Financial Performance - The company's net income for 2Q25 was $109834 thousand, a 25% increase compared to $87935 thousand in 1Q25 and a 21% increase compared to $90785 thousand in 2Q24[19] - Return on average assets (ROA) was 165% in 2Q25, up from 136% in 1Q25 and 141% in 2Q24[19] - Return on average tangible common equity (ROTCE) reached 1582% in 2Q25[18] - Tangible book value per share grew by $154 to $4132 at the end of June 2025, representing a 155% annualized growth[18] Balance Sheet and Capital - The CET1 ratio was 130%[9] - The TCE ratio stood at 1109%, compared to 972% a year prior[18] - Noninterest-bearing deposits remained strong, accounting for 310% of total deposits as of June 30, 2025[18] Revenue and Expenses - Net interest margin (TE) expanded by 4 bps to 377%[18] - Total revenue increased by $149 million, or 209% annualized, from 1Q25[18] - The efficiency ratio improved to 5163%[18] - Mortgage banking activity contributed 13% of total revenue in 2Q25[34] Loan Portfolio and Credit Quality - Loan balances increased by $335 million, or 65% annualized, during 2Q25[57] - The allowance for credit losses (ACL) on loans was 162% of total loans[53] - Net charge-offs totaled $71 million, or 014% annualized, in 2Q25[68]

Core Insights - Lakeland Financial Corporation reported record second quarter net income of $27.0 million for Q2 2025, a 20% increase from $22.5 million in Q2 2024 [1] - Diluted earnings per share for Q2 2025 were $1.04, up 20% from $0.87 in Q2 2024 [1] - The company experienced a 34% increase in net income from the previous quarter, rising from $20.1 million in Q1 2025 [1] Quarterly Financial Performance - Pretax pre-provision earnings for Q2 2025 were $35.9 million, a 1% increase from $35.4 million in Q2 2024 [2] - Adjusted core operational profitability improved by 41% from $19.2 million in Q2 2024 to $27.0 million in Q2 2025 [2] - Return on average equity increased to 15.52% in Q2 2025 from 14.19% in Q2 2024 [5] - Average loans grew by $194.8 million, or 4%, to $5.23 billion year-over-year [5] - Core deposits increased by $423.9 million, or 8%, to $6.03 billion year-over-year [5] Capital Strength - The total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, exceeding the 10% regulatory threshold [6] - The tangible common equity to tangible assets ratio improved to 10.15% at June 30, 2025, compared to 9.91% a year earlier [7] Dividend and Share Repurchase - The board approved a cash dividend of $0.50 per share for Q2 2025, a 4% increase from $0.48 in Q2 2024 [8] - The company repurchased 30,300 shares for $1.7 million at an average price of $55.94 during Q2 2025 [9] Loan Portfolio - Average total loans for Q2 2025 were $5.23 billion, a 4% increase from $5.03 billion in Q2 2024 [10] - Total loans increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025 [11] - Commercial real estate and multi-family residential loans grew by $177.0 million, or 7% [11] Asset Quality - The provision for credit losses was $3.0 million in Q2 2025, down from $8.5 million in Q2 2024 [28] - Nonaccrual loans decreased by 46% to $30.6 million compared to $57.1 million a year earlier [30] - The ratio of nonperforming assets to total assets decreased to 0.45% from 0.88% a year earlier [31] Investment Portfolio Overview - Total investment securities were $1.13 billion at June 30, 2025, reflecting a slight increase from $1.12 billion a year earlier [34] - The company anticipates receiving approximately $54.5 million in cash flows from the investment securities portfolio during the remainder of 2025 [34] Noninterest Income - Noninterest income decreased by $9.0 million, or 44%, to $11.5 million for Q2 2025 compared to $20.4 million in Q2 2024 [35] - Adjusted core noninterest income increased slightly by $58,000, or less than 1%, from $11.4 million in Q2 2024 [35] Noninterest Expense - Noninterest expense decreased by $2.9 million, or 9%, to $30.4 million for Q2 2025 compared to $33.3 million in Q2 2024 [39] - Adjusted core noninterest expense increased by $1.6 million, or 6%, from $28.8 million in Q2 2024 [39] Efficiency Ratio - The efficiency ratio improved to 45.9% for Q2 2025 from 48.5% in Q2 2024 [43] - The adjusted core efficiency ratio was 48.2% for Q2 2024 [43]

Earnings Presentation July 23, 2025 Second Quarter 2025 Financial Highlights 2Q25 Highlights | Increased Net Income | | | --- | --- | | $137.5 million | $0.73 $ | | Adjusted Net Income Available To Common Shareholders(1) | Adjusted EPS(1) | | Record PPNR Growth | | | $206.0 million | +8.4% | | Adjusted Pre-tax Pre-Provision Net Revenue(1) | Adjusted PPNR Growth vs. 1Q25(1) | | Organic Balance Sheet Growth | | | +12.6% | +4.4% | | 2Q25 Annualized Organic | 2Q25 Annualized Core | | Loan Growth | Organic Depos ...

