 13.29 % 16.73 % 14.25 % Core non-interest expense / average assets* 2.86 % 2.94 % 2.83 % 2.18 % 2.73 % Capital Ratios Tier 1 Leverage Ratio 12.07 % 11.76 % 11.67 % 9.55 % 9.14 % Common Equity Tier 1 Capital Ratio 15.07 % 14.70 % 14.51 % 11.37 % 11.12 % Tier 1 Risk Based Capital Ratio 15.67 % 15.30 % 15.11 % 11.94 % 11.70 % Total Risk Based Capital Ratio 16.84 % 18.32 % 18.07 % 14.78 % 14.61 % Total stockholders' equity to total assets 11.83 % 11.34 % 11.12 % 9.41 % 8.80 % Tangible common equity to tangible assets * 10.63 % 10.13 % 9.95 % 8.21 % 7.55 % Book value per common share $ 36.27 $ 35.23 $ 34.04 $ 32.97 $ 30.36 Tangible book value per common share * $ 32.17 $ 31.07 $ 30.07 $ 28.38 $ 25.70 Tangible book value per diluted common share * $ 31.89 $ 30.80 $ 29.70 $ 28.00 $ 25.44 * The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures. Expand TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Total stockholders' equity $ 635,636 $ 617,324 $ 592,918 $ 504,038 $ 461,435 Goodwill (53,101 ) (53,101 ) (53,101 ) (53,101 ) (53,101 ) Core deposit intangibles, net (12,908 ) (13,924 ) (14,969 ) (16,029 ) (16,636 ) Mortgage servicing rights, net — — — — (25 ) Naming rights, net (5,852 ) (5,926 ) (957 ) (968 ) (979 ) Tangible common equity $ 563,775 $ 544,373 $ 523,891 $ 433,940 $ 390,694 Common shares outstanding at period end 17,527,191 17,522,994 17,419,858 15,288,309 15,200,194 Diluted common shares outstanding at period end 17,680,489 17,673,132 17,636,843 15,497,466 15,358,396 Book value per common share $ 36.27 $ 35.23 $ 34.04 $ 32.97 $ 30.36 Tangible book value per common share $ 32.17 $ 31.07 $ 30.07 $ 28.38 $ 25.70 Tangible book value per diluted common share $ 31.89 $ 30.80 $ 29.70 $ 28.00 $ 25.44 Total assets $ 5,373,837 $ 5,446,100 $ 5,332,047 $ 5,355,233 $ 5,245,517 Goodwill (53,101 ) (53,101 ) (53,101 ) (53,101 ) (53,101 ) Core deposit intangibles, net (12,908 ) (13,924 ) (14,969 ) (16,029 ) (16,636 ) Mortgage servicing rights, net — — — — (25 ) Naming rights, net (5,852 ) (5,926 ) (957 ) (968 ) (979 ) Tangible assets $ 5,301,976 $ 5,373,149 $ 5,263,020 $ 5,285,135 $ 5,174,776 Total stockholders' equity to total assets 11.83 % 11.34 % 11.12 % 9.41 % 8.80 % Tangible common equity to tangible assets 10.63 % 10.13 % 9.95 % 8.21 % 7.55 % Total average stockholders' equity $ 627,103 $ 605,917 $ 533,227 $ 485,468 $ 455,322 Average intangible assets (72,406 ) (72,389 ) (69,570 ) (70,824 ) (71,423 ) Average tangible common equity $ 554,697 $ 533,528 $ 463,657 $ 414,644 $ 383,899 Net income (loss) allocable to common stockholders $ 15,264 $ 15,041 $ 16,986 $ 19,851 $ 11,716 Net gain on acquisition — — — (831 ) (60 ) Net gain (loss) on securities transactions (12 ) (12 ) 2 (206 ) 27 Merger expenses 355 66 — 618 2,287 Loss on debt extinguishment 1,361 — — — — BOLI tax expense — — — — 1,730 Amortization of intangible assets 1,145 1,144 1,071 1,148 1,254 Tax effect of adjustments (598 ) (252 ) (225 ) (153 ) (737 ) Core net income (loss) allocable to common stockholders $ 17,515 $ 15,987 $ 17,834 $ 20,427 $ 16,217 Return on total average stockholders' equity (ROAE) annualized 9.76 % 10.07 % 12.67 % 16.27 % 10.35 % Average tangible common equity $ 554,697 $ 533,528 $ 463,657 $ 414,644 $ 383,899 Average impact from core earnings adjustments 1,126 473 424 288 2,251 Core average tangible common equity $ 555,823 $ 534,001 $ 464,081 $ 414,932 $ 386,150 Return on average tangible common equity (ROATCE) annualized 11.69 % 12.12 % 15.30 % 19.92 % 13.31 % Core return on average tangible common equity (CROATCE) annualized 12.64 % 12.14 % 15.29 % 19.58 % 16.89 % Expand Non-interest expense $ 40,001 $ 39,050 $ 37,806 $ 30,328 $ 38,871 Merger expense (355 ) (66 ) — (618 ) (2,287 ) Amortization of intangible assets (1,145 ) (1,144 ) (1,071 ) (1,148 ) (1,254 ) Loss on debt extinguishment (1,361 ) — — — — Adjusted non-interest expense $ 37,140 $ 37,840 $ 36,735 $ 28,562 $ 35,330 Net interest income $ 49,802 $ 50,292 $ 49,473 $ 46,031 $ 46,476 Non-interest income 8,589 10,330 8,816 9,317 8,958 Net gain on acquisition and branch sales — — — (831 ) (60 ) Net gains (losses) from securities transactions (12 ) (12 ) 2 (206 ) 27 Adjusted non-interest income $ 8,577 $ 10,318 $ 8,818 $ 8,280 $ 8,925 Net interest income plus adjusted non-interest income $ 58,379 $ 60,610 $ 58,291 $ 54,311 $ 55,401 Non-interest expense to net interest income plus non-interest income 68.51 % 64.42 % 64.86 % 54.80 % 70.12 % Efficiency ratio 63.62 % 62.43 % 63.02 % 52.59 % 63.77 % Total average assets 5,206,950 5,212,417 5,163,166 5,205,017 5,196,259 Core non-interest expense to average assets 2.86 % 2.94 % 2.83 % 2.18 % 2.73 % Net income (loss) allocable to common stockholders $ 15,264 $ 15,041 $ 16,986 $ 19,851 $ 11,716 Amortization of intangible assets 1,145 1,144 1,071 1,148 1,254 Tax effect of adjustments (240 ) (240 ) (225 ) (241 ) (263 ) Adjusted