Successful Exit of Nonperforming Assets
The company successfully exited its largest nonperforming loan and another large problem loan, reducing nonperforming assets by 35% from the first quarter.
Stock Buyback Announcement
A $150 million stock buyback was announced, reflecting confidence in the company's financial position.
C&I Loan Growth
C&I loans increased by 3.4% in the second quarter, reflecting strong performance in relationship banking.
Improved Tangible Book Value
Tangible book value improved by 2.1% from the first quarter and 8% year-over-year.
Wealth Management Growth
Assets under administration in the Wealth Management business grew by 4% to $7.4 billion.
Enterprise Bank Acquisition
The acquisition of Enterprise Bank was completed with expectations of enhancing shareholder value and expanding market reach.