Citizens munity Bancorp(CZWI) - 2025 Q2 - Quarterly Results

Q2 2025 Earnings Overview Financial Performance Summary Citizens Community Bancorp reported Q2 2025 net income of $3.3 million and diluted EPS of $0.33, showing sequential growth but a slight year-over-year decrease, driven by increased net interest income and credit loss provisions Key Financial Data for Q2 2025 | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Income | $3.3 million | $3.2 million | $3.7 million | | Diluted EPS | $0.33 | $0.32 | $0.35 | | Net Interest Income QoQ Growth | $1.7 million | - | - | | Provision for Credit Losses | $1.35 million | ($0.25 million) | - | | Book Value Per Share | $18.36 | $18.02 | $17.10 | | Tangible Book Value Per Share (non-GAAP) | $15.15 | $14.79 | $13.91 | | Shareholders' Equity as % of Total Assets | 10.57% | 10.12% | - | | Tangible Common Equity as % of Tangible Assets (non-GAAP) | 8.89% | 8.45% | - | Key Operational and Financial Highlights Q2 2025 saw significant improvements in net interest income and net interest margin, driven by loan repayments and lower deposit costs, though credit loss provisions increased due to loan delinquencies and macroeconomic assumption changes Key Highlights for Q2 2025 | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Quarterly Earnings | $3.3 million | $3.2 million | $3.7 million | | Diluted EPS | $0.33 | $0.32 | $0.35 | | Net Interest Income | $13.3 million | $11.6 million | $11.6 million | | Net Interest Margin | 3.27% | 2.85% | 2.72% | | Provision for Credit Losses | $1.4 million | ($0.25 million) | $1.53 million | | Non-Interest Income | $2.8 million | $2.6 million | $1.9 million | | Non-Interest Expense | $10.8 million | $10.5 million | $10.3 million | | Effective Tax Rate | 19.2% | 19.6% | 22.1% | - Net interest income quarter-over-quarter growth is primarily attributed to $0.7 million from non-accrual loan repayments, $0.4 million from purchase accounting accretion on loan repayments, $0.2 million from loan repricing and new originations, $0.4 million from reduced interest expense due to lower deposit rates, and a $0.1 million net impact from one additional day of interest income[5] - The increase in provision for credit losses is primarily due to $0.7 million from three 30-89 day past due commercial real estate loan relationships, $0.3 million from changes in macroeconomic assumptions by a third-party provider, $0.15 million from new loan provisions exceeding prepaid and matured loans, and $0.2 million from off-balance sheet construction commitments[5] Balance Sheet and Asset Quality Balance Sheet Changes Total assets decreased by $44.8 million to $1.735 billion this quarter, primarily due to reductions in cash and loans receivable, as new originations were offset by repayments of larger non-strategic loans Key Balance Sheet Changes (as of June 30, 2025) | Metric | Amount (million USD) | QoQ Change (million USD) | | :--- | :--- | :--- | | Total Assets | 1,735 | (44.8) | | Cash | (32.7) | - | | Loans Receivable | 1,345 | (7.1) | Liquidity Position On-balance sheet liquidity decreased to 12.17% of total assets as of June 30, 2025, yet total liquidity, including borrowing capacity, remained strong at 277% of uninsured and uncollateralized deposits Liquidity Metrics (as of June 30, 2025) | Metric | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | On-balance sheet liquidity ratio (% of total assets) | 12.17% | 14.38% | | Total liquidity (% of uninsured and uncollateralized deposits) | 277% ($730 million) | 314% ($852 million) | Loan Portfolio and Asset Quality Total loans receivable declined quarter-over-quarter despite new originations, while asset quality saw reduced nonperforming assets but a significant increase in special mention loans due to slower multi-family residential leasing activity, leading to increased credit loss provisions Loan Portfolio Composition Loans Receivable (as of June 30, 2025) | Loan Type | Amount (thousand USD) | | :--- | :--- | | Commercial Real Estate | 693,382 | | Agricultural Real Estate | 69,237 | | Multi-Family Residential Real Estate | 238,953 | | Construction