net income allocable to common stockholders 16,169 15,945 17,832 20,758 12,707 Net gain on acquisition — — — (831 ) (60 ) Net gain (loss) on securities transactions (12 ) (12 ) 2 (206 ) 27 Merger expenses 355 66 — 618 2,287 Loss on debt extinguishment 1,361 — — — — BOLI tax expense — — — — 1,730 Tax effect of adjustments (358 ) (12 ) — 88 (474 ) Core net income (loss) allocable to common stockholders $ 17,515 $ 15,987 $ 17,834 $ 20,427 $ 16,217 Total average assets $ 5,206,950 $ 5,212,417 $ 5,163,166 $ 5,205,017 $ 5,196,259 Total average stockholders' equity $ 627,103 $ 605,917 $ 533,227 $ 485,468 $ 455,322 Weighted average diluted common shares 17,651,298 17,666,834 16,262,965 15,451,545 15,377,980 Diluted earnings (loss) per share $ 0.86 $ 0.85 $ 1.04 $ 1.28 $ 0.76 Core earnings per diluted share $ 0.99 $ 0.90 $ 1.10 $ 1.32 $ 1.05 Return on average assets (ROAA) annualized 1.18 % 1.17 % 1.31 % 1.52 % 0.91 % Core return on average assets 1.35 % 1.24 % 1.37 % 1.56 % 1.25 % Return on average equity 9.76 % 10.07 % 12.67 % 16.27 % 10.35 % Core return on average equity 11.18 % 10.69 % 13.29 % 16.73 % 14.25 % Expand
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American Financial Group, Inc. Announces Its Conference Call and Webcast to Discuss 2025 Second Quarter Results
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) expects to release its 2025 second quarter results after 5:00 p.m. (ET) on Tuesday, August 5, 2025. The release will be available shortly thereafter on AFG's website at In conjunction with its release, AFG will hold a conference call to discuss 2025 second quarter results at 11:30 a.m. (ET) on Wednesday, August 6, 2025. There are two ways to access the call. By Telephone Participants should register for the call here now or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique PIN to access the call. Registration details are also available by visiting While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event. Via the Internet The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click on the following link: A replay of the webcast will be available via the same link on our website, approximately two hours after the completion of the call. About American Financial Group, Inc. American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
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Customers Bancorp, Inc. Hosts Second Quarter 2025 Earnings Webcast Friday, July 25, 2025
WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively, 'Customers'), will host a webcast at 9:00 a.m. Eastern Daylight Time on Friday, July 25, 2025, to report its earnings results for the three months ending June 30, 2025. The webcast will be conducted by Customers Bancorp Chair and CEO Jay Sidhu, Customers Bancorp President and Customers Bank President and CEO Sam Sidhu, Customers Bancorp Chief Financial Officer Philip Watkins, and Customers Bank Chief Financial Officer Mark McCollom. Register online for the webcast. The live audio webcast, presentation slides and earnings press release will be made available at the Customers Bank investors webpage. The second quarter 2025 earnings press release will be issued after the market closes on Thursday, July 24, 2025. The webcast will be archived for viewing on the Customers Bank investors webpage and available beginning approximately two hours after the conclusion of the live event. Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list 2024 Inc. Magazine Best in Business List in Financial Services Category Net Promoter Score of 73 compared to industry average of 41 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: .
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BuzzFeed, Inc. to Release Second Quarter 2025 Financial Results on Thursday, August 7, 2025
NEW YORK--(BUSINESS WIRE)--BuzzFeed, Inc. (NASDAQ: BZFD) today announced it will release its second quarter 2025 financial results on Thursday, August 7, 2025, after the market closes. BuzzFeed Founder and CEO Jonah Peretti and CFO Matt Omer will host a conference call to discuss the results at 5:00 PM ET / 2:00 PM PT. The financial results conference call will be available at under the 'News and Events' section. A replay will be available at the same location following the call. To participate in the conference call, interested parties must register in advance. About BuzzFeed, Inc. BuzzFeed, Inc. is home to the best of the Internet. Across entertainment, news, food, pop culture, and commerce, our brands drive conversation and inspire what audiences watch, read, and buy now—and into the future. Born on the Internet in 2006, BuzzFeed is committed to making it better: providing trusted, quality, brand-safe news and entertainment to hundreds of millions of people; making content on the Internet more inclusive, empathetic, and creative; and inspiring our audience to live better lives.