Financial Performance - The company reported net income of $2.9 million, with an adjusted net income of $40.8 million[7, 8] - A securities portfolio restructure resulted in a loss of $60 million[7, 9, 23] - Net interest margin (NIM) expanded by 13 bps to 3.68%[7] - Pre-Tax Pre-Provision Net Revenue was $(4.4) million, but adjusted PPNR reached $58.6 million[7] - The efficiency ratio was 105.7%, while the adjusted efficiency ratio was 56.9%[7] Balance Sheet & Credit Quality - Annualized loan held for investment (HFI) growth was 4.2%[7] - Annualized total deposit growth reached 7.2%[7] - ACL coverage ratio stood at 1.51%[7] - Net charge-offs returned to historical levels at an annualized rate of 0.02%[7, 56] - Nonperforming Assets (NPA) to Assets ratio increased by 8 basis points to 0.92%[7] Capital & M&A - Tangible Common Equity to Tangible Assets ratio was 10.4%[7] - CET 1 Ratio was 12.3% and Total Risk-Based Capital was 14.7% (preliminary)[7] - The merger with Southern States Bancshares, Inc closed on July 1, 2025, with conversion expected in 3Q25[7]

Core Insights - Freedom Financial Holdings, Inc. has appointed Scott Clark as Executive Vice President and Chief Financial Officer, enhancing the bank's leadership team with his extensive experience in community banking and finance [1][4][6] Company Overview - The Freedom Bank of Virginia is a next-generation community bank based in Fairfax, Virginia, offering a range of banking solutions including commercial, personal, and mortgage banking [7] Leadership and Strategy - Scott Clark will oversee all financial operations, including budgeting, financial reporting, asset liability management, investment performance, regulatory compliance, and investor relations, positioning the bank for growth and profitability [3][4] - The bank's President and CEO, Joe Thomas, expressed confidence in Clark's ability to enhance operational efficiency and balance sheet management, aligning with the bank's values and commitment to community banking [4][5] Experience and Qualifications - Scott Clark has a significant background in financial strategy, regulatory compliance, and capital management, having previously served as Treasurer for Sandy Spring Bank and EagleBank [6] - His focus on long-term sustainability and customer satisfaction positions him uniquely to guide Freedom Bank through a rapidly changing financial environment [6]

Financial Performance - First Bancorp's net income for Q1 2025 was $364 million, a $328 million increase compared to $36 million in Q4 2024[22] - Adjusted net income increased to $349 million in Q1 2025, up from $317 million in Q4 2024[22] - The return on average assets significantly improved to 121% in Q1 2025, compared to 012% in Q4 2024[22] - Net interest margin (tax equivalent) increased by 19 basis points to 327% in Q1 2025[22] Balance Sheet and Capital - Total deposits reached $107 billion, representing a $214 million increase for the quarter, or an annualized growth rate of 8%[48] - The company maintains strong capital levels, with growth in every capital measure from Q4 2024 to Q1 2025[44, 46] - As of March 31, 2025, brokered deposits remained minimal at $10 million[48] Asset Quality - The allowance for credit losses to total loans was 149% as of March 31, 2025[57] - The company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits[52] - Uninsured and uncollateralized deposits represent approximately 33% of total deposits[52] Strategic Positioning - First Bancorp is the 4th largest bank headquartered in North Carolina and the largest community bank[9] - The company operates 113 branches in North Carolina and South Carolina[9] - The company is focused on high-growth markets in the Carolinas, which are experiencing significant population influx and economic growth[69, 81]

Core Viewpoint - NVR, Inc. reported first-quarter 2025 results with earnings and Homebuilding revenues missing the Zacks Consensus Estimate, indicating challenges in the housing market despite some year-over-year revenue growth [1][3]. Homebuilding Segment - Homebuilding revenues increased by 3% year over year to $2.35 billion, but missed the consensus estimate of $2.38 billion [3][4]. - Settlements rose by 1% year over year to 5,133 units, falling short of the expected 10.2% increase [4]. - The average selling price (ASP) for settlements increased by 2% year over year to $457,900, slightly above the estimate of $454,400 [4]. - New orders decreased by 12% year over year to 5,345 units, with the ASP for new orders declining by 1% to $448,500 [5]. - The backlog decreased by 9% year over year to 10,165 homes, with a dollar value decline of 7% to $4.84 billion [6]. Financial Performance - Earnings per share (EPS) were reported at $94.83, missing the consensus estimate of $107.87 by 12.1% and down 18.5% from the prior year's $116.41 [3]. - Consolidated revenues, including Homebuilding and Mortgage Banking fees, amounted to $2.40 billion, reflecting a 3% year-over-year increase [3]. - The gross margin contracted by 260 basis points year over year to 21.9%, below the estimated 22% [5]. Mortgage Banking Operations - Mortgage banking fees increased by 11.2% year over year to $52.6 million, with closed loan production totaling $1.43 billion, up 4% year over year [7]. - The capture rate remained flat year over year at 86% [7]. Cash Position - As of March 31, 2025, NVR had cash and cash equivalents of $2.18 billion for Homebuilding and $34.2 million for Mortgage Banking, down from $2.56 billion and $49.6 million at the end of 2024 [8]. Share Repurchase - During 2024, NVR repurchased 77,120 shares for $583.4 million, with 2,944,615 shares outstanding at the end of the first quarter of 2025 [9].