and Land Development | 70,477 | | Commercial and Industrial | 109,202 | | Agricultural Operating | 31,876 | | Residential Mortgage | 125,818 | | Purchased HELOC Loans | 2,368 | | Original Indirect Notes | 2,959 | | Other Consumer Loans | 4,275 | | Total Loans Receivable | 1,345,620 | - Loans receivable decreased by $7.1 million to $1.345 billion in Q2, as increased new origination activity was offset by repayments of larger non-strategic loans[9][10] - The office loan portfolio totaled $26 million (70 loans), down from $28 million (72 loans) in the prior quarter[10] Allowance for Credit Losses (ACL) Allowance for Credit Losses (ACL) - Percentage of Loans | Date | Loans EOP Balance (thousand USD) | ACL - Loans (thousand USD) | ACL - Loans as % of Loans EOP Balance | | :--- | :--- | :--- | :--- | | June 30, 2025 | 1,345,620 | 21,347 | 1.59 % | | March 31, 2025 | 1,352,728 | 20,205 | 1.49 % | | December 31, 2024 | 1,368,981 | 20,549 | 1.50 % | | September 30, 2024 | 1,424,828 | 21,000 | 1.47 % | - The allowance for credit losses on loans increased by $1.1 million to $21.3 million, representing 1.59% of total loans, up from 1.49% in the prior quarter[12] - A $1.35 million provision for credit losses was recorded this quarter, primarily due to three 30-89 day past due commercial real estate loan relationships ($0.7 million) and changes in macroeconomic assumptions ($0.3 million)[12] Nonperforming and Criticized Assets Nonperforming Assets (NPAs) and Criticized Loans | Metric | June 30, 2025 (thousand USD) | March 31, 2025 (thousand USD) | June 30, 2024 (thousand USD) | | :--- | :--- | :--- | :--- | | Nonperforming Assets (NPAs) | 13,025 | 14,535 | 10,270 | | Special Mention Loans | 23,201 | 14,990 | 8,848 | | Substandard Loans | 17,922 | 19,591 | 14,420 | | Nonperforming Loans (NPLs) as % of Total Loans | 0.90 % | 1.01 % | 0.60 % | | Nonperforming Assets (NPAs) as % of Total Assets | 0.75 % | 0.82 % | 0.57 % | - Nonperforming assets decreased by $1.5 million to $13 million, primarily due to the repayment of an agricultural relationship[10][15] - Special mention loans increased by $8.2 million to $23.2 million, mainly due to slower-than-expected leasing activity for a multi-family residential loan[10][14] Deposit Portfolio Total deposits decreased by $45.2 million to $1.48 billion this quarter, primarily due to seasonal public deposit reductions and a decline in commercial deposits, while the deposit mix remained stable with consumer deposits as the largest share Deposit Portfolio (as of June 30, 2025) | Deposit Type | Amount (thousand USD) | Percentage | | :--- | :--- | :--- | | Consumer Deposits | 856,467 | 58% | | Commercial Deposits | 406,608 | 27% | | Public Deposits | 190,933 | 13% | | Wholesale Deposits | 24,408 | 2% | | Total Deposits | 1,478,416 | 100% | - Total deposits decreased by $45.2 million, primarily reflecting a seasonal reduction of $20.3 million in public deposits and a $17 million decrease in commercial deposits[10] - Uninsured and uncollateralized deposits totaled $263.2 million, representing 18% of total deposits[18] Review of Operations Net Interest Income and Net Interest Margin Net interest income increased by $1.7 million quarter-over-quarter to $13.3 million, with net interest margin rising 42 basis points to 3.27%, driven by loan repayments, higher purchase accounting accretion, lower deposit costs, and improved asset yields Net Interest Income and Net Interest Margin Analysis | Period | Net Interest Income (thousand USD) | Net Interest Margin (%) | | :--- | :--- | :--- | | June 30, 2025 | 13,311 | 3.27 | | March 31, 2025 | 11,594 | 2.85 | | December 31, 2024 | 11,708 | 2.79 | | September 30, 2024 | 11,285 | 2.63 | | June 30, 2024 | 11,576 | 2.72 | - Net interest income increased by $1.7 million quarter-over-quarter, primarily due to $0.7 million from non-accrual loan repayments, $0.4 million from purchase accounting accretion on loan repayments, $0.2 million from increased loan interest income from repricing and new originations, $0.4 million from reduced interest expense due to lower deposit rates, and a $0.1 million net impact