Asset quality remained strong despite one commercial borrower filing for bankruptcy, with past due loans at eight basis points, net charge-offs at two basis points, and non-performing loans at 37 basis points.
Camden National Corporation reported strong second quarter 2025 earnings of $14.1 million, with diluted earnings per share of $0.83 and adjusted non-GAAP earnings of $15.2 million or $0.89 per share.
Loan growth was 1% during the quarter, primarily from commercial and home equity loans, with a robust $150 million committed loan pipeline, a 40% increase over last quarter.
Net interest margin expanded by two basis points to 3.06%, and the non-GAAP efficiency ratio improved to 55.5%, the lowest since 2022.
Noninterest income reached $13.1 million, beating prior guidance, while noninterest expense was $37.6 million, 15% lower than the first quarter.
Pretax pre-provision income excluding one-time merger-related expenses rose 13% from the prior quarter, reflecting early success in realizing cost synergies from the Northway acquisition.
Tangible common equity ratio increased to 6.77%, with tangible book value per share rising 3% to $26.9.
Total revenues grew 4% over the prior quarter to $62.3 million, driven by net interest income and noninterest income growth.
AXIS delivered an annualized operating return on equity of 19% in Q2 2025, with record diluted book value per common share of $70.34, up 18.6% year-over-year.
Catastrophe losses were $37 million, primarily from severe convective storms in the U.S., with a cat loss ratio of 2.6%.
G&A ratio was 11.6%, slightly up from 11.4% a year ago due to severance and IT investments.
Insurance segment gross premiums written were $1.9 billion, a 7% increase year-over-year, with an overall combined ratio of 85.3%.
Investment income was strong at $187 million, benefiting from FX and a market yield of 5% above the 4.6% book yield.
Net income available to common shareholders was $216 million or $2.72 per diluted common share; operating income was $261 million or $3.29 per diluted common share.
Operating earnings per share reached an all-time high of $3.29, a 12% increase over the prior year quarter.
Record second quarter premiums totaled $2.5 billion, including $732 million in new business, with a combined ratio of 88.9%.
Reinsurance segment gross premiums were down 6.8%, with a combined ratio of 92% and underwriting income of $38 million.
Reserve releases totaled $20 million from short-tail lines, split between insurance and reinsurance.
Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
Net interest income increased 8% due to higher interest earning assets and lower funding costs.
Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
Operating EPS of $1.71 was up 7% from the prior year.
Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.
Dafinchi