15 acquisitions completed in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million annual revenues.
Adjusted earnings per share grew over 10% to $1.03.
Adjusted EBITDAC margin improved by 100 basis points to 36.7%.
Brown & Brown delivered $1.3 billion in revenue for Q2, growing 9.1% total and 3.6% organically versus prior year.
Cash flow from operations was $537 million, up $164 million over first half of 2024.
Completed 15 acquisitions in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million in annual revenues.
Dividends paid per share increased 15.4% compared to prior year quarter.
Generated $537 million cash flow from operations, up $164 million over first half of 2024.
Programs segment grew 6.1% total revenues with 4.6% organic growth; EBITDAC margin expanded 320 basis points to 52.8%.
Retail segment revenue grew 7.9% total with 3% organic growth; EBITDAC margin decreased 50 basis points to 27.5% due to seasonality.
Weighted average shares increased by approximately 10 million due to equity issuance.
Wholesale Brokerage segment revenues increased 14.5% total and 3.9% organically; EBITDAC margin increased 80 basis points to 34.1%.
Book value per diluted share, excluding AOCI, increased 6% to $38.05.
Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
Asset quality remained strong with no net charge-offs, nonperforming assets steady at 0.19%, and classified loans showing a modest uptick.
Bridgewater reported strong revenue and balance sheet growth trends in Q2 2025, with net interest margin expanding by 11 basis points to 2.62%.
Expenses were well controlled with a slight increase due to FDIC insurance, charitable contributions, and marketing, resulting in an adjusted efficiency ratio of 51.5%.
Fee income reached record levels excluding one-time gains, including nearly $1 million in swap fee income and over $200,000 in investment advisory fees from the First Minnetonka City Bank acquisition.
Net interest income grew by $2.2 million during the quarter, driven by loan portfolio repricing and strong loan growth at a 12.5% annualized rate.
Noninterest income increased $773,000 or 37% excluding securities gain and FHLB prepayment income.
Tangible book value per share grew nearly 11% annualized year-to-date, with $1.6 million of common stock repurchased in Q2.
Allowance for credit losses (ACL) increased by 4 basis points to 50 basis points, driven by higher reserves for new C&I loans and increased commercial loan loss factors.
Core after-tax net income, adjusted for one-time loan transaction impacts and related hedge losses, was $1 million or $0.01 per share.
Customer service costs decreased to $12.9 million from $15.1 million in the prior quarter, primarily due to exiting $540 million of MSR deposits.
First Foundation posted a net loss of $7.7 million in Q2 2025, compared to a net income of $6.9 million in Q1 2025.
Net interest margin (NIM) was 1.68% for the quarter, a 1 basis point increase from the prior quarter, with an adjusted NIM of approximately 1.72% excluding foregone interest income.
Noninterest expense excluding customer service costs was $47 million, slightly higher than the prior quarter due to increased professional services costs.
Noninterest income was approximately $12 million after adjusting for loan transaction-related items, with slight moderation in investment advisory, trust, and consulting fees.
Nonperforming loans remained stable at 35 basis points, and net charge-offs were low at $135,000.
Total loan yields decreased slightly by 5 basis points quarter-over-quarter, exiting just under 4.70%.
Dafinchi