from one additional day of interest income[21][22] - Net interest margin increased by 42 basis points quarter-over-quarter, primarily due to 17 basis points from loan repayment income, 10 basis points from increased purchase accounting accretion on loan repayments, 8 basis points from lower deposit costs, and 7 basis points from improved asset yields[25] Pre-Provision Net Revenue (PPNR) Pre-Provision Net Revenue (PPNR) grew by $1.7 million quarter-over-quarter to $5.4 million, primarily driven by increased net interest income from loan repricing, new high-yield originations, and declining deposit rates Pre-Provision Net Revenue (PPNR) (thousand USD) | Period | Pre-Tax Income | Add Back Provision for Credit Losses | Subtract Negative Provision for Credit Losses | Pre-Provision Net Revenue | | :--- | :--- | :--- | :--- | :--- | | June 30, 2025 | 4,047 | 1,350 | — | 5,397 | | March 31, 2025 | 3,974 | — | (250) | 3,724 | | December 31, 2024 | 3,358 | — | (450) | 2,908 | | September 30, 2024 | 4,185 | — | (400) | 3,785 | | June 30, 2024 | 4,715 | — | (1,525) | 3,190 | - Excluding the impact of unexpected interest income related to non-accrual loan repayments and loan repayment interest accretion, PPNR increased by $0.6 million quarter-over-quarter, primarily from loan repricing, new high-yield originations, and declining deposit rates[24] Non-Interest Income Non-interest income increased by $0.2 million quarter-over-quarter to $2.8 million and by $0.9 million year-over-year, primarily due to loan fees collected on non-accrual loan repayments and increased equity securities gains - Non-interest income increased by $0.2 million to $2.8 million in Q2 2025, up from $2.6 million in the prior quarter, mainly due to loan fees collected on non-accrual loan repayments and increased equity securities gains[29] - Total non-interest income increased by $0.9 million compared to Q2 2024, primarily due to increased gains on loan sales and net realized gains on equity securities[29] Non-Interest Expense Non-interest expense increased by $0.3 million quarter-over-quarter to $10.8 million and by $0.5 million year-over-year, mainly due to compensation items such as annual merit increases and moderately increased incentive costs, as well as inflationary factors - Non-interest expense increased by $0.3 million to $10.8 million in Q2 2025, up from $10.5 million in the prior quarter, primarily due to compensation items, including annual merit increases at the end of March 2025 and moderately increased incentive costs[30] - Non-interest expense increased by $0.5 million compared to Q2 2024, primarily due to higher compensation expenses, including the impact of annual merit increases and inflationary factors affecting non-interest expenses[30] Income Taxes The provision for income taxes in Q2 2025 was $0.8 million, consistent with the prior quarter, with the effective tax rate slightly decreasing to 19.2% Income Tax Data | Period | Provision for Income Taxes (thousand USD) | Effective Tax Rate (%) | | :--- | :--- | :--- | | June 30, 2025 | 777 | 19.2 | | March 31, 2025 | 777 | 19.6 | | June 30, 2024 | 1,040 | 22.1 | Corporate Actions and Information Stock Buyback Authorization The Board of Directors authorized a new 5% common stock repurchase plan on July 24, 2025, allowing for the repurchase of up to 499,000 shares, with no common stock repurchases made in Q2 2025 - The Board of Directors authorized a new 5% common stock repurchase plan for 499,000 shares on July 24, 2025[10][20] - No common stock was repurchased in Q2 2025[20] Subordinated Debenture Redemption The Board of Directors approved the redemption of all $15 million of 6% subordinated debentures on July 7, 2025, which were originally set to mature and reprice on September 1, 2030, with the redemption scheduled for September 1, 2025 - The Board of Directors approved the redemption of all $15 million of 6% subordinated debentures on July 7, 2025, originally set to mature and reprice on September 1, 2030[10] - The redemption will occur on September 1, 2025[10] About the Company Citizens Community Bancorp, Inc. is the holding