- Allowance for credit losses decreased by $11.7 million; provision for credit losses was $6.1 million, including $6 million for net charge-offs and $2.2 million due to macroeconomic factors, offset by releases due to loan growth and recoveries.
- Assets under management increased by $132.42 million to $3.1 billion, driven by higher market valuations and net new assets.
- Classified loans increased by $9.3 million or 4.5% to $215.4 million due to downgrades in CRE and commercial loans, partially offset by $50 million in charge-offs, payoffs, and loans sold.
- Core efficiency ratio was 66.35%, core ROA was 0.94%, and core ROE was 10.49%.
- Gross loans were down by $30 million to $7.2 billion, primarily due to increased prepayments offsetting loan production and some loans originated but not yet funded.
- Net interest income was $90.5 million, up $4.6 million, driven by higher average balances of securities and lower average balances and rates on time deposits.
- Net interest margin (NIM) was 3.81%, higher than projected due to recovery of interest on commercial loans including a fully paid off nonaccrual loan and a fully charged off loan.
- Noninterest income was $19.8 million, while noninterest expense was $74.4 million, higher than the guided $71.5 million due to noncore expenses and increased customer derivatives expenses.
- Nonperforming loans decreased by $41 million due to payoffs, loans sold, paydowns, and charge-offs.
- Pre-provision net revenue (PPNR) was $35.9 million in 2Q '25 compared to $33.9 million in 1Q '25; core PPNR was $37.1 million, up 17.7% from $31.5 million in 1Q '25.
- Provision for credit losses was $6.1 million, down $12.4 million from $18.4 million in the first quarter.
- Return on assets (ROA) improved to 0.90% and return on equity (ROE) to 10.1%, compared to 0.48% and 5.3% respectively in the prior quarter.
- Total assets reached $10.3 billion as of the close of the second quarter.
- Total deposits increased by $151.6 million to $8.3 billion, driven by growth in core deposits and a planned reduction of $51 million in broker deposits.
- Total investment securities were $2 billion, up by $209.2 million, including $120 million mortgage-backed securities classified as trading securities and $87 million available for sale.
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- Average MBS increased to $6.9 billion from just under $6 billion in Q1.
- Book value decreased from $7.94 per share at 3/31 to $7.21 at 6/30.
- Dividends of $0.36 were paid in both quarters.
- Excluding realized and unrealized losses, net income was $0.16 per share, same as Q1.
- Leverage ratio decreased to 7.3 from 7.8 at 3/31.
- Liquidity improved to 54% from 52%.
- Prepayment speeds increased to 10.1% from 7.8% in Q1.
- Reported a loss of $0.29 per share in Q2 compared to income of $0.18 per share in Q1.
- Total return for the quarter was negative 4.66% compared to 2.6% in Q1.
- A quarterly cash dividend of $0.20 per common share was approved, marking the 114th consecutive quarterly dividend.
- Asset quality remained strong with classified loans decreasing 3% to $145 million or 1.4% of total loans.
- Capital levels remained robust with a common equity Tier 1 capital ratio of 11% and tangible book value per share of $19.34.
- Commercial and industrial loans increased 8% for the quarter.
- Earnings per share were $0.28 on a fully diluted GAAP basis and $0.31 on a core basis for Q2 2025.
- Net charge-offs were $2.2 million, primarily from two commercial credits and a small sale of nonperforming residential loans.
- Net interest income grew by $1 million with net interest margin expanding by 1 basis point.
- Operating expenses were $71 million, in line with expectations and previous guidance.
- The company repurchased 1 million shares at a weighted average cost of $17.17 and redeemed $57 million of preferred stock.
- Total loans increased by $60 million, representing a 2% annualized growth rate, driven by strong originations of $716 million.
- Adjusted EBITDA was $195.7 million.
- Gain on sale margin increased to 113 basis points, up 19 basis points from Q1 2025.
- MSR portfolio stood at $211.2 billion UPB with a weighted average coupon of 5.51%.
- Net income was $314.5 million, including a $111 million decline in fair value of MSRs.
- Purchase originations totaled $27.3 billion, marking the third-best purchase quarter ever and tracking to over $100 billion for the year.
- Refinance volume doubled year-over-year to $12.4 billion, representing about 11% of the industry volume despite owning only 2% of the servicing market.
- Total equity increased to $1.7 billion and cash position was $490 million with total available liquidity of $2.2 billion.
- UWM reported $39.7 billion in production volume for Q2 2025, the best quarter since 2021 and nearly 20% higher than Q2 2024.
- Adjusted EBITDA was $53 million and adjusted EPS was $0.36 based on 118 million diluted shares.
- Auto business grew 87% sequentially and Home business grew 67% sequentially, both accelerating from Q1 growth rates.
- Contribution margin improved to 58%, up 3 percentage points from the prior quarter and exceeding guidance.
- GAAP net income was positive $6 million, achieving profitability a quarter earlier than expected.
- GAAP operating expenses were $252 million, up 16% sequentially, driven by variable costs increasing 21% relative to a 55% increase in loan volume.
- Loans held on balance sheet increased to $1.02 billion from $815 million in Q1, mainly due to growth in new products.
- Originations on the platform reached $2.8 billion, the highest volume in three years, with 373,000 loan transactions representing over 250,000 new borrowers.
- Small dollar loans grew 40% sequentially and crossed $100 million in quarterly originations alongside Auto.
- Upstart reported exceptional Q2 2025 results with total revenue of approximately $257 million, up 102% year-on-year.
- Book value per share increased over 12.6% to $25.14, driven by strong operating earnings and higher investment valuations.
- Favorable prior year loss reserve development continued, benefiting the consolidated loss ratio by 2.1 percentage points.
- Net investment income increased 2.4% due to higher bond yields despite a lower invested asset base after a $500 million special dividend.
- Net operating income was $209 million for the quarter, up from $202 million last year, with earnings per share increasing 9% to $0.83 from $0.76.
- Old Republic International produced $267.5 million of consolidated pretax operating income in Q2 2025, up from $253.8 million in Q2 2024.
- Regular cash dividends of $71 million were paid, with minimal share repurchases during the quarter.
- Specialty Insurance net premiums earned grew 14.6% with pretax operating income of $253.7 million, up from $202.5 million last year, and a combined ratio improvement to 90.7 from 92.4.
- The consolidated combined ratio was 93.6 compared to 93.5 in the prior year quarter.
- Title Insurance premiums and fees earned grew 5.2% to $698 million, but pretax operating income declined to $24.2 million from $46 million, with the combined ratio rising to 99 from 95.4.
- Cross-border volume increased 15% globally, reflecting growth in both travel and non-travel related spending.
- Domestic assessments were up 9%, cross-border assessments increased 15%, transaction processing assessments were up 18%.
- EPS was $4.15, including a $0.09 contribution from share repurchases.
- Net income and EPS increased 12% and 14%, respectively, driven primarily by strong operating income growth, partially offset by a higher effective tax rate due to global minimum tax rules.
- Net revenue growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility.
- Operating expenses increased 14%, including a full ppt increase from acquisitions.
- Operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
- Outside the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%.
- Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth.
- Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis.
- Switch transactions grew 10% year-over-year; contactless penetration now represents 75% of all in-person switched purchase transactions.
- Total adjusted operating expenses increased 14%, including a 4 ppt impact from acquisitions, driven by spending on strategic initiatives.
- Value Added Services & Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth.
- Worldwide gross dollar volume (GDV) increased by 9% year-over-year; U.S. GDV increased 6%, impacted by lapping of the Citizens debit portfolio migration.
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