- A $50 million new private placement debt was closed in August 2025 to retire $60 million of senior notes maturing the same month.
- Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024.
- Adjusted operating expenses increased 3% from the first quarter and 5% from the same quarter last year, mainly due to higher incentive compensation and a $1.2 million charge related to the closure of the China Post-Venture strategy.
- Adjusted operating income increased slightly compared to the prior quarter and 3% compared to the same quarter last year.
- Average AUM for the quarter was flat sequentially and up 5% compared to the June 2024 quarter; year-to-date average AUM improved 7% over the prior year 6-month period.
- Balance sheet remains strong with approximately $140 million of seed capital invested in seeded products and an unused $100 million revolving credit facility.
- Net client cash outflows during the June quarter were $1.9 billion, driven by lower gross equity inflows and outflows, partially offset by positive fixed income flows.
- Revenues for the quarter were up 2% compared to the March quarter and up 4% compared to the prior year second quarter.
- Second quarter results reflect strong equity market returns across global markets, driving ending AUM to $176 billion, up 8% compared to the March quarter.
- The Board declared a quarterly dividend of $0.73 per share for the June 2025 quarter, a 7% increase over the prior quarter.
- The second quarter marks the 12th consecutive quarter of positive flows for the fixed income business.
- Weighted average recurring fee rate for the quarter was 68 basis points, slightly up from the prior quarter.
- Year-to-date 2025 revenues were up 5% compared to the first half of 2024; adjusted operating expenses increased 4% primarily from higher incentive compensation and long-term incentive award grants.
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- Ameris Bancorp reported net income of $109.8 million or $1.60 per diluted share in Q2, a 21% increase year-over-year.
- Capital ratios strengthened with common equity Tier 1 at 13% and tangible common equity (TCE) ratio at 11.09%.
- Deposits increased slightly by $20 million, with noninterest-bearing deposits growing to 31% of total deposits.
- Loan growth was 6.5% annualized, driven mostly by commercial and industrial (C&I) loans, with total loan production at $1.9 billion.
- Provision for credit losses was $2.8 million, with asset quality improving across nonperforming assets, net charge-offs, and classified loans.
- Return on assets (ROA) improved to 1.65%, return on tangible common equity (ROTE) rose to 15.8%, and the efficiency ratio improved to 51.63%.
- Revenue grew at an annualized rate of 20.9%, outpacing expense growth, with net interest margin (NIM) expanding 4 basis points to 3.77%.
- Adjusted earnings per share were $0.74, with a return on assets of 1.54% and return on tangible common equity of 20%.
- Adjusted noninterest expenses increased 1% from Q1, with expense management efforts keeping year-over-year increases under 2% excluding leasing expenses.
- Adjusted noninterest income increased 11% over the linked quarter to $67.8 million, driven by mortgage, bankcard, leasing, and foreign exchange income.
- Asset quality remained stable with net charge-offs declining 15 basis points to 21 basis points of total loans and classified assets flat at 1.15% of total assets.
- First Financial Bancorp achieved record revenue of $226.3 million in Q2 2025, a 5% increase year-over-year.
- Loan growth was 2% annualized, with broad-based growth except for commercial real estate which declined due to higher payoffs.
- Net interest margin was strong at 4.05%, up 17 basis points from Q1, driven by a 5 basis point increase in asset yields and a 12 basis point decline in funding costs.
- Tangible common equity increased 16% year-over-year to 8.4%, and tangible book value per share rose 4% sequentially to $15.40.
- The Board approved a 4.2% increase in the common dividend to $0.25 per share, maintaining a payout ratio of approximately 35% of net income.
- Core earnings per share of $0.38 surpassed consensus estimates by $0.03 and improved from $0.32 in the first quarter.
- Core return on assets was 1.31%, core pretax pre-provision ROA was 1.95%, and core efficiency ratio was 54.1%.
- Loan growth was strong at 8.1% annualized, broad-based across equipment finance, small business, commercial, indirect, and branch lending.
- Net interest income increased by $10.7 million quarter-over-quarter to $106.2 million.
- Net interest margin expanded from 3.62% to 3.83%, driven by improved loan yields, lower deposit costs, CenterBank acquisition, and roll-off of macro hedges.
- Noninterest income increased by $2.1 million to $24.7 million, driven by mortgage, SBA, interchange, wealth, and other service charges.
- Nonperforming loans increased by $40.1 million due to the floorplan credit and CenterBank acquisition; core credit metrics were neutral excluding these events.
- Provision expense was $12.6 million, including $3.8 million CECL provision for CenterBank; excluding that, provision was $8.8 million with $2.6 million for a single commercial floorplan loan moved to nonaccrual.
- Total deposits grew 9% year-to-date, reaching $10.1 billion, with strong performance in Community Pennsylvania and Ohio.
- Adjusted EBITDA grew 20% this quarter, outpacing the 13% growth in cash collections.
- Cash collections grew 13% year-over-year to $536 million, driven by recent portfolio purchases and investments in the U.S. legal channel.
- Ending ERC reached a record $8.3 billion, up 22% year-over-year and 6% sequentially.
- Net income attributable to PRA was $42 million or $1.08 diluted EPS, including a $30 million after-tax gain from the sale of equity interest in Brazil's RCB; excluding this gain, net income was $13 million or $0.32 EPS.
- Net interest expense increased by $7 million to $62 million due to higher debt balances.
- Net leverage (net debt to adjusted EBITDA) was 2.81x, within the long-term target range of 2x to 3x.
- Operating expenses were $203 million, up 4%, mainly due to higher professional services and legal collection costs.
- Overall business overperformed by 7%, with Europe exceeding expectations by 14% and Americas by 3%.
- PRA Group purchased $347 million of portfolios in Q2 2025, with $199 million in the Americas and $147 million in Europe.
- Q2 U.S. legal cash collections increased 24% year-over-year to $119 million.
- The 2025 purchase price multiple was 2.14x for Americas Core and 1.82x for Europe Core, continuing an upward trend over recent years.
- The company repurchased $10 million of stock during the quarter, limited by debt covenant constraints.
- Total portfolio revenue was $284 million, up 1%, with portfolio income up 20% to $251 million reflecting higher portfolio investments at elevated multiples.
- Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
- Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
- Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
- Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
- Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
- Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
- Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
- Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.
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