company for Citizens Community Federal N.A., a national bank headquartered in Altoona, Wisconsin, serving customers through 21 branches in Wisconsin and Minnesota with traditional community banking services - Citizens Community Bancorp, Inc. (NASDAQ: CZWI) is the holding company for Citizens Community Federal N.A. (CCFBank)[32] - The bank primarily serves customers through 21 branches in Wisconsin and Minnesota[32] - It offers traditional community banking services, including residential mortgages, to businesses, agricultural operators, and consumers[32] Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements subject to inherent uncertainties and risks in the company's operations and business environment, advising readers to consider relevant factors and noting no obligation to update these statements - Forward-looking statements are identified by words such as "anticipate," "believe," "could," "expect," "estimate," "intend," "may," "plan," "preliminary," "project," "potential," "should," "will," "would," or similar meanings[33] - Uncertainties include financial market and economic conditions, inflation impact, geopolitical tensions, cybersecurity risks, interest rate risks, adequacy of allowance for credit losses, competitive pressures, ability to maintain reputation, liquidity, ability to attract and retain key personnel, technological changes, fraud, internal controls, acquisition growth strategies, dividend restrictions, stock price volatility, accounting standards, legislative or regulatory changes, and tax law changes[33][34] - The company undertakes no obligation to revise or update any forward-looking statements contained in this press release[34] Non-GAAP Financial Measures This press release utilizes non-GAAP financial measures, such as adjusted net income and tangible book value ratios, which management deems useful for understanding the company's operating results and financial condition, with reconciliations to GAAP provided - This press release contains non-GAAP financial measures such as adjusted net income, adjusted net income per share, tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets, and return on average tangible common equity[35] - Management believes these metrics are useful for understanding the company's operating results or financial condition and for comparing results across periods[35] - These disclosures should not be considered a substitute for GAAP-determined operating results and may not be comparable to non-GAAP performance measures presented by other banks and financial institutions[37] Financial Statements and Reconciliations Consolidated Balance Sheets The consolidated balance sheets show total assets of $1.735 billion as of June 30, 2025, a decrease from $1.780 billion on March 31, 2025, with corresponding reductions in total liabilities and a slight increase in shareholders' equity Consolidated Balance Sheets (thousand USD) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 67,454 | 100,199 | 36,886 | | Loans receivable, net | 1,324,273 | 1,332,523 | 1,407,410 | | Total assets | 1,735,164 | 1,779,963 | 1,802,307 | | Deposits | 1,478,416 | 1,523,654 | 1,519,544 | | Total liabilities | 1,551,702 | 1,599,912 | 1,626,262 | | Total shareholders' equity | 183,462 | 180,051 | 176,045 | Consolidated Statements of Operations The consolidated statements of operations report net income attributable to common shareholders of $3.27 million and diluted EPS of $0.33 for Q2 2025, marked by significant quarter-over-quarter growth in net interest income and a shift from negative to positive credit loss provisions Consolidated Statements of Operations (thousand USD, except per share data) | Item | June 30, 2025 (three months) | March 31, 2025 (three months) | June 30, 2024 (three months) | June 30, 2025 (six months) | June 30, 2024 (six months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total interest and dividend income | 22,502 | 21,103 | 22,463 | 43,605 | 45,142 | | Total interest expense | 9,191 | 9,509 | 10,887 | 18,700 | 21,661 | | Net interest income before provision for credit losses | 13,311 | 11,594 | 11,576 | 24,905 | 23,481 | | Provision for credit losses | 1,350 | (250) | (1,525) | 1,100 | (2,325) | | Total non-interest income | 2,836 | 2,593 | 1,913 | 5,429 | 5,177 | | Total non-interest expense | 10,750 | 10,463 | 10,299 | 21,213 | 21,076 | | Net income attributable to common shareholders | 3,270 | 3,197 | 3,675 | 6,467 | 7,763 | | Diluted earnings per share | 0.33 | 0.32 | 0.35 | 0.65 | 0.75 | Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP) The reconciliation shows GAAP net income aligned with adjusted net income (non-GAAP) for Q2 2025 and the first half of 2025 due to no adjustments, while Q2 2024 adjusted net income was slightly higher due to branch closing costs Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP) (thousand USD, except per share data) | Item | June 30, 2025 (three months) | March 31, 2025 (three months) | June 30, 2024 (three months) | June 30, 2025 (six months) | June 30, 2024 (six months) | | :--- | :--- | :--- | :--- | :--- | :--- | | GAAP pre-tax income | 4,047 | 3,974 | 4,715 | 8,021 | 9,907 | | Branch closing costs | — | — | 168 | — | 168 | | Adjusted pre-tax income | 4,047 | 3,974 | 4,883 | 8,021 | 10,075 | | Provision for income taxes on adjusted net income | 777 | 777 | 1,077 | 1,554 | 2,180 | | Adjusted net income (non-GAAP) | 3,270 | 3,197 | 3,806 | 6,467 | 7,895 | | GAAP diluted EPS, after tax | 0.33 | 0.32 | 0.35 | 0.65 | 0.75 | | Adjusted diluted EPS, after tax (non-GAAP) | 0.33 | 0.32 | 0.36 | 0.65 | 0.76 | Loan Composition The detailed loan composition table indicates a slight decrease in total loans receivable as of June 30, 2025, with commercial real estate remaining the largest loan category Loan Composition (thousand USD) | Loan Type | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Commercial Real Estate | 693,382 | 709,975 | 729,236 | | Agricultural Real Estate | 69,237 | 71,071 | 78,248 | | Multi-Family Residential Real Estate | 238,953 | 237,872 | 234,758 | | Construction and Land Development | 70,477 | 58,461 | 87,898 | | Commercial and Industrial | 109,202 | 109,620 | 127,386 | | Agricultural Operating | 31,876 | 29,310 | 27,409 | | Residential Mortgage | 125,818 | 129,070 | 133,503 | | Purchased HELOC Loans | 2,368 | 2,560 | 2,915 | | Original Indirect Notes | 2,959 | 3,434 | 5,110 | | Other Consumer Loans | 4,275 | 4,679 | 5,860 | | Total Loans Receivable | 1,345,620 | 1,352,728 | 1,428,588 | Nonperforming Assets Loan Balances Nonperforming assets decreased to $13 million as of June 30, 2025, with non-accrual loans as the primary component, and the ratio of nonperforming loans to total loans improved to 0.90% Nonperforming Assets Loan Balances (thousand USD, except ratios) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Total non-accrual loans | 11,609 | 13,091 | 8,352 | | Accruing loans 90 days or more past due | 521 | 568 | 256 | | Total nonperforming loans (NPLs) | 12,130 | 13,659 | 8,608 | | Repossessed and foreclosed assets, net | 895 | 876 | 1,662 | | Total nonperforming assets (NPAs) | 13,025 | 14,535 | 10,270 | | NPLs as % of total loans | 0.90 % | 1.01 % | 0.60 % | | NPAs as % of total assets | 0.75 % | 0.82 % | 0.57 % | Average Balances, Interest Yields and Rates The average balances, interest yields, and rates table details the composition of interest-earning assets and interest-bearing liabilities, showing an increase in total yield on interest-earning assets and a decrease in total rate on interest-bearing liabilities, contributing to an improved net interest margin Average Balances, Interest Yields and Rates (thousand USD, except yields and rates) | Item | June 30, 2025 (three months) Average Balance | June 30, 2025 (three months) Yield/Rate | March 31, 2025 (three months) Average Balance | March 31, 2025 (three months) Yield/Rate | | :--- | :--- | :--- | :--- | :--- | | Total interest-earning assets | 1,633,427 | 5.53 % | 1,652,199 | 5.18 % | | Loans receivable yield | - | 5.96 % | - | 5.53 % | | Total interest-bearing liabilities | 1,299,732 | 2.84 % | 1,323,270 | 2.91 % | | Total deposits rate | - | 2.69 % | - | 2.77 % | | Net interest income | 13,311 | - | 11,594 | - | | Spread | - | 2.69 % | - | 2.27 % | | Net interest margin | - | 3.27 % | - | 2.85 % | Wholesale Deposits Wholesale deposits continued their decline over the past year, with decreases in brokered certificates of deposit and brokered money market accounts, while third-party originated reciprocal deposits saw a slight quarter-over-quarter increase Wholesale Deposits (thousand USD) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Brokered certificates of deposit | — | 5,489 | 54,123 | | Brokered money market accounts | 5,092 | 5,053 | 42,673 | | Third-party originated reciprocal deposits | 19,316 | 16,451 | 17,237 | | Total | 24,408 | 26,993 | 114,033 | Key Financial Metric Ratios Key financial ratios show improvements in return on average assets and efficiency ratio this quarter, while return on average equity and return on average tangible common equity remained relatively stable, with a significant improvement in net interest margin Key Financial Metric Ratios | Ratio | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Return on average assets (annualized) | 0.75 % | 0.74 % | 0.81 % | | Return on average equity (annualized) | 7.23 % | 7.26 % | 8.52 % | | Return on average tangible common equity (annualized) | 9.18 % | 9.28 % | 10.92 % | | Efficiency ratio | 66 % | 73 % | 72 % | | Net interest margin including loan purchase accretion | 3.27 % | 2.85 % | 2.72 % | | Net interest margin excluding loan purchase accretion | 3.15 % | 2.83 % | 2.70 % | Reconciliation of Return on Average Assets The reconciliation confirms that GAAP and non-GAAP return on average assets were consistent at 0.75% and 0.74% for Q2 2025 and the first half of 2025, respectively, as no adjustments were made during these periods Reconciliation of Return on Average Assets (annualized) | Period | GAAP | Non-GAAP (Adjusted) | | :--- | :--- | :--- | | June 30, 2025 | 0.75 % | 0.75 % | | March 31, 2025 | 0.74 % | 0.74 % | | June 30, 2024 | 0.81 % | 0.84 % | Reconciliation of Return on Average Equity The reconciliation shows GAAP and non-GAAP return on average equity were consistent at 7.23% and 7.25% for Q2 2025 and the first half of 2025, respectively, as no adjustments were made Reconciliation of Return on Average Equity (annualized) | Period | GAAP | Non-GAAP (Adjusted) | | :--- | :--- | :--- | | June 30, 2025 | 7.23 % | 7.23 % | | March 31, 2025 | 7.26 % | 7.26 % | | June 30, 2024 | 8.52 % | 8.82 % | Reconciliation of Return on Average Tangible Common Equity (non-GAAP) Return on average tangible common equity (non-GAAP) for Q2 2025 was 9.18%, slightly lower than the prior quarter and prior year, reflecting the impact of intangible asset amortization Return on Average Tangible Common Equity (annualized) | Period | Percentage | | :--- | :--- | | June 30, 2025 | 9.18 % | | March 31, 2025 | 9.28 % | | June 30, 2024 | 10.92 % | Reconciliation of Efficiency Ratio The efficiency ratio significantly improved from 73% in Q1 2025 to 66% in Q2 2025, primarily driven by an increase in net interest income Efficiency Ratio (GAAP) | Period | Percentage | | :--- | :--- | | June 30, 2025 | 66 % | | March 31, 2025 | 73 % | | June 30, 2024 | 72 % | Reconciliation of Tangible Book Value Per Share (non-GAAP) Tangible book value per share (non-GAAP) increased from $14.79 on March 31, 2025, to $15.15 on June 30, 2025, reflecting growth in tangible common equity Tangible Book Value Per Share (non-GAAP) | Date | Amount ($) | | :--- | :--- | | June 30, 2025 | 15.15 | | March 31, 2025 | 14.79 | | December 31, 2024 | 14.69 | | September 30, 2024 | 14.64 | | June 30, 2024 | 13.91 | Reconciliation of Tangible Common Equity as a Percent of Tangible Assets (non-GAAP) Tangible common equity as a percentage of tangible assets (non-GAAP) improved from 8.45% in the prior quarter to 8.89% on June 30, 2025, indicating an improved capital position relative to tangible assets Tangible Common Equity as a Percent of Tangible Assets (non-GAAP) | Date | Percentage | | :--- | :--- | | June 30, 2025 | 8.89 % | | March 31, 2025 | 8.45 % | | December 31, 2024 | 8.54 % | | September 30, 2024 | 8.35 % | | June 30, 2024 | 8.